Transforming Abandoned Rail Corridors into Multi-purpose Trails: Applying a Spatial Hedonic Approach to Estimating the Economic Benefits of the Little Miami Scenic Trail in Cincinnati, Ohio, USA

摘要

This research assesses the appreciation in residential property values in connection with proximity to the Little Miami Scenic Trail, a multi-purpose biking, hiking, and jogging trail built along an abandoned railroad corridor near Cincinnati, Ohio, USA. Applying two spatial hedonic frameworks, the spatial lag of X (SLX) model and the spatial Durbin error model, we conclude that proximity to trail entrances had significant impacts on property values for both, Euclidean and network distance measures. Specifically, the SLX results indicate that decreasing the distance to the closest trail entrance by one foot (meter) increases a house’s property value by US$0.92 (US$3.02) when using network distances.