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Valuing Open Space and Land-Use Patterns in Urban Watersheds

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  • Acharya, Gayatri
  • Bennett, Lynne Lewis
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    Abstract

    This article presents the results of a hedonic property value analysis for an urban watershed in New Haven County, Connecticut. We use spatially referenced housing and land-use data to capture the effect of environmental variables around the house location. We calculate and incorporate data on open space, land-use diversity, and other environmental variables to capture spatial variation in environmental quality around each house location. We are ultimately interested in determining whether variables that are reflective of spatial diversity do a better job of describing human preferences for housing choice than broad categories of rural versus urban areas. Using a rich data set of over 4,000 houses, we study these effects within a watershed that includes areas of high environmental quality and low environmental quality as well as varying patterns of socioeconomic conditions. Our results suggest that, in addition to structural characteristics, variables describing neighborhood socioeconomic characteristics and variables describing land use and environmental quality are influential in determining human values. We also find that the scale at which we measure these spatially defined environmental variables is important. Copyright 2001 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

    Volume (Year): 22 (2001)
    Issue (Month): 2-3 (March-May)
    Pages: 221-37

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    Handle: RePEc:kap:jrefec:v:22:y:2001:i:2-3:p:221-37

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    Web page: http://www.springerlink.com/link.asp?id=102945

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    Cited by:
    1. Turner, Matthew A., 2005. "Landscape preferences and patterns of residential development," Journal of Urban Economics, Elsevier, vol. 57(1), pages 19-54, January.
    2. Poudyal, Neelam C. & Hodges, Donald G. & Tonn, Bruce & Cho, Seong-Hoon, 2009. "Valuing diversity and spatial pattern of open space plots in urban neighborhoods," Forest Policy and Economics, Elsevier, vol. 11(3), pages 194-201, May.
    3. Wu, JunJie & Plantinga, Andrew J., 2003. "The influence of public open space on urban spatial structure," Journal of Environmental Economics and Management, Elsevier, vol. 46(2), pages 288-309, September.
    4. Deacon, Robert T & Schläpfer, Felix, 2007. "The spatial range of public goods revealed through referendum voting," University of California at Santa Barbara, Economics Working Paper Series qt1pf1369j, Department of Economics, UC Santa Barbara.
    5. Bark, R.H. & Osgood, D.E. & Colby, B.G. & Katz, G. & Stromberg, J., 2009. "Habitat preservation and restoration: Do homebuyers have preferences for quality habitat?," Ecological Economics, Elsevier, vol. 68(5), pages 1465-1475, March.
    6. Ann Hodgkinson & Abbas Valadkhani, 2009. "Community Valuations of Environmental Quality in Coastal Lakes: Lake Illawarra Case Study," Economic Papers, The Economic Society of Australia, vol. 28(2), pages 155-168, 06.
    7. Cho, Seong-Hoon & Poudyal, Neelam C. & Roberts, Roland K., 2008. "Spatial analysis of the amenity value of green open space," Ecological Economics, Elsevier, vol. 66(2-3), pages 403-416, June.
    8. Stephen Malpezzi, 2001. "NIMBYs and Knowledge: Urban Regulation and the "New Economy"," Wisconsin-Madison CULER working papers 01-6, University of Wisconsin Center for Urban Land Economic Research.
    9. Cho, Seong-Hoon & Kim, Seung Gyu & Roberts, Roland K. & Jung, Suhyun, 2009. "Amenity values of spatial configurations of forest landscapes over space and time in the Southern Appalachian Highlands," Ecological Economics, Elsevier, vol. 68(10), pages 2646-2657, August.
    10. Delores Conway & Christina Li & Jennifer Wolch & Christopher Kahle & Michael Jerrett, 2010. "A Spatial Autocorrelation Approach for Examining the Effects of Urban Greenspace on Residential Property Values," The Journal of Real Estate Finance and Economics, Springer, vol. 41(2), pages 150-169, August.
    11. Waltert, Fabian & Schläpfer, Felix, 2010. "Landscape amenities and local development: A review of migration, regional economic and hedonic pricing studies," Ecological Economics, Elsevier, vol. 70(2), pages 141-152, December.
    12. Clapp, John M. & Wang, Yazhen, 2006. "Defining neighborhood boundaries: Are census tracts obsolete?," Journal of Urban Economics, Elsevier, vol. 59(2), pages 259-284, March.
    13. Holmes, Thomas P. & Murphy, Elizabeth A. & Bell, Kathleen P., 2006. "Exotic Forest Insects and Residential Property Values," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 35(1), April.
    14. Bark, Rosalind H. & Osgood, Daniel E. & Colby, Bonnie G. & Halper, Eve B., 2011. "How Do Homebuyers Value Different Types of Green Space?," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 36(2), August.
    15. Anderson, Soren T. & West, Sarah E., 2006. "Open space, residential property values, and spatial context," Regional Science and Urban Economics, Elsevier, vol. 36(6), pages 773-789, November.
    16. Seong-Hoon Cho & Dayton Lambert & Seung Kim & Roland Roberts & William Park, 2011. "Relationship between value of open space and distance from housing locations within a community," Journal of Geographical Systems, Springer, vol. 13(4), pages 393-414, December.
    17. Sengupta, Sanchita & Osgood, Daniel Edward, 2003. "The value of remoteness: a hedonic estimation of ranchette prices," Ecological Economics, Elsevier, vol. 44(1), pages 91-103, February.
    18. Tadao Hoshino & Koichi Kuriyama, 2010. "Measuring the Benefits of Neighbourhood Park Amenities: Application and Comparison of Spatial Hedonic Approaches," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 45(3), pages 429-444, March.
    19. Robert Deacon & Felix Schläpfer, 2010. "The Spatial Range of Public Goods Revealed Through Referendum Voting," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 47(3), pages 305-328, November.
    20. Lewis, Lynne Y. & Acharya, Gayatri, 2006. "Environmental Quality and Housing Markets: Does Lot Size Matter?," Marine Resource Economics, Marine Resources Foundation, vol. 21(3).
    21. Bell, Kathleen P. & Irwin, Elena G., 2002. "Spatially explicit micro-level modelling of land use change at the rural-urban interface," Agricultural Economics, Blackwell, vol. 27(3), pages 217-232, November.
    22. Baranzini, Andrea & Schaerer, Caroline, 2011. "A sight for sore eyes: Assessing the value of view and land use in the housing market," Journal of Housing Economics, Elsevier, vol. 20(3), pages 191-199, September.

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