Forbes: Initiatives Like Chester County’s Open Space Program Increase Property Values

By

According to Forbes, the Open Space Preservation program in Chester County has had a positive effect on the value of homes near green areas such as parks and preserved farmland.

Proximity to open space has long given a boost to the value of homes in big cities, but the same is also true for not-so-densely-developed areas, writes Barnet Sherman for Forbes.

In fact, the Open Space Preservation Program in Chester County has had a significant positive effect on the value of local homes near green areas.

The county has now quantified this “proximity value” in a detailed report. It found that homes situated within half of a mile of a park, preserved farmland, or privately conserved lands had values $11,000 higher than homes farther away. Having a green space within a quarter-mile increased home values by $13,119.

Higher home values also had a positive effect on the county’s finances, with an influx of $27.4 million in property tax revenues and transfer taxes.

With the value of open space indisputable, cities, towns, and counties have now begun using municipal bonds to fund the purchase, improvement, and care of open spaces. Last year, voters throughout the country approved 31 out of 33 ballot measures on issuing municipal bonds to fund open-space measures.

Read more about the advantages of open space in Forbes here.

Chester County Open Space ROI

Connect With Your Community

Subscribe to stay informed!

"*" indicates required fields

This field is for validation purposes and should be left unchanged.
Advertisement
Creative Capital logo