Socio-Economic Determinants of Rural Land Values in Greenbrier County, West Virginia

Abstract

Land values have tended to increase at a substantially more rapid rate than the general level of prices in recent years. There is a growing body of evidence that this is occurring due, in part, to factors other than agricultural opportunity costs, size of parcel, improvements and other factors historically related to land values (Bishop, Bryant, Pasour). Some other factors influencing rural land values seem to include urbanization, investment or speculation, and increasing wealth or incomes. Additional information on the determinants of land values is needed if these phenomena are to be more completely understood. This paper reports on a study of the relationships of socio-economic characteristic of land owners (buyers and sellers) and rural land values.