House Prices, Open Space, and Household Characteristics

Tracy M. Turner and Youngme Seo

Journal of Real Estate Research, 2021, vol. 43, issue 2, 204-225

Abstract: The allocation of land to alternative residential uses, including private and public uses, is a fundamental business decision. Given limited research on the topic, the present study fills the need for research on willingness to pay for house and neighborhood attributes inclusive of the value of open or green space. We document diminished private green space and buyer demand for private and public open space. The focus is on the types of open or green space and variation in their capitalization effects over time. Using a richly specified hedonic model that includes house characteristics along with subdivision and neighborhood attributes, we find that both private and public forms of green space increase house prices, especially since 2011. Moreover, there is substitutability between private and open green space, and willingness to pay for open space varies by household characteristics.

Date: 2021
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DOI: 10.1080/08965803.2021.1925498

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