The Implicit Price of Urban Public Parks and Greenways: A Spatial-Contextual Approach

Abstract

This paper examines the value residents place on public parks in a mid-sized urban area. The analysis makes a direct contribution to the literature by examining the extent to which spatial and neighborhood context is related to the house price premium or discount associated with public recreational opportunities, natural resource areas, and urban greenways. The analysis shows that the value of public parks and greenways varies across space, neighborhood context, and park type. Community area fixed-effects are included to bolster the findings. The findings indicate that park and greenway investment should be planned and managed contextually in urban areas. Park planners can use these findings to inform public policy debates over park investment and, perhaps, support efforts focused on comprehensive neighborhood planning.