Neighborhood Walkability and Housing Prices: A Correlation Study

Eun Jung Kim and Hyunjung Kim
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Eun Jung Kim: Department of Urban Planning, Keimyung University, Daegu 42601, Korea
Hyunjung Kim: Department of Civil and Environmental Engineering, Seoul National University, Seoul 08826, Korea

Sustainability, 2020, vol. 12, issue 2, 1-18

Abstract: This study aims to examine the relationship between the level of walkability and housing prices in Seoul, Korea. The average transaction price per square meter for each apartment complex was set as a dependent variable and the walkability score was used as an independent variable. This study divided a total of 5986 apartment complexes into areas with high and low housing prices for analysis. Based on the strong spatial autocorrelations of housing prices, this study employed spatial regression models in addition to the Ordinary Least Squares (OLS) model. Results showed that housing prices positively correlated with the walkability score in areas with low housing prices, whereas no significant association was observed in areas with high housing prices. Additional findings showed that housing prices were associated with building age (−), number of households in the complex (+), slope (−), and greenness (+) in both subsamples. Results also showed that high school quality had a different association with housing prices depending on the subsample (e.g., the sign was positive in areas with high housing prices and no significance in areas with low housing prices). The results herein support public policy proposals relevant to urban planning, environmental design, and housing policies.

Keywords: walkability; walkability score; housing price; apartment complex; Seoul; Geographic Information System (GIS) (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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