Neighborhood Street Layout and Property Value: The Interaction of Accessibility and Land Use Mix

Neighborhood Street Layout and Property Value: The Interaction of Accessibility and Land Use Mix 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

Neighborhood Street Layout and Property Value: The Interaction of Accessibility and Land Use Mix

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Publisher
Springer Journals
Copyright
Copyright © 2007 by Springer Science+Business Media, LLC
Subject
Economics; Regional/Spatial Science; Financial Services
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1007/s11146-007-9035-9
Publisher site
See Article on Publisher Site

Abstract

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.

Journal

The Journal of Real Estate Finance and EconomicsSpringer Journals

Published: Jul 3, 2007

References

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