Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

New Research Finds that Homeowners and City Planners Should 'Hit the Trail' When Considering Property Values

12.10.2011
Two University of Cincinnati researchers will present interdisciplinary research at a national conference on planning and development of communities.

Location, location, location – it is often touted as affecting the value of residential property. Now, new University of Cincinnati research suggests that location near nature trails could hold a financial benefit for homeowners and ultimately neighboring communities.

University of Cincinnati researchers Rainer vom Hofe, an associate professor of planning, and Olivier Parent, an assistant professor of economics, will present their findings on Sunday, Oct. 16, at the 52nd Annual Association of College Schools of Planning (ACSP) ENVISION Conference in Salt Lake City, Utah.

The two researchers examined how the Little Miami Scenic Trail – a 12-mile southern stretch of the trail that runs through the Cincinnati metropolitan region – impacted residential property values in Hamilton County, Ohio. The scenic, multipurpose trail beckons walkers, hikers, skaters and bicycle enthusiasts and also has horseback riding paths.

“For the ‘New Urbanist,’ multipurpose trails provide the potential for bicycle commuting; help alleviate noise, pollution and congestion, and expand the means for green transportation and a community’s walkability,” write the authors.

Using a research model they developed, Parent and vom Hofe found that from a real estate perspective, trails can have significant, positive spillover effects on property values when these properties are located within reasonable distances to the trails.

To be more specific, housing prices went up by nine dollars for every foot closer to the trail entrance. Ultimately, the study concluded that for the average home, homeowners were willing to pay a $9,000 premium to be located one thousand feet closer to the trail.

The researchers say their study is among the first to quantify the impact of multipurpose trail proximity on residential property values while isolating the results from the biasing effect of nearby property values.

The research used street network distances between residential properties and the closest trail entrance, in addition to standard parameter estimation. The average home studied was about 40 years old and had an average 2,203 square feet of living space. The average price was $263,517.

As a planner, vom Hofe adds that even amid tough economic times and tough budget decisions by local governments, the research emphasizes that investment in infrastructure and public amenities is a solid investment that will result in a positive return for communities.

Parent adds that their future research will examine how the effect of the location of green spaces and transportation infrastructure on residential property prices has changed over the last decade in Hamilton County.

The research was supported by a $21,000 interdisciplinary grant awarded in 2010 by the University Research Council at UC. The University Research Council Interdisciplinary Grant Program blends the diverse expertise of UC researchers and lays the groundwork for research that could open opportunities for federal funding.

The researchers say the majority of that funding was invested in developing a database of housing characteristics of some 300,000 properties over a 10-to-12 year period for use in this and future studies. The current study focused on 1,762 residential properties located within 10,000 feet of the trail.

The Association of Collegiate Schools of Planning promotes education, research, service and outreach related to planning, planning education and implementing planning beyond the classroom into the real world. The conference will examine how planning can play a more significant role in inspiring the positive transformation of towns, communities, cities and regions.

UC’s School of Planning is one of the largest schools of its kind in the country. The Planetizen "2012 Guide to Graduate Urban Planning Programs" recently ranked UC’s planning program among the best in the nation. UC’s Department of Economics is part of the Carl H. Lindner College of Business, ranked as one of the top 100 best business schools by U.S. News & World Report 2011. The Department of Economics includes a core group of professionally active faculty in urban and regional economic development.

Dawn Fuller | EurekAlert!
Further information:
http://www.uc.edu

More articles from Interdisciplinary Research:

nachricht A new method for the 3-D printing of living tissues
16.08.2017 | University of Oxford

nachricht Bergamotene - alluring and lethal for Manduca sexta
21.04.2017 | Max-Planck-Institut für chemische Ökologie

All articles from Interdisciplinary Research >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Fizzy soda water could be key to clean manufacture of flat wonder material: Graphene

Whether you call it effervescent, fizzy, or sparkling, carbonated water is making a comeback as a beverage. Aside from quenching thirst, researchers at the University of Illinois at Urbana-Champaign have discovered a new use for these "bubbly" concoctions that will have major impact on the manufacturer of the world's thinnest, flattest, and one most useful materials -- graphene.

As graphene's popularity grows as an advanced "wonder" material, the speed and quality at which it can be manufactured will be paramount. With that in mind,...

Im Focus: Exotic quantum states made from light: Physicists create optical “wells” for a super-photon

Physicists at the University of Bonn have managed to create optical hollows and more complex patterns into which the light of a Bose-Einstein condensate flows. The creation of such highly low-loss structures for light is a prerequisite for complex light circuits, such as for quantum information processing for a new generation of computers. The researchers are now presenting their results in the journal Nature Photonics.

Light particles (photons) occur as tiny, indivisible portions. Many thousands of these light portions can be merged to form a single super-photon if they are...

Im Focus: Circular RNA linked to brain function

For the first time, scientists have shown that circular RNA is linked to brain function. When a RNA molecule called Cdr1as was deleted from the genome of mice, the animals had problems filtering out unnecessary information – like patients suffering from neuropsychiatric disorders.

While hundreds of circular RNAs (circRNAs) are abundant in mammalian brains, one big question has remained unanswered: What are they actually good for? In the...

Im Focus: RAVAN CubeSat measures Earth's outgoing energy

An experimental small satellite has successfully collected and delivered data on a key measurement for predicting changes in Earth's climate.

The Radiometer Assessment using Vertically Aligned Nanotubes (RAVAN) CubeSat was launched into low-Earth orbit on Nov. 11, 2016, in order to test new...

Im Focus: Scientists shine new light on the “other high temperature superconductor”

A study led by scientists of the Max Planck Institute for the Structure and Dynamics of Matter (MPSD) at the Center for Free-Electron Laser Science in Hamburg presents evidence of the coexistence of superconductivity and “charge-density-waves” in compounds of the poorly-studied family of bismuthates. This observation opens up new perspectives for a deeper understanding of the phenomenon of high-temperature superconductivity, a topic which is at the core of condensed matter research since more than 30 years. The paper by Nicoletti et al has been published in the PNAS.

Since the beginning of the 20th century, superconductivity had been observed in some metals at temperatures only a few degrees above the absolute zero (minus...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Call for Papers – ICNFT 2018, 5th International Conference on New Forming Technology

16.08.2017 | Event News

Sustainability is the business model of tomorrow

04.08.2017 | Event News

Clash of Realities 2017: Registration now open. International Conference at TH Köln

26.07.2017 | Event News

 
Latest News

Gold shines through properties of nano biosensors

17.08.2017 | Physics and Astronomy

Greenland ice flow likely to speed up: New data assert glaciers move over sediment, which gets more slippery as it gets wetter

17.08.2017 | Earth Sciences

Mars 2020 mission to use smart methods to seek signs of past life

17.08.2017 | Physics and Astronomy

VideoLinks
B2B-VideoLinks
More VideoLinks >>>