Recreation Area Characteristics and Their Impact on Property Values within Florida’s Wekiva River System

Abstract

Water-based recreation areas provide many benefits to society and the ecosystem services they provide are increasingly being considered in land planning and conservation decisions. We examine the value of the Wekiva River in central Florida using a hedonic valuation model of residential property values. We analyze how structural characteristics of single-family homes and recreation area characteristics, such as fee systems, size of the area, and activities provided, impact property values. We find that publicly owned recreation areas with both land and water-based recreation activities increased property values within 5 miles of the Wekiva River. Proximity to recreation areas marginally increased housing values, and the size of the recreation areas and ecosystem type had no impact on property values. We recommend that recreation managers and land use planners focus efforts on conserving more publicly owned conservation lands that increase recreation access to residents to promote contiguous natural areas.