The impact of urban open space on residential property values in the Tucson basin

Abstract

The objective of this study was to estimate the effects of various types of urban open space on single-family residential property values in the Tucson basin in 1986. The statistical results were mixed. Urban parks which emphasize recreational facilities decreased housing prices whereas private golf courses and natural open space areas increased property values. The negative impact on housing price appears to be the result of disamenities caused by recreational consumption (noise, traffic, congestion), and recreational facilities (blocked views). The positive impact on price seems to be a function of the benefits derived from such amenities as urban wildlife and scenic mountain and city views. Public decision-makers need values of urban natural amenities to make informed policy and management decisions. The implicit prices generated here are useful in assessing whether the market prices of homes are expressing the benefits of urban open space.