Date of Award

5-8-2020

Document Type

Thesis

Degree Name

Bachelor of Arts

Department

Economics

First Advisor

Rodrigo Schneider

Abstract

The construction of green spaces in urban areas has shown to bring value to nearby properties. As this theory has held true for several multi-use trails constructed in cities in the United States, this paper uses the Champlain Canalway Trail, a multi-use trail in northeastern New York, as a case study to examine if housing prices respond similarly to the construction of multi-use trails in suburban and rural areas. Furthermore, this paper is used to test if theories of green gentrification also hold true outside of urban areas. A total of 8,619 house transactions conducted between 2005 to 2019 are used to conduct a spatial and difference-in-differences analysis to examine the effect of the construction and distance from the multi-use trail on the sales price of homes. The results of my research contradict previous green space theories and suggest that the construction of multi-use trails in suburban and rural areas can trigger a 17% decrease in the sales prices of houses within a half-mile from the trail, relative to the sales prices of houses two or more miles away. The results of this paper indicate that multi-use trails are unlikely to put urban and rural areas at risk of green gentrification.

Download

Included in

Economics Commons

Share

COinS