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Abstract

The effect of proximity to different types of parks on housing prices is estimated using a unique data set of single family homes sold between 1990 and 1999 in Greenville, South Carolina. The value of park proximity is found to vary with respect to park size and amenities, as well as household income and family size. The greatest impact on housing values was found with proximity to small neighborhood parks, with property values as much as 13 percent higher for homes within 600 feet of such parks. The positive impact of proximity to attractive medium size parks extended to homes as far as 1500 feet from the park. The value of park proximity increases with family size and is greater, as a percentage of housing value, for households with income below the median.

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