The Economic Effects of Green Spaces between Planned and Unplanned Communities in Los Angeles County

Abstract

This paper examines the relationship between the sale price 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 the five major attributes of green spaces (view, distance, size, type, character). In the planned community, active recreational green spaces have a negative impact on property values, while views, larger-sized green spaces, proximities to parks, greenways, and passive recreational green spaces have significant positive impacts. In contrast, in the communities characterized by unplanned growth, only proximity to park is directly reflected in housing values. The findings signify that different attributes of green spaces impact property values in unique ways in planned versus unplanned communities. Considering overall effects, green spaces have a more positive influence on housing values in a planned community.