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The value of urban tree cover: A hedonic property price model in Ramsey and Dakota Counties, Minnesota, USA

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  • Sander, Heather
  • Polasky, Stephen
  • Haight, Robert G.

Abstract

Urban tree cover benefits communities. These benefits' economic values, however, are poorly recognized and often ignored by landowners and planners. We use hedonic property price modeling to estimate urban tree cover's value in Dakota and Ramsey Counties, MN, USA, predicting housing value as a function of structural, neighborhood, and environmental variables, including tree cover, using a spatial simultaneous autoregressive (SAR) error model. We measure tree cover as percent tree cover on parcels, and within 100, 250, 500, 750, and 1000Â m. Results show that tree cover within 100 and 250Â m is positive and statistically significant. A 10% increase in tree cover within 100Â m increases average home sale price by $1371 (0.48%) and within 250Â m increases sale price by $836 (0.29%). In a model including both linear and squared tree cover terms, tree cover within 100 and 250Â m increases sale price to 40-60% tree cover. Beyond this point increased tree cover contributes to lower price. Tree cover beyond 250Â m did not contribute significantly to sale price. These results suggest significant positive effects for neighborhood tree cover, for instance, for the shading and aesthetic quality of tree-lined streets, indicating that tree cover provides positive neighborhood externalities.

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Bibliographic Info

Article provided by Elsevier in its journal Ecological Economics.

Volume (Year): 69 (2010)
Issue (Month): 8 (June)
Pages: 1646-1656

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Handle: RePEc:eee:ecolec:v:69:y:2010:i:8:p:1646-1656

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Web page: http://www.elsevier.com/locate/ecolecon

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Keywords: Hedonic pricing Urban forestry Tree cover;

References

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  1. Doss, Cheryl R. & Taff, Steven J., 1996. "The Influence Of Wetland Type And Wetland Proximity On Residential Property Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(01), July.
  2. Vesely, Eva-Terezia, 2007. "Green for green: The perceived value of a quantitative change in the urban tree estate of New Zealand," Ecological Economics, Elsevier, vol. 63(2-3), pages 605-615, August.
  3. Mansfield, Carol & Pattanayak, Subhrendu K. & McDow, William & McDonald, Robert & Halpin, Patrick, 2005. "Shades of Green: Measuring the value of urban forests in the housing market," Journal of Forest Economics, Elsevier, vol. 11(3), pages 177-199, December.
  4. Tyrvainen, Liisa & Miettinen, Antti, 2000. "Property Prices and Urban Forest Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 205-223, March.
  5. Paul Thorsnes, 2002. "The Value of a Suburban Forest Preserve: Estimates from Sales of Vacant Residential Building Lots," Land Economics, University of Wisconsin Press, vol. 78(3), pages 426-441.
  6. Anderson, Soren T. & West, Sarah E., 2006. "Open space, residential property values, and spatial context," Regional Science and Urban Economics, Elsevier, vol. 36(6), pages 773-789, November.
  7. Holmes, Thomas P. & Murphy, Elizabeth A. & Bell, Kathleen P., 2006. "Exotic Forest Insects and Residential Property Values," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 35(1), April.
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Cited by:
  1. Pandit, Ram & Polyakov, Maksym & Sadler, Rohan, 2012. "The importance of tree cover and neighbourhood parks in determining urban property values," 2012 Conference (56th), February 7-10, 2012, Freemantle, Australia 124357, Australian Agricultural and Resource Economics Society.
  2. Matthew Chadourne & Seong-Hoon Cho & Roland Roberts, 2013. "Identifying priority target areas for the Knoxville–Knox County hillside and ridgetop protection plan: using the value of visual amenity during the real estate boom of 2002–2007 and the recession ," The Annals of Regional Science, Springer, vol. 50(3), pages 911-934, June.
  3. Yoo, James & Simonit, Silvio & Connors, John P. & Kinzig, Ann P. & Perrings, Charles, 2014. "The valuation of off-site ecosystem service flows: Deforestation, erosion and the amenity value of lakes in Prescott, Arizona," Ecological Economics, Elsevier, vol. 97(C), pages 74-83.
  4. Kovacs, Kent F. & Haight, Robert G. & Jung, Suhyun & Locke, Dexter H. & O'Neil-Dunne, Jarlath, 2013. "The marginal cost of carbon abatement from planting street trees in New York City," Ecological Economics, Elsevier, vol. 95(C), pages 1-10.

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