In addition to providing children and families with opportunities for physical activity, local parks and recreation areas have economic benefits, such as higher property values and increases to tax revenue, according to a new report from San Diego-based Active Living Research (ALR). The report, "The Economic Benefits of Open Space, Recreation Facilities and Walkable Community Design," is a collection of research on the economic benefits parks, open space and walkable neighborhoods can provide to residents and local governments.
The report found that open spaces, such as parks and recreation areas, can have a positive effect on nearby residential property values, which can lead to proportionately higher property tax revenues for local governments. The economic impact parks and recreational areas have on home prices depends on how far the home is from the open space, the size of the open space and the characteristics of the surrounding neighborhood. Also, open space in urban areas increases the economic benefits to surrounding property owners more than open space in rural areas.
Download "The Economic Benefits of Open Space, Recreation Facilities and Walkable Community Design."
