IDEAS home Printed from https://ideas.repec.org/a/ags/jrapmc/339917.html

Are Homeowners Willing to Pay More for Access to Parks? Evidence from a Spatial Hedonic Study of the Cincinnati, Ohio, USA Park System

Author

Listed:
  • vom Hofe, Rainer
  • Mihaescu, Oana
  • Boorn, Mary Lynne

Abstract

This paper examines the impacts of the City of Cincinnati urban park system on residential property values using two local spatial hedonic model specications: the spatial Durbin error model (SDEM) model, and the spatial lag of X model (SLX). Specically, we examine how the distance to parks, the size of the nearest park, and the presence of park facilities for recreational activities, aect property values. Our results show that decreasing the distance to a park by one meter appreciates of the value of the average house in our sample by $3.44 to $6.27. A one hectare increase in the park size appreciates house values by $22.24 to $22.48 and the presence of park facilities for recreational activities depreciates house values by an estimated $4,612 to 5,300 for properties within a 500 meter radius to the nearest park.

Suggested Citation

  • vom Hofe, Rainer & Mihaescu, Oana & Boorn, Mary Lynne, 2017. "Are Homeowners Willing to Pay More for Access to Parks? Evidence from a Spatial Hedonic Study of the Cincinnati, Ohio, USA Park System," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 48(3), November.
    • Handle: RePEc:ags:jrapmc:339917
    DOI: 10.22004/ag.econ.339917
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/339917/files/vom%20Hofe.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.339917?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Espey, Molly & Owusu-Edusei, Kwame, 2001. "Neighborhood Parks And Residential Property Values In Greenville, South Carolina," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 33(3), pages 1-6, December.
    2. Nancey Leigh & Sarah Coffin, 2005. "Modeling the relationship among brownfields, property values, and community revitalization," Housing Policy Debate, Taylor & Francis Journals, vol. 16(2), pages 257-280.
    3. Justin Ross & Michael Farmer & Clifford Lipscomb, 2011. "Inconsistency in Welfare Inferences from Distance Variables in Hedonic Regressions," The Journal of Real Estate Finance and Economics, Springer, vol. 43(3), pages 385-400, October.
    4. Mark R. Correll & Jane H. Lillydahl & Larry D. Singell, 1978. "The Effects of Greenbelts on Residential Property Values: Some Findings on the Political Economy of Open Space," Land Economics, University of Wisconsin Press, vol. 54(2), pages 207-217.
    5. David Brasington & Donald R. Haurin, 2006. "Educational Outcomes and House Values: A Test of the value added Approach," Journal of Regional Science, Wiley Blackwell, vol. 46(2), pages 245-268, May.
    6. Oana Mihaescu & Rainer Vom Hofe, 2013. "Using Spatial Regression To Estimate Property Tax Discounts From Proximity To Brownfields: A Tool For Local Policy-Making," Journal of Environmental Assessment Policy and Management (JEAPM), World Scientific Publishing Co. Pte. Ltd., vol. 15(01), pages 1-23.
    7. Shultz, Steven D & King, David A, 2001. "The Use of Census Data for Hedonic Price Estimates of Open-Space Amenities and Land Use," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 239-252, March-May.
    8. repec:rre:publsh:v:39:y:2009:i:1:p:9-22 is not listed on IDEAS
    9. Cotteleer, Geerte & van Kooten, G. Cornelis, 2012. "Expert opinion versus actual transaction evidence in the valuation of non-market amenities," Economic Modelling, Elsevier, vol. 29(1), pages 32-40.
    10. Brown, Jason P. & Florax, Raymond J.G.M. & McNamara, Kevin T., 2009. "Determinants Of Investment Flows In U.S. Manufacturing," Working papers 54835, Purdue University, Department of Agricultural Economics.
    11. James P. LeSage, 2014. "What Regional Scientists Need to Know about Spatial Econometrics," The Review of Regional Studies, Southern Regional Science Association, vol. 44(1), pages 13-32, Spring.
    12. Brian J. L. Berry & Robert S. Bednarz, 1975. "A Hedonic Model of Prices and Assessments for Single-Family Homes: Does the Assessor Follow the Market or the Market Follow the Assessor?," Land Economics, University of Wisconsin Press, vol. 51(1), pages 21-40.
    13. Margot Lutzenhiser & Noelwah R. Netusil, 2001. "The Effect Of Open Spaces On A Home'S Sale Price," Contemporary Economic Policy, Western Economic Association International, vol. 19(3), pages 291-298, July.
    14. Okmyung Bin & Thomas W. Crawford & Jamie B. Kruse & Craig E. Landry, 2008. "Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk," Land Economics, University of Wisconsin Press, vol. 84(3), pages 434-448.
    15. Doss, Cheryl R. & Taff, Steven J., 1996. "The Influence Of Wetland Type And Wetland Proximity On Residential Property Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(01), pages 1-10, July.
    16. James P. Lesage & Christina L. Ha, 2012. "The Impact of Migration on Social Capital: Do Migrants Take Their Bowling Balls with Them?," Growth and Change, Wiley Blackwell, vol. 43(1), pages 1-26, March.
    17. repec:rre:publsh:v:39:y:2009:i:3:p:269-86 is not listed on IDEAS
    18. James P. Lesage, 2008. "An Introduction to Spatial Econometrics," Revue d'économie industrielle, De Boeck Université, vol. 0(3), pages 19-44.
    19. Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480.
    20. Olivier Parent & Rainer Hofe, 2013. "Understanding the impact of trails on residential property values in the presence of spatial dependence," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 51(2), pages 355-375, October.
    21. Craig E. Landry & Paul Hindsley, 2011. "Valuing Beach Quality with Hedonic Property Models," Land Economics, University of Wisconsin Press, vol. 87(1), pages 92-108.
    22. Germán M. Izón & Michael S. Hand & Matias Fontenla & Robert P. Berrens, 2010. "The Economic Value Of Protecting Inventoried Roadless Areas: A Spatial Hedonic Price Study In New Mexico," Contemporary Economic Policy, Western Economic Association International, vol. 28(4), pages 537-553, October.
    23. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    24. 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.
    25. Sander, Heather & Polasky, Stephen & Haight, Robert G., 2010. "The value of urban tree cover: A hedonic property price model in Ramsey and Dakota Counties, Minnesota, USA," Ecological Economics, Elsevier, vol. 69(8), pages 1646-1656, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. vom Hofe, Rainer & Mihaescu, Oana & Boorn, Mary Lynne, 2017. "Do urban parks really benefit homeowners economically? Evidence from a spatial hedonic study of the Cincinnati park system," HUI Working Papers 122, HUI Research.
    2. 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.
    3. Matthew Gnagey & Therese Grijalva, 2018. "The impact of trails on property values: a spatial analysis," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 60(1), pages 73-97, January.
    4. Mihaescu, Oana & vom Hofe, Rainer, 2013. "The Impact of Brownfields on Residential Property Values in Cincinnati, Ohio: A Spatial Hedonic Approach," HUI Working Papers 85, HUI Research.
    5. Jay Mittal, 2017. "Valuing Visual Accessibility of Scenic Landscapes in a Single Family Housing Market: A Spatial Hedonic Approach," ERES eres2017_1, European Real Estate Society (ERES).
    6. Jay Mittal & Sweta Byahut, 2019. "Scenic landscapes, visual accessibility and premium values in a single family housing market: A spatial hedonic approach," Environment and Planning B, , vol. 46(1), pages 66-83, January.
    7. Marisa J. Mazzotta & Elena Besedin & Ann E. Speers, 2014. "A Meta-Analysis of Hedonic Studies to Assess the Property Value Effects of Low Impact Development," Resources, MDPI, vol. 3(1), pages 1-31, January.
    8. 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.
    9. John F. Chamblee & Peter F. Colwell & Carolyn A. Dehring & Craig A. Depken, 2011. "The Effect of Conservation Activity on Surrounding Land Prices," Land Economics, University of Wisconsin Press, vol. 87(3), pages 453-472.
    10. Sanglim Yoo & John E. Wagner, 2016. "A review of the hedonic literatures in environmental amenities from open space: a traditional econometric vs. spatial econometric model," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 20(1), pages 141-166, March.
    11. Li Yin & Brian Muller, 2007. "Residential Location and the Biophysical Environment: Exurban Development Agents in a Heterogeneous Landscape," Environment and Planning B, , vol. 34(2), pages 279-295, April.
    12. Hillis, Holly & Karwowski, Nicole, 2025. "The Impact of Conservation Easements on Housing Prices in US Counties," 2025 AAEA & WAEA Joint Annual Meeting, July 27-29, 2025, Denver, CO 361122, Agricultural and Applied Economics Association.
    13. Yoo, James & Simonit, Silvio & Connors, John P. & Maliszewski, Paul J. & Kinzig, Ann P. & Perrings, Charles, 2013. "The value of agricultural water rights in agricultural properties in the path of development," Ecological Economics, Elsevier, vol. 91(C), pages 57-68.
    14. Kriesel, Warren & Mullen, Jeffrey D., 2009. "Alternative Housing Development Strategies in Georgia's Coastal Marshlands," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49514, Agricultural and Applied Economics Association.
    15. Monique DANTAS & Frédéric GASCHET & Guillaume POUYANNE, 2010. "Regulatory zoning and coastal housing prices: a bayesian hedonic approach (In French)," Cahiers du GREThA (2007-2019) 2010-12, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    16. Hawkins, Christopher V. & Chia-Yuan, Yu, 2018. "Voter support for environmental bond referenda," Land Use Policy, Elsevier, vol. 76(C), pages 193-200.
    17. Tajibaeva, Liaila & Haight, Robert & Stephen, Polasky, 2014. "Welfare and Biodiversity Tradeoffs in Urban Open Space Protection," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170602, Agricultural and Applied Economics Association.
    18. Marta Sylla & Tadeusz Lasota & Szymon Szewrański, 2019. "Valuing Environmental Amenities in Peri-Urban Areas: Evidence from Poland," Sustainability, MDPI, vol. 11(3), pages 1-15, January.
    19. Carriazo, Fernando & Ready, Richard & Shortle, James, 2013. "Using stochastic frontier models to mitigate omitted variable bias in hedonic pricing models: A case study for air quality in Bogotá, Colombia," Ecological Economics, Elsevier, vol. 91(C), pages 80-88.
    20. Belcher, Richard N. & Chisholm, Ryan A., 2018. "Tropical Vegetation and Residential Property Value: A Hedonic Pricing Analysis in Singapore," Ecological Economics, Elsevier, vol. 149(C), pages 149-159.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:jrapmc:339917. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/mcrsaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.