The Impact of Neighborhood Walkability on Residential Property Values

Home values have been found to be positively associated with park proximity and park quality. However, the affect of accessibility, defined as walkability around neighborhood parks, on home values is understudied. Using a hedonic model, this study investigates the association between park proximity, neighborhood walkability and the value of nearby homes in Cincinnati, Ohio. The study finds that neighborhood walkability is significantly associated with home values, while controlling for park proximity and housing attributes. The findings suggest the importance of park accessibility which has important implications for planning practice and to the emerging field at the intersection of planning and public health