Hoyt, Homer (1895–1984)

Homer Hoyt pioneered academic and applied real estate market analysis in the mid 20th century. Academics know him primarily for his sector theory of urban land development. Practitioners also know him for advances in procedures that came about from his consulting and appraisal services, including his use of economic base calculations as input measurements to estimate the current and projected demand for commercial and residential real estate. Hoyt innovated procedures for estimation of the 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 is his contributions to the development of institutions important to land economics and real estate, including the Federal Housing ...