The Impact of Open Spaces on Residential Property Values in New York City

The study aims to explore the casual relationship between the open space and the value of its neighboring residential property in New York City. By using hedonic pricing models, the study specifically focuses on analyzing the impact of the open space’s size, type, and proximity on residential property values. Results show that open spaces do have a statistically significant impact on the values of residential properties and that different sizes and distances to the residential property have differing despite small impacts. The type of the open space, together with the major age group in the neighborhood, has a collaborative impact on home value changes