The economic value of walkable neighborhoods

Dong Wook Sohn, Anne Vernez Moudon, Jea Sun Lee

Research output: Contribution to journalArticle

32 Citations (Scopus)

Abstract

This study investigated how the benefits of a walkable neighborhood were reflected in the American real estate market by examining the economic values of urban environmental factors supporting walking activities. Property values were used as a proxy measure for economic value and analyzed in relation to land use characteristics that have been known to correlate with walking at the neighborhood scale. Four aspects of the built environment supporting walking were included in the analyses: development density, land use mix, public open space and pedestrian infrastructure. Hedonic models were employed where the property value was regressed on the measures of the four sets of correlates of walking in a neighborhood. Models were estimated for four land use types- single-family residential, rental multi-family residential, commercial and office. The findings did not support previous arguments that increasing density weakens the quality of a neighborhood. To the contrary, the positive association of higher development density with the value of single-family residential properties detected in King County suggested that high development density might increase surrounding property values. The pedestrian infrastructure and land use mix significantly contributed to increases in rental multi-family residential property values. Higher development density with higher street and sidewalk coverage were also favored by retail service uses. In relation to land use mix, mixing retail service uses and rental multi-family residential uses helped make rental housings more attractive.

Original languageEnglish
Pages (from-to)115-128
Number of pages14
JournalUrban Design International
Volume17
Issue number2
DOIs
Publication statusPublished - 2012 Jun 1

Fingerprint

economic value
walking
land use
economics
pedestrian
infrastructure
real estate market
public space
open space
environmental factors
Values
environmental factor
coverage
housing
family
market
services

All Science Journal Classification (ASJC) codes

  • Geography, Planning and Development
  • Urban Studies

Cite this

Sohn, Dong Wook ; Moudon, Anne Vernez ; Lee, Jea Sun. / The economic value of walkable neighborhoods. In: Urban Design International. 2012 ; Vol. 17, No. 2. pp. 115-128.
@article{c80079cf4573425588a1fb8144c745aa,
title = "The economic value of walkable neighborhoods",
abstract = "This study investigated how the benefits of a walkable neighborhood were reflected in the American real estate market by examining the economic values of urban environmental factors supporting walking activities. Property values were used as a proxy measure for economic value and analyzed in relation to land use characteristics that have been known to correlate with walking at the neighborhood scale. Four aspects of the built environment supporting walking were included in the analyses: development density, land use mix, public open space and pedestrian infrastructure. Hedonic models were employed where the property value was regressed on the measures of the four sets of correlates of walking in a neighborhood. Models were estimated for four land use types- single-family residential, rental multi-family residential, commercial and office. The findings did not support previous arguments that increasing density weakens the quality of a neighborhood. To the contrary, the positive association of higher development density with the value of single-family residential properties detected in King County suggested that high development density might increase surrounding property values. The pedestrian infrastructure and land use mix significantly contributed to increases in rental multi-family residential property values. Higher development density with higher street and sidewalk coverage were also favored by retail service uses. In relation to land use mix, mixing retail service uses and rental multi-family residential uses helped make rental housings more attractive.",
author = "Sohn, {Dong Wook} and Moudon, {Anne Vernez} and Lee, {Jea Sun}",
year = "2012",
month = "6",
day = "1",
doi = "10.1057/udi.2012.1",
language = "English",
volume = "17",
pages = "115--128",
journal = "Urban Design International",
issn = "1357-5317",
publisher = "Palgrave Macmillan Ltd.",
number = "2",

}

The economic value of walkable neighborhoods. / Sohn, Dong Wook; Moudon, Anne Vernez; Lee, Jea Sun.

In: Urban Design International, Vol. 17, No. 2, 01.06.2012, p. 115-128.

Research output: Contribution to journalArticle

TY - JOUR

T1 - The economic value of walkable neighborhoods

AU - Sohn, Dong Wook

AU - Moudon, Anne Vernez

AU - Lee, Jea Sun

PY - 2012/6/1

Y1 - 2012/6/1

N2 - This study investigated how the benefits of a walkable neighborhood were reflected in the American real estate market by examining the economic values of urban environmental factors supporting walking activities. Property values were used as a proxy measure for economic value and analyzed in relation to land use characteristics that have been known to correlate with walking at the neighborhood scale. Four aspects of the built environment supporting walking were included in the analyses: development density, land use mix, public open space and pedestrian infrastructure. Hedonic models were employed where the property value was regressed on the measures of the four sets of correlates of walking in a neighborhood. Models were estimated for four land use types- single-family residential, rental multi-family residential, commercial and office. The findings did not support previous arguments that increasing density weakens the quality of a neighborhood. To the contrary, the positive association of higher development density with the value of single-family residential properties detected in King County suggested that high development density might increase surrounding property values. The pedestrian infrastructure and land use mix significantly contributed to increases in rental multi-family residential property values. Higher development density with higher street and sidewalk coverage were also favored by retail service uses. In relation to land use mix, mixing retail service uses and rental multi-family residential uses helped make rental housings more attractive.

AB - This study investigated how the benefits of a walkable neighborhood were reflected in the American real estate market by examining the economic values of urban environmental factors supporting walking activities. Property values were used as a proxy measure for economic value and analyzed in relation to land use characteristics that have been known to correlate with walking at the neighborhood scale. Four aspects of the built environment supporting walking were included in the analyses: development density, land use mix, public open space and pedestrian infrastructure. Hedonic models were employed where the property value was regressed on the measures of the four sets of correlates of walking in a neighborhood. Models were estimated for four land use types- single-family residential, rental multi-family residential, commercial and office. The findings did not support previous arguments that increasing density weakens the quality of a neighborhood. To the contrary, the positive association of higher development density with the value of single-family residential properties detected in King County suggested that high development density might increase surrounding property values. The pedestrian infrastructure and land use mix significantly contributed to increases in rental multi-family residential property values. Higher development density with higher street and sidewalk coverage were also favored by retail service uses. In relation to land use mix, mixing retail service uses and rental multi-family residential uses helped make rental housings more attractive.

UR - http://www.scopus.com/inward/record.url?scp=84860675189&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84860675189&partnerID=8YFLogxK

U2 - 10.1057/udi.2012.1

DO - 10.1057/udi.2012.1

M3 - Article

VL - 17

SP - 115

EP - 128

JO - Urban Design International

JF - Urban Design International

SN - 1357-5317

IS - 2

ER -