Does Easy Accessibility to Urban Parks Always Raise Home Values?

Lu Liu, Lina Meng and Ruige Zhang

Journal of Housing Economics, 2024, vol. 63, issue C

Abstract: This paper employs a boundary discontinuity design to separate the cost of easy access (EA) to urban parks from the combined effects of proximity.11We define a house with EA to urban parks as a given house located on the park side of a major road, within a walking distance of d meters, which will be further discussed in Section 2.1. On average, houses with EA to urban parks experience a significant price reduction of 2.0%. This reduction equals approximately $7,986 per house in 2018 dollars, all else being equal. The average negative effect originates from EA to city parks. Mechanism analysis using novel cellphone data reveals that frequent visits to areas with EA to urban parks can lead to congestion disamenities that have a negative effect on the prices of EA houses.

Keywords: Easy Accessibility; Urban Park; Negative Effects; Housing Price; Boundary Discontinuity (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jhouse:v:63:y:2024:i:c:s1051137723000682

DOI: 10.1016/j.jhe.2023.101981

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