Valuing Historical and Open Space Amenities with Hedonic Property Valuation Models

Authors

Robert L. Hicks, William & MaryFollow
Bonnie M. Queen

Document Type

Article

Department/Program

Economics

Pub Date

2016

Volume

45

Issue

1

First Page

44

Abstract

Impacts of historic and cultural amenities on property values and the economy have not been widely studied in part because of problems isolating statistical effects using nonmarket valuation and lack of study areas. Three jurisdictions in Virginia containing major historic sites provide a unique setting in which to isolate the effects of historical amenities on residential property values using revealed preferences and quantify their economic benefits. We find that historic areas provide both open space and historic amenities. Furthermore, being adjacent to a historical area is not a positive benefit on average, perhaps because of activity and congestion associated with tourism. Residing close to such areas is valuable to buyers.

Recommended Citation

Hicks, Robert L. and Queen, Bonnie M., Valuing Historical and Open Space Amenities with Hedonic Property Valuation Models (2016).
10.1017/age.2016.14

DOI

10.1017/age.2016.14