Associations between private and public green space and housing prices in historically redlined neighborhoods: A case study in Miami, Florida

Abstract

Gaps in property values between formerly redlined and non-redlined neighborhoods in the U.S. have persisted for decades. Are these gaps narrowing over time, and could green space be a contributing factor? This study investigates whether single-family parcel prices in redlined neighborhoods in Miami, Florida, increased more than those in non-redlined neighborhoods between 2012 and 2022. The study also explores the potential association between these price increases and improved vegetation density in privately owned green space adjacent to homes and public park accessibility. Findings show that escalation in single-family parcel prices was most pronounced in Home Owners’ Loan Corporation D-grade (i.e., redlined) neighborhoods, followed by C, A, and B-grade neighborhoods. The increase in Normalized Difference Vegetation Index (NDVI) was more substantial in D-grade neighborhoods than in A-grade neighborhoods. When comparing A and D-grade parcels, the spatial regression results show that an increase in NDVI between 2012 and 2022 was associated with an escalation of property values exclusively in D-grade parcels. This suggests that, within redlined neighborhoods, increased vegetation growth in green space holds significant value. The interaction effect between vegetation growth and park accessibility showed that price appreciation linked to increased vegetation density on private parcels was more pronounced for parcels located farther from parks than for those nearby. These findings underscore the importance of examining the relationship between green space and housing prices not only at the neighborhood level, focusing on park development and accessibility, but also at the individual parcel level, thinking about the greenness of people’s backyards.