Environmental Valuation & Cost-Benefit News
What Is a Tree Worth? Green-City Strategies, Signaling and Housing Prices
05/17/08
11:31:07 am, by damageva 
, 186 words, 103 views 
Categories: Pennsylvania, Real Estate Construction Housing, Academic Study/Journal Article, Preservation & Open Space, Sprawl & Smart Growth, Agriculture, Forestry and Food, Hedonic Analysis, Environmental Economics / Ecological Economics, Costs and Benefits
What Is a Tree Worth? Green-City Strategies, Signaling and Housing Prices
Abstract: Susan M. Wachter and Grace Wong investigate the correlation between curbside tree plantings and housing price movements in Philadelphia from 1998 to 2003, comparing two programs, one by the Philadelphia Horticultural Society (PHS) that requires block-group effort that focuses on low-income neighborhoods and the other by the Fairmount Park Commission that is individual-based without specific target areas. A 7 to 11% price differential is identified within 4,000 feet of the Fairmount tree plantings. The authors argue that this is largely driven by either social capital creation or a signaling mechanism, on top of an intrinsic tree value (around 2%). Findings using the PHS tree program suggest that development of social capital or environmentally conscious behavior might be a less important channel. Any positive changes brought by the PHS tree plantings were not detected with sufficient statistical power.
by Susan M. Wachter and Grace Wong
1. University of Pennsylvania, Philadelphia, PA 19104 email: wachter@wharton.upenn.edu
2. University of Pennsylvania, Philadelphia, PA 19104; email: wongg@wharton.upenn.edu.
Real Estate Economics via Blackwell Publishing www.Blackwell-Synergy.com
Volume 36, Issue 2; Summer, 2008; Pages 213-239
doi:10.1111/j.1540-6229.2008.00212.x
http://www.blackwell-synergy.com/doi/abs/10.1111/j.1540-6229.2008.00212.x
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