Abstract

http://ssrn.com/abstract=1127944
 
 

References (12)



 
 

Citations (2)



 


 



What is a Tree Worth? Green-City Strategies, Signaling and Housing Prices


Susan M. Wachter


University of Pennsylvania - Wharton School, Department of Real Estate

Grace Wong Bucchianeri


University of Pennsylvania - Real Estate Department


Real Estate Economics, Vol. 36, No. 2, pp. 213-239, Summer 2008

Abstract:     
We 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. We 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.

Number of Pages in PDF File: 27

Accepted Paper Series


Date posted: May 8, 2008  

Suggested Citation

Wachter, Susan M. and Bucchianeri, Grace Wong, What is a Tree Worth? Green-City Strategies, Signaling and Housing Prices. Real Estate Economics, Vol. 36, No. 2, pp. 213-239, Summer 2008. Available at SSRN: http://ssrn.com/abstract=1127944 or http://dx.doi.org/10.1111/j.1540-6229.2008.00212.x

Contact Information

Susan M. Wachter
University of Pennsylvania - Wharton School, Department of Real Estate ( email )
The Wharton School
3620 Locust Walk
Philadelphia, PA 19104-6330
United States
215-898-6355 (Phone)

Grace Wong Bucchianeri (Contact Author)
University of Pennsylvania - Real Estate Department ( email )
Philadelphia, PA 19104-6330
United States

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