The impact of trails on property values: a spatial analysis
Matthew Gnagey () and
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Matthew Gnagey: Weber State University
Therese Grijalva: Weber State University
The Annals of Regional Science, 2018, vol. 60, issue 1, 73-97
Abstract Convenient and local access to open green space is highly valued in many communities, particularly those comprised largely of individuals who participate in natural resource outdoor recreation. Understanding the value outdoor recreation communities place on access to open space is critical for informing policy decisions on land use including zoning and other restrictions, government open space purchases, and open space access points such as trailheads. In this article, we analyze the impact of trail access on property values in Ogden, Utah, using spatial hedonic pricing models. We consistently find substantial premiums for properties located closer to trailheads. Using a spatial Durbin error model, we find a 0.6% direct effect premium for each minute closer in driving time to the nearest trailhead, and a 1.4% premium when accounting for the total impact. We also find direct premiums between 0.4 and 1.9% for each minute closer in driving time to individual trailheads in this region. Additionally, homes adjacent to trailheads do not experience negative spillovers that homeowners may experience from increased traffic and congestion.
JEL-codes: Q51 R21 R11 Z30 (search for similar items in EconPapers)
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