Resources 2014, 3(1), 31-61; doi:10.3390/resources3010031
Article

A Meta-Analysis of Hedonic Studies to Assess the Property Value Effects of Low Impact Development

Received: 28 October 2013; in revised form: 24 December 2013 / Accepted: 7 January 2014 / Published: 21 January 2014
(This article belongs to the Special Issue Ecosystem Service Valuation, Its Measurement and Uses)
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract: Stormwater runoff from urban areas is a significant source of water pollution in the United States. Many states are promoting low impact development (LID) practices, which provide a variety of direct and ancillary ecosystem services. We describe a meta-analysis designed to evaluate the property value benefits of LID practices that reduce impervious surfaces and increase vegetated areas in developments, and present an example application to a hypothetical land use scenario. From the many hedonic property valuation studies of the benefits of general open space, we identified 35 studies that valued open spaces that were similar in nature to the small, dispersed open spaces characteristic of LID. The meta-regression estimates the percent change in a home’s value for an observed percent change in open space within a specific radius of a parcel, based on changes expected to result from LID approaches that increase green spaces. Our results indicate that the design and characteristics of a project affect the magnitude of benefits, and that values decline with distance. More broadly, the meta-analysis shows percent change and proximity are robust determinants of household willingness to pay for aesthetic and other services associated with local availability of small, dispersed open spaces resulting from LID, but that values for other features, including type of vegetation and recreational use may be site-specific. Policymakers and developers could draw on our synthesis of site characteristics’ effects to maximize benefits from open space associated with LID.
Keywords: meta-analysis; property values; hedonic valuation; low impact development; environmental site design; green infrastructure; ecosystem services; benefit transfer; stormwater; open space
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MDPI and ACS Style

Mazzotta, M.J.; Besedin, E.; Speers, A.E. A Meta-Analysis of Hedonic Studies to Assess the Property Value Effects of Low Impact Development. Resources 2014, 3, 31-61.

AMA Style

Mazzotta MJ, Besedin E, Speers AE. A Meta-Analysis of Hedonic Studies to Assess the Property Value Effects of Low Impact Development. Resources. 2014; 3(1):31-61.

Chicago/Turabian Style

Mazzotta, Marisa J.; Besedin, Elena; Speers, Ann E. 2014. "A Meta-Analysis of Hedonic Studies to Assess the Property Value Effects of Low Impact Development." Resources 3, no. 1: 31-61.

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