Neighborhood Street Layout and Property Value: The Interaction of Accessibility and Land Use Mix
Georgia State University - Department of Public Administration & Urban Studies
Geoffrey K. Turnbull
Georgia State University - Department of Economics
Journal of Real Estate Finance and Economics, Vol. 35, No. 2, 2007
This paper evaluates how consumers value differences in neighborhood composition and street layout, factors not previously included in empirical studies of house value. Highly connected street patterns are important to New Urbanism. We use measures of neighborhood street connectivity and their interaction with other neighborhood attributes to evaluate how street layout affects property values. We employ two different methods of indexing street layout. Both methods show layout has a significant impact on price, but conclusions are sensitive to the method used. In pedestrian oriented neighborhoods, a more gridiron-like street pattern increases house value using one measure, but greater connectivity decreases house value using the other. In auto-oriented developments, a more gridiron-like street pattern reduces house value using either measure.
Keywords: new urbanism, space syntax, neighborhood design, housing prices
JEL Classification: R14, R29, R52
Date posted: March 28, 2007
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