Summary Post for Final Project

The Effect of Parks on Residential Home Values
The proximity of parks, green spaces, and trails can have an impact on residential home values. The analysis that is conducted explores the correlation between the proximity to parks and the sales prices. The data comprises of sales information from area 83-1 in Arlington, Texas. The sales information along with the distances to parks has been studied and evaluated. The main focus is to determine exactly how home values are affected by amenities such as parks, green spaces, and trails.
The descriptive variables of the analysis include property size, number of bedrooms, number of bathrooms, lot size, age, swimming pools, days on the market, and the distance to the nearest park. The variable of interest in this analysis is the distance of the parks and green spaces from the residential properties. 13% of the properties are located within 750 feet of a park; 28% of the properties are located 750 to 1,500 feet from a park, 35% of the properties are located 1,500 to 2,500 feet from a park, and 24% of the properties are located over 2,500 feet from a park.
After evaluating the park distances and the other variables of the properties, there is a strong correlation in park distances to sales prices. The regression analysis explains that there is a premium of approximately $4,763 for residences located within 750 feet of a park. The analysis also states that there is a premium of approximately $1,077 for residences located within 750 to 1,500 feet of a park. For homes located over 2,500 feet from a park, the analysis states there is a discount of $1,304. The model did not analyze the variable of homes located 1,500 to 2,500 feet from parks, due to the lack of significance.