THE REAL ESTATE ECONOMICS OF WALKABILITY COMPONENTS: THE INFLUENCE OF BUILT ENVIRONMENT ON HOUSING VALUE IN LINCOLN, NEBRASKA
Document Type Article
A THESIS Presented to the Faculty of The Graduate College at the University of Nebraska In Partial Fulfillment of Requirements For the Degree of Master of Community and Regional Planning, Major: Community and Regional Planning, Under the Supervision of Professor Yunwoo Nam. Lincoln, Nebraska: December, 2013
Copyright 2013 Dohee Kim
This study analyzes the association between walkability and housing value in neighborhoods of Lincoln, Nebraska in order to observe the impact of walkability as one of prominent smart growth principles in creating economic value. The study estimates walkability through walkability components in each neighborhood of Lincoln based on the Lawrence Frank walkability index model. For the housing value assessment, a hedonic regression model was created to estimate median housing value in Lincoln based on the census block group dataset. The result of the model shows that walkability components have weaker influence on estimated housing value compared to other physical, demographic, and socioeconomic attributes. Only two of the four components of walkability were statistically significant in this study: street intersection connectivity and retail floor to area ratio. Consequently, the relationship of these components of walkability, as well as other statistically significant attributes, and housing value was analyzed. It is also noted in the study that the current planning strategies of Lincoln’s comprehensive development plan, LPlan 2040, have struggled with inefficiency in their organizational framework in implementing practical smart growth. It indicates that there are still places for improving the sustainable community development plan through enhancement of local based planning indices. At this point, increasing the public awareness and getting them engaged in practical smart growth principle implementation is a key aspect of efficient policy. Application of appropriate public policy using smart growth principles is projected to attain added value and improve the overall quality of life in neighborhoods.
Advisor: Yunwoo Nam