Who is Homer Hoyt?

Homer Hoyt: An Introduction

Homer Hoyt[1] pioneered academic and practitioner real estate market analysis in the mid-20th century. Academics know him primarily for his sector theory of urban land development, and for his classic 100 Years of Land Values in Chicago. Practitioners also know him for advances in applied analytics that came about from his consulting and appraisal services, including his use of economic base calculations as input measurements to estimate current and projected demand for commercial and residential real estate. Homer Hoyt innovated procedures for estimation of highest-and-best use of a site (a site looking for a use), and for analyzing location criteria for a real estate activity (a use looking for a site). A third legacy of Homer Hoyt is his contributions to the development of institutions important to land economics and real estate, including the Federal Housing Administration, and his endowment of the Homer Hoyt Institute. A fourth and the most enduring legacy of Homer Hoyt was his belief that academic and practitioner land economics and real estate market analysis be a balance of rigor and relevance. He promoted this belief to his university colleagues, to his practitioner peers, and in his own work. Homer Hoyt’s legacy continues through his 1984 endowment of the Homer Hoyt Institute (HHI). Today, HHI sustains Homer Hoyt’s legacy by supporting land economics and real estate research, and providing educational forums for academics and high level practitioners in the field.

Readers desiring a more detailed introduction to Homer Hoyt and his work are invited to click HERE for an introductory essay by Stephen Malpezzi and Grant Thrall, with contributions by other Hoyt/Weimer Fellows.

[1] Photo credit: Michael Hoyt

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