The Economic Effects of Green Spaces in Planned and Unplanned Communities

Abstract

This paper examines the relationship between the sales prices of single-family properties and green-space characteristics for three communities in Los Angeles County. The results shed light on how green spaces geographically influence property values in two different prototypes of urban growth: planned versus unplanned communities. Quantitative results reveal that property values inconsistently reflect five major attributes of green spaces (view, distance, size, type, and character). In the planned community, proximity to golf courses and active recreational green spaces had negative impacts on property values, while views of green spaces and proximity to greenways, large green spaces, and passive recreational green spaces had significant positive impacts. Their impact was less significant in the communities characterized by unplanned growth. The findings signify that different attributes of green spaces impact property values in unique ways in planned versus unplanned communities. Considering overall effects, the findings indicate that green spaces have a more positive influence on home values in planned communities.