A spatial autocorrelation approach for examining the effects of urban greenspace on residential property values

  • Conway D
  • Li C
  • Wolch J
 et al. 
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Abstract

This paper presents spatially explicit analyses of the greenspace contribtion to residential property values in a hedonic model. The paper utilizes data from the housing market near downtown Los Angeles. We first used a standard hedonic model to estimate greenspace effects. Because the residuals were spatially autocorrelated, we implemented a spatial lag model as indicated by specification tests. Our results show that neighborhood greenspace at the immediate vicinity of houses has a significant impact on house prices even after controlling for spatial autocorrelation. The different estimation results from non-spatial and spatial models provide useful bounds for a greenspace effect. Greening of inner city areas may provide a valuable policy instrument for elevating depressed housing markets in those areas.

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Authors

  • D Conway

  • CQ Li

  • J Wolch

  • C Kahle

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