Valuing park attributes, moderation effects of walkability and social capital: A multilevel approach

The goal of this research was to model the effects of park attributes, neighborhood walkability, and social capital on proximate home values. The results are expected to be useful for planners to design park-centric neighborhood revitalization plans, and for city governments to increase their revenues due to capitalization of park land on adjacent home values. The hedonic price model was used to determine household preferences for home features, park attributes, and neighborhood characteristics because within and outside home characteristics are untraded goods. Hedonic estimation was done using multilevel models because homes were nested in park neighborhoods. Park attributes were assessed using an observational tool - the Environmental Assessment of Parks and Recreational Spaces tool - developed by an interdisciplinary team in the University of Cincinnati. An exploratory factor analysis was done on park attributes and the factors were used to estimate multilevel models after controlling for home features and neighborhood income.;Three types of models were generated -- the intercept only, random intercepts, and random intercepts and slopes. Generally, activity areas in parks in parks were negatively associated with home values and informal open spaces were positively related. Travel distance moderated the effect of direct distance on home values and households showed a negative preference for very low levels of associational activity in park neighborhoods. Finally, evidence was found for housing submarkets, which indicated the potential of park neighborhoods to be designated as target neighborhoods in neighborhood revitalization plans.