TY - JOUR
T1 - Valuing the benefits of the urban forest
T2 - A spatial hedonic approach
AU - Payton, Seth
AU - Lindsey, Greg H
AU - Wilson, Jeff
AU - Ottensmann, John R.
AU - Man, Joyce
PY - 2008
Y1 - 2008
N2 - 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.
AB - 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.
KW - Hedonic model
KW - Housing prices
KW - Land use
KW - Spatial econometrics
KW - Urban forest benefits
KW - Urban form
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U2 - 10.1080/09640560802423509
DO - 10.1080/09640560802423509
M3 - Article
AN - SCOPUS:57049127736
SN - 0964-0568
VL - 51
SP - 717
EP - 736
JO - Journal of Environmental Planning and Management
JF - Journal of Environmental Planning and Management
IS - 6
ER -