Variations in Park Facility Valuations across Neighborhoods

The obesity epidemic has renewed policy interest in provision of physical activity-enhancing park facilities. Public health researchers have noted variability in physical activity levels associated with different types of facilities. We assess the hedonic valuation of different types of park facilities. For homes located ¼ mile from the nearest park, the hedonic value of a 1/10 mile improvement in proximity ranges from an 1.3 % increase in home price in African American neighborhoods to a 0.3 % price reduction in “average” neighborhoods. Similar variation occurs across the home price distribution, park facilities, and neighborhood characteristics. Park funding implications are discussed.