Abstract

http://ssrn.com/abstract=931736
 
 

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


Susan M. Wachter


University of Pennsylvania - Wharton School, Department of Real Estate

Grace Wong Bucchianeri


University of Pennsylvania - Real Estate Department

July 2006


Abstract:     
We investigate the correlation between curb-side tree plantings and housing price movements in Philadelphia from 1998 to 2003, comparing two programs, one by the Philadelphia Horticultural Society that requires block-group effort that focuses on lowincome neighbourhoods and the other by the Fairmount Park Commission that is individual-based without specific target areas. A 7 to 11 percent price differential is identified within 4000ft of the Fairmount tree plantings. We argue that this is largely driven by either social capital creation or a signaling mechanism, on the top of an intrinsic tree value (around 2 percent). 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: 19

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Date posted: September 27, 2006  

Suggested Citation

Wachter, Susan M. and Bucchianeri, Grace Wong, What is a Tree Worth? Green-City Strategies and Housing Prices (July 2006). Available at SSRN: http://ssrn.com/abstract=931736 or http://dx.doi.org/10.2139/ssrn.931736

Contact Information

Susan M. Wachter (Contact Author)
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
University of Pennsylvania - Real Estate Department ( email )
Philadelphia, PA 19104-6330
United States

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