What factors are considered for rural properties? And how is rural defined?
Rural areas are those outside metropolitan and micropolitan statistical areas, where homes are few and scattered. HVE uses both hedonic modeling and repeat sales modeling. In many cases, even in rural areas when there are few neighboring properties the repeat transactions model will provide good estimates of value. Generally accuracy tends to be lower in rural areas with few nearby properties.
Related Questions
- How is "underserved" defined, per the FOA (page 10) that at least 5 communities which address the needs of rural communities and/ minority and other underserved populations?
- Why are some rural Shared Ownership Housing properties different?
- How is an area actually defined as rural or remote, who decides?
