Everyone knows the old real estate adage that the three most important factors in determining the value of a given property are location, location, and location. This is to say that place matters; a neighborhood confers a bundle of amenities to its residents that are specific to that geography. This bundle can include proximity to parks, small-scale retail offerings, high quality schools, and a variety of transportation options, as well as low crime rates and clean air. These amenities are arranged in a variety of configurations across space, and most households determine which aspects are most important to them, and then choose their neighborhood accordingly.
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