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Exotic Forest Insects and Residential Property Values

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  • Holmes, Thomas P.
  • Murphy, Elizabeth A.
  • Bell, Kathleen P.

Abstract

This paper presents a case study of the economic damages to homeowners in a northern New Jersey community due to an exotic forest insect—the hemlock woolly adelgid. Hedonic property value methods are used to estimate the effect of hemlock health on property values. A statistically significant relationship between hemlock health and residential property values is established. Moreover, there are some signs of spillover impacts from hemlock decline, as negative effects are realized on the parcels where the declining hemlock stands are located as well as on neighboring properties. These results give some indication of the benefits of potential control programs and strategies and also show support for community- or neighborhood-based programs in residential settings.

Suggested Citation

  • Holmes, Thomas P. & Murphy, Elizabeth A. & Bell, Kathleen P., 2006. "Exotic Forest Insects and Residential Property Values," Agricultural and Resource Economics Review, Cambridge University Press, vol. 35(1), pages 155-166, April.
    • Handle: RePEc:cup:agrerw:v:35:y:2006:i:01:p:155-166_01
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    References listed on IDEAS

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    1. 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.
    2. Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480.
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    Cited by:

    1. Kathleen P. Bell & Timothy J. Dalton, 2007. "Spatial Economic Analysis in Data‐Rich Environments," Journal of Agricultural Economics, Wiley Blackwell, vol. 58(3), pages 487-501, September.
    2. Hansen, Winslow D. & Naughton, Helen T., 2013. "The effects of a spruce bark beetle outbreak and wildfires on property values in the wildland–urban interface of south-central Alaska, USA," Ecological Economics, Elsevier, vol. 96(C), pages 141-154.
    3. Łaszkiewicz, Edyta & Heyman, Axel & Chen, Xianwen & Cimburova, Zofie & Nowell, Megan & Barton, David N, 2022. "Valuing access to urban greenspace using non-linear distance decay in hedonic property pricing," Ecosystem Services, Elsevier, vol. 53(C).
    4. Escobedo, Francisco J. & Adams, Damian C. & Timilsina, Nilesh, 2015. "Urban forest structure effects on property value," Ecosystem Services, Elsevier, vol. 12(C), pages 209-217.
    5. Zhang, Congwen & Boyle, Kevin J., 2010. "The effect of an aquatic invasive species (Eurasian watermilfoil) on lakefront property values," Ecological Economics, Elsevier, vol. 70(2), pages 394-404, December.
    6. Kovacs, Kent & West, Grant & Nowak, David J. & Haight, Robert G., 2022. "Tree cover and property values in the United States: A national meta-analysis," Ecological Economics, Elsevier, vol. 197(C).
    7. Price, James I. & McCollum, Daniel W. & Berrens, Robert P., 2010. "Insect infestation and residential property values: A hedonic analysis of the mountain pine beetle epidemic," Forest Policy and Economics, Elsevier, vol. 12(6), pages 415-422, July.
    8. Sander, Heather & Polasky, Stephen & Haight, Robert G., 2010. "The value of urban tree cover: A hedonic property price model in Ramsey and Dakota Counties, Minnesota, USA," Ecological Economics, Elsevier, vol. 69(8), pages 1646-1656, June.
    9. Siriwardena, Shyamani D. & Cobourn, Kelly M. & Amacher, Gregory S. & Haight, Robert G., 2018. "Cooperative bargaining to manage invasive species in jurisdictions with public and private lands," Journal of Forest Economics, Elsevier, vol. 32(C), pages 72-83.
    10. Siriwardena, Shyamani D. & Boyle, Kevin J. & Holmes, Thomas P. & Wiseman, P. Eric, 2016. "The implicit value of tree cover in the U.S.: A meta-analysis of hedonic property value studies," Ecological Economics, Elsevier, vol. 128(C), pages 68-76.

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