Beyond Proximity: Is Easy Accessibility to Urban Parks Always Good?
38 Pages Posted: 20 Jan 2022
Date Written: January 18, 2022
This paper provides new evidence on the depreciation effect of easy access (EA) to urban parks on housing prices. Using an improved geographical boundary discontinuity design, we separate the costs of EA from the combined effects of proximity to urban parks. On average, houses with EA to urban parks face a depreciation effect of 4.1% of their value, or approximately $16,577 for each house. This depreciation of EA houses has a long-term decreasing trend. Novel cellphone data provide further evidence that there are a large number of visits to areas with EA to urban parks, resulting in disamenities and thus depreciation effects on the EA houses.
Keywords: Easy Accessibility; Urban Park; Depreciation Effects; Housing Prices; Geographical Boundary Discontinuity
JEL Classification: R38; R52
Suggested Citation: Suggested Citation