A study of Baltimore parks by Troy and Grove in 2008 confirms that those that own property in proximity to Patterson Park had higher property values than similar properties located farther away.[1]  This study indicates that those who own homes in the neighborhoods surrounding Patterson Park gain a distinct economic advantage from the park.

In the Troy & Grove study, the relationship between Baltimore parks, crime and property values were analyzed.  The authors found increased property values in “relatively” low crime areas when those properties were in proximity to Baltimore parks.  The study uses the term “relatively” because it categorizes Baltimore’s low crime parks as those that fall below 351 times the national crime rate average.  Using that criteria, Patterson Park was categorized as a low crime park where property located in proximity to the park had higher property values than those properties located further away from the park.  The below chart is from the Troy and Grove study and indicates that the closer a property is to a low crime park in Baltimore (using robbery crimes as an example), the higher the property value compared to similar properties that are farther away.

Beyond increased property values, the authors further recognized that Patterson Park is a “vital neighborhood amenity, which is further reinforced by the existence of community-based park management organizations, such as the Friends of Patterson Park.”  The authors indicate that such organizations have a positive effect on the surrounding communities and “would be expected to further raise property values” for those properties in proximity to the park.

This study validates the idea that Patterson Park has a positive effect on property values of homes near Patterson Park.  This boundary of such increased value appears most pronounced between 800 and 1,000 feet.  When determining who should be included within a special benefits district, those within 800 to 1,000 feet of the park that have increased property values based on proximity to Patterson Park should be included within this proposed district’s boundaries.

[1] Austin Troy, Morgan J. Grove, Property Values, Parks, and Crime: A Hedonic Analysis in Baltimore, MD, 87 Landscape and Urb. Plan. 233, 242-43 (2008).