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A Reliability Check of Walkability Indices in Seoul, Korea
Open AccessArticle

Neighborhood Walkability and Housing Prices: A Correlation Study

by Eun Jung Kim 1 and Hyunjung Kim 2,*
1
Department of Urban Planning, Keimyung University, Daegu 42601, Korea
2
Department of Civil and Environmental Engineering, Seoul National University, Seoul 08826, Korea
*
Author to whom correspondence should be addressed.
Sustainability 2020, 12(2), 593; https://doi.org/10.3390/su12020593
Received: 17 December 2019 / Revised: 8 January 2020 / Accepted: 10 January 2020 / Published: 13 January 2020
(This article belongs to the Special Issue Walkable living environments)
This study aims to examine the relationship between the level of walkability and housing prices in Seoul, Korea. The average transaction price per square meter for each apartment complex was set as a dependent variable and the walkability score was used as an independent variable. This study divided a total of 5986 apartment complexes into areas with high and low housing prices for analysis. Based on the strong spatial autocorrelations of housing prices, this study employed spatial regression models in addition to the Ordinary Least Squares (OLS) model. Results showed that housing prices positively correlated with the walkability score in areas with low housing prices, whereas no significant association was observed in areas with high housing prices. Additional findings showed that housing prices were associated with building age (−), number of households in the complex (+), slope (−), and greenness (+) in both subsamples. Results also showed that high school quality had a different association with housing prices depending on the subsample (e.g., the sign was positive in areas with high housing prices and no significance in areas with low housing prices). The results herein support public policy proposals relevant to urban planning, environmental design, and housing policies. View Full-Text
Keywords: walkability; walkability score; housing price; apartment complex; Seoul; Geographic Information System (GIS) walkability; walkability score; housing price; apartment complex; Seoul; Geographic Information System (GIS)
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Kim, E.J.; Kim, H. Neighborhood Walkability and Housing Prices: A Correlation Study. Sustainability 2020, 12, 593.

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