The Value of Greenways: Memphis Shelby Farms Greenline as a Case Study

Abstract

We investigate the value of greenways by studying the impact of accessibility to Memphis Shelby Farms Greenline on surrounding housing values by looking at access measured by the cognitive distance (or straight-line distance, hereafter cognitive distance), a measure of the perceived financial benefit of greenways and nearest actual travel distance, a measure of real benefit of greenways. We measure the benefit of greenways by showing that a 3-mile actual travel distance range to greenways gives optimum distance accessibility and produces a positive premium for nearby houses. However, the cognitive distance, a method commonly used by previous research, while not practical, has a higher value impact than the actual distance. Moreover, the cognitive benefit decreases at a faster rate than the real benefit as distance to greenways increases.

Publication Title

Journal of Housing Research

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