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<br />Metropolitan Council Directions Newsletter: en - Development p � space increases prop... Page 1 of 2
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<br />Metrnpaiftan Council
<br />> News+Events > Features > Development
<br />Parks and opera 'Space increase: value of nearby homes
<br />Study in Washington County quantifies increased vaiues
<br />How much more are you willing to pay for a home near a natural area: a park or trails, for
<br />example, a wooded area, a lake or wetland ` to Washington County it' "s $1S,000, according to a
<br />new econornlic impact report due out at year's end.
<br />It has long been suspected that residents of the Twin Citi es area value open space and natural
<br />areas and are willing to pay more to live near them, but it Ihasn "t been quantl led- -until now.
<br />The economic sense of (preserving natural areas
<br />Research commissioned by the (Embrace Open 'Space (EOS) campaign confirms that property
<br />values are higher for homes located near public parks and open space and now, in Washington
<br />County in the east metro, we know how much higher.
<br />"Minnesot,ans Intuitively know that being near natural areas increases home values, " said Susan
<br />Schmidt , 'state Director for the Trust for Public land (TP'L). uWh,at this study does is put a dollar
<br />figure on the importance of natural amenities to home buyers. Higher home values, In turn, benefit
<br />local unfits of government.
<br />"'what It shows, /,` said Schmidt, "'is the benefit and wisdom of Investing in c3ur raninn'fi na'h oral
<br />resources.
<br />Setting aside land for 1 parks, Improving water quality, protectling wetlands and wildlife,
<br />providing recreational r pportunitiesr --it all pays off, in terms at Preservation, quality of (life, and in
<br />actual d°oll,ars and cents."
<br />The Embrace Open Space study $head that homes within 100
<br />feet of a natural area were, on average, worth $15,000 more than
<br />similar Ihomes surrounded by other homes.
<br />In the case of Washington County, the
<br />study evaluated home purchases between
<br />2002 and 2005, and removed gather
<br />variables affecting values such as floor
<br />area, (lot size, and number of 'bedroorns,
<br />for example. The study found home
<br />buyers willing to pay $15,000 more for a
<br />home within 100 feet of a natural area.
<br />When $15,0010 in added value, per homie,
<br />Is applied to all horses next to natural
<br />areas throughout the county, the study
<br />concluded the total property value
<br />increase countywide amounted to $16_:
<br />million.
<br />Study mr�y► be expan�detl to other
<br />counties
<br />The study of borne values started with Washington County, with additional analysis likely In other
<br />metro countles. The research follows up on a survey conducted In 2005, which showed that nearly
<br />two - thirds of Twin Cities residents would pay between 10 and 25 percent more for a home that was
<br />within wanking distance to open space.
<br />'The economlc Impact report takes the research and evaluation to the next level,' said Jenna
<br />Fletcher, program coordinator for the EO'S Initiative. "It's our hope and goal, as we continue this
<br />work, that we provide residents, decision makers, local officials, developers and others with facts
<br />with which to make lnformed decisions about Investment, acquisition and preservation of natural
<br />areas. "
<br />Metro communities approved ballot measures
<br />Washington County residents, In fact, were asked on the Moo
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