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Valuing the benefits of the urban forest: a spatial hedonic approach

Author

Listed:
  • Seth Payton
  • Greg Lindsey
  • Jeff Wilson
  • John Ottensmann
  • Joyce Man

Abstract

This paper measures the benefits of the urban forest by examining its effect on housing prices. A Geographic Information System is used to develop a measure of the urban forest, the Normalised Difference Vegetation Index, from satellite imagery and to construct other variables from a variety of sources. Spatial hedonic housing price models for the Indianapolis/Marion County area are estimated. The models indicate that greener vegetation around a property has a positive, significant effect on housing price, holding everything else constant. This effect is dominated by measures at the neighborhood level. These findings indicate that property owners value the urban forest, at least in part, by the premium they pay to live in neighborhoods with greener, denser vegetation. These findings also indicate that public action to maintain and enhance the urban forest may be warranted. Planners and urban foresters can use these findings to inform public and policy debates over urban forestry programs and proposals.

Suggested Citation

  • Seth Payton & Greg Lindsey & Jeff Wilson & John Ottensmann & Joyce Man, 2008. "Valuing the benefits of the urban forest: a spatial hedonic approach," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 51(6), pages 717-736.
    • Handle: RePEc:taf:jenpmg:v:51:y:2008:i:6:p:717-736
    DOI: 10.1080/09640560802423509
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    Citations

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    Cited by:

    1. Caviglia-Harris, Jill & Biggs, Trent & Ferreira, Elvino & Harris, Daniel W. & Mullan, Katrina & Sills, Erin O., 2021. "The color of water: The contributions of green and blue water to agricultural productivity in the Western Brazilian Amazon," World Development, Elsevier, vol. 146(C).
    2. Plant, Lyndal & Rambaldi, Alicia & Sipe, Neil, 2017. "Evaluating Revealed Preferences for Street Tree Cover Targets: A Business Case for Collaborative Investment in Leafier Streetscapes in Brisbane, Australia," Ecological Economics, Elsevier, vol. 134(C), pages 238-249.
    3. Jun-Hyun Kim & Wei Li & Galen Newman & Sung-Ho Kil & Sun Young Park, 2018. "The influence of urban landscape spatial patterns on single-family housing prices," Environment and Planning B, , vol. 45(1), pages 26-43, January.
    4. Sanglim Yoo & John E. Wagner, 2016. "A review of the hedonic literatures in environmental amenities from open space: a traditional econometric vs. spatial econometric model," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 20(1), pages 141-166, March.
    5. Jay Mittal, 2017. "Valuing Visual Accessibility of Scenic Landscapes in a Single Family Housing Market: A Spatial Hedonic Approach," ERES eres2017_1, European Real Estate Society (ERES).
    6. Jin Han Park & Dong Kun Lee & Chan Park & Ho Gul Kim & Tae Yong Jung & Songyi Kim, 2017. "Park Accessibility Impacts Housing Prices in Seoul," Sustainability, MDPI, vol. 9(2), pages 1-14, January.
    7. Cyprian Chwiałkowski & Adam Zydroń, 2021. "Socio-Economic and Spatial Characteristics of Wielkopolski National Park: Application of the Hedonic Pricing Method," Sustainability, MDPI, vol. 13(9), pages 1-17, April.
    8. Silvennoinen, Sveta & Taka, Maija & Yli-Pelkonen, Vesa & Koivusalo, Harri & Ollikainen, Markku & Setälä, Heikki, 2017. "Monetary value of urban green space as an ecosystem service provider: A case study of urban runoff management in Finland," Ecosystem Services, Elsevier, vol. 28(PA), pages 17-27.
    9. Yoo, James & Ready, Richard, 2016. "The impact of agricultural conservation easement on nearby house prices: Incorporating spatial autocorrelation and spatial heterogeneity," Journal of Forest Economics, Elsevier, vol. 25(C), pages 78-93.
    10. 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, Fremantle, Australia 124357, Australian Agricultural and Resource Economics Society.
    11. James Yoo & Thomas Frederick, 2017. "The varying impact of land subsidence and earth fissures on residential property values in Maricopa County – a quantile regression approach," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 21(2), pages 204-216, May.
    12. Lyndal Plant & Alicia N. Rambaldi & Neil Sipe, 2016. "Property value returns on investment in street trees: a business case for collaborative investment in Brisbane, Australia," Discussion Papers Series 563, School of Economics, University of Queensland, Australia.
    13. Jay Mittal & Sweta Byahut, 2019. "Scenic landscapes, visual accessibility and premium values in a single family housing market: A spatial hedonic approach," Environment and Planning B, , vol. 46(1), pages 66-83, January.
    14. Cyprian Chwiałkowski & Adam Zydroń & Dariusz Kayzer, 2022. "Assessing the Impact of Selected Attributes on Dwelling Prices Using Ordinary Least Squares Regression and Geographically Weighted Regression: A Case Study in Poznań, Poland," Land, MDPI, vol. 12(1), pages 1-20, December.

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