Property price effects of a national wildlife refuge: Great Meadows National Wildlife Refuge in Massachusetts

Abstract

The amenity value of proximity to a National Wildlife Refuge (NWR) in central Middlesex County, Massachusetts is estimated and compared to the values of proximity to five other open space types, including agricultural land, cemeteries, conservation land, golf courses, and sport/recreation parks. A hedonic model is used to explore the relationships among residential property values and proximity to these distinct types of open space. Open space characteristics in the empirical model include measures of continuous distance from each property to the nearest open space of each type and an index describing the diversity of open space types within neighborhoods of 100 and 1000 meters around a home. Results reveal that a property located 100 meters closer to the NWR than a neighboring property has a price premium of $984. Further, proximity to the NWR is valued more than proximity to agricultural land, cemeteries, and conservation land. No significant differences are found among the values of proximity to the NWR, golf courses, and sport/recreation parks.