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The Value of "Green": Evidence from the First Mandatory Residential Green Building Program

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  • Ramya Rajajagadeesan Aroul

    (University of Texas, Arlington)

  • J. Andrew Hansz

    (California State University, Fresno)

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    Abstract

    There has been recent interest in green building and development practices and research. Resulting from growing environmental awareness and concerns, mandatory residential green building programs have been implemented nationally at the municipal level and Texas has passed legislation to create a statewide program. However, the impact of greenness on residential property values has not been rigorously evaluated. This study examines residential transaction prices in two cities and finds a statistically significant premium associated with "green" properties. Additionally, there is evidence of a larger premium associated with green properties located in Frisco, Texas, the nation’s first mandatory residential green building program.

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    Bibliographic Info

    Article provided by American Real Estate Society in its journal journal of Real Estate Research.

    Volume (Year): 34 (2012)
    Issue (Month): 1 ()
    Pages: 27-50

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    Handle: RePEc:jre:issued:v:34:n:1:2012:p:27-50

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    Cited by:
    1. Walls, Margaret & Palmer, Karen & Gerarden, Todd, 2013. "Is Energy Efficiency Capitalized into Home Prices? Evidence from Three US Cities," Discussion Papers dp-13-18, Resources For the Future.

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