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  • Thumbnail for A hedonic model valuation of natural amenities in El Paso County, Colorado
    A hedonic model valuation of natural amenities in El Paso County, Colorado by Riedel, Kie

    This study examines how proximity to greenspaces and water bodies impact residential home sales prices in El Paso County, Colorado using a hedonic pricing approach. Values for proximity to natural amenities are first estimated using Euclidean distances. Distances are then calculated by a road network to determine how residents value accessibility and use of environmental attributes, in particular. In the Euclidean model, home sale prices increase with closer proximity to parks, lakes, golf courses, sports/recreation specialty facilities, and Pikes National Forest. Closer proximity to streams, however, leads to a decrease in housing price and closer proximity to natural areas has an insignificant impact on housing. In the road network model, distance to natural areas by road becomes significant and indicates that closer proximity and greater use access of natural areas leads to higher home sales prices. Closer distances to parks by road, however, have the opposite effect and home prices decrease with increasing proximity. All other greenspace and water body variables remain fairly similar in the road network model. These results illustrate the importance of environmental amenities to homeowners and can be used to help policymakers and urban planners make decisions regarding preservation, maintenance, and design of natural amenities.