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American Craftsman house with detached secondary suite. A secondary suite (also known as a accessory dwelling unit (ADU), in-law apartment, granny flat, granny annex or garden suite [1]) is a self-contained apartments, cottages, or small residential units, that is located on a property that has a separate main, single-family home, duplex, or other residential unit.
A condominium building in Bethesda, Maryland. Multifamily residential, also known as multidwelling unit (MDU), is a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. [1]
Real estate economics is the application of economic techniques to real estate markets. It aims to describe and predict economic patterns of supply and demand . The closely related field of housing economics is narrower in scope, concentrating on residential real estate markets, while the research on real estate trends focuses on the business ...
Real housing prices vs. demography. If there is a net inflow of tenants the cost of dwelling can be expected to increase (Englund, 2011). [15] Housing prices vs. GDP can be used if data on income is unavailable, since changes in GDP and income can be expected to correlate (Claussen, Jonsson, & Lagerwall, 2011). [16]
A household consists of one or more persons who live in the same dwelling. It may be of a single family or another type of person group. [1] The household is the basic unit of analysis in many social, microeconomic and government models, and is important to economics and inheritance. [2]
Housing and public policy relate to urban economics as housing is a unique type of commodity. Because housing is immobile, when a household chooses a dwelling, it is also choosing a location. Urban economists analyze the location choices of households in conjunction with the market effects of housing policies (O'Sullivan 2003:15). In analyzing ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The law of rent applies equally well to urban land and rural land, as it is a fundamental principle of economics. Ricardo noticed that the bargaining power of laborers can never dip below the produce obtainable on the best available rent-free land, because whenever rent leaves them with less than they could get on that free land, they can ...