Tree cover and property values in the United States: A national meta-analysis

Abstract

[A meta-analysis by Kent Kovacs, Grant West, David J. Nowak and Robert G. Haight] uses 21 hedonic property value studies and 157 unique observations to study the influence of tree cover on the value of homes in the United States. The authors construct elasticity estimates of the percentage change in home value for a 1% change in the percentage of tree cover around a home. Cluster weighted averages of the elasticities account for the housing market and the precision of the property price effects for tree cover on and off property and for three categories of tree cover density. Meta-regression models further control for the housing market and tree cover heterogeneity, the methodological techniques of the primary study, and publication bias. The Mundlak meta-regression model with controls for US regions has the lowest out-of-sample transfer error. The larger elasticity for off property tree cover than on property tree cover (unless tree density is 10% or lower) suggests that the property value of homes rises more if tree cover is not on land that homeowners are responsible for maintaining. The elasticity in neighborhoods with greater than 25% tree cover (0.013) is four times larger than the elasticity in neighborhoods with 0 to 10% tree cover (0.003).

...

Their Mundlak model 2 predicts an $8.88 increase in the value of a single-family home in the Midwest for an on-property increase in tree cover of 0.18%.6 Assuming that the single-family home is on a half-acre lot (21,780 ft2) with an average tree cover of 18% (3920 ft2) (Table 2), they find that a 1% increase in the percentage tree cover amounts to an increase of 39 ft2. Suppose that a 24-in. dbh green ash tree has a crown radius of 35 ft. and a crown area of 962 ft2. A 1% increase in tree cover is equivalent to 0.04 additional 24-in. green ash trees on the property (39/962 = 0.04). The increase in property value for one green ash tree on the property is $8.88/0.04 = $222. Their Mundlak model 2 also predicts a $76.2 increase in the value of a single-family home in the Midwest for a 0.18% increase in tree cover within a mile of the home. A circular area with 1-mile radius has 87.6 million ft2. Using the average tree cover of 18% (Table 2), they find that trees cover 15.8 million ft2, and a 1% increase in the percentage tree cover amounts to an increase of 158,000 ft2. Suppose again a 24-in. dbh green ash tree has a crown radius of 35 ft. and a crown area of 962 ft2. A 1% increase in tree cover is equivalent to 164 additional 24-in. dbh green ash trees within a mile of the home (158,000/962 = 164).

https://www.nature.org/en-us/what-we-do/our-priorities/build-healthy-cities/cities-stories/benefits-of-trees-forests/

What is the total value of a 1% increase in tree cover in a neighborhood? Here, [they] need to calculate the increase in value of all the homes in the neighborhood, and so [they] need an estimate of housing density. According to the 2019 US Census, there are 2,176 households per square mile in St. Paul, MN. If we assume the neighborhood is a circular mile in size, then there are 2176 * 3.14 = 6833 homes in the neighborhood (there are 3.14 mile2 in a circular mile). If each home benefits from the 1% increase in tree cover in the circular area, then the aggregate increase in property value is 6833 * $76.2 = $520,675, for the off-property component of the tree cover. In addition, the aggregate increase in property value is 164 * $222 = $36,408 for the on-property component of tree cover, again assuming the 1% increase in tree cover is composed of 164 24-in. dbh ash trees. Adding those two components, the total value of a 1% increase in tree cover in the circular mile area is $557,083 or $277 per acre of land.

by Kent Kovacs, Grant West, David J. Nowak and Robert G. Haight

Ecological Economics via Elsevier Science Direct www.Sciencedirect.com

Volume 197, July 2022, 107424

https://doi.org/10.1016/j.ecolecon.2022.107424

Evaluating Property Value Impacts from Water-Related 'Green Infrastructure': A Hedonic Modeling Approach

Abstract:
Over the past several decades, the rapid growth of Southwestern United States desert cities is creating significant climate and water scarcity challenges. City planners are using green infrastructure to mitigate these challenges and develop more livable, sustainable, and resilient communities. This study uses hedonic pricing modeling (HPM) to evaluate how constructed wastewater wetlands impact home values integrated into the project design. It compares Crystal Gardens in Avondale, AZ, consisting of 14 engineered wastewater filtering ponds, to nearby neighborhoods with desert landscaping. HPM revealed higher values for Crystal Gardens homes overall (7%) and significant increases for homes on the ponds (14%). Results demonstrate the economic value of integrating water-related infrastructure in desert cities for home sales. For a more accurate benefit assessment, additional research is needed on how the ecosystem services provided by these constructed wetlands contribute to greater property values.

by Jonathan Davis; Bjoern Hagen; Yousuf Mahid; David Pijawka

Journal of Green Building via Allen Press https://meridian.allenpress.com/jgb

Winter, 2023;  Volume 18, Issue 1, pages 3–16.
https://doi.org/10.3992/jgb.18.1.3

The Value of Scattered Greenery in Urban Areas: A Hedonic Analysis in Japan

Abstract

This study investigates the impact of scattered greenery (street trees and yard bushes), rather than cohesive greenery (parks and forests), on housing prices. The authors identify urban green space from high-resolution satellite images and combine these data with data on both condominium sales and rentals to estimate hedonic pricing models. They find that scattered urban greenery within 100 meters significantly increases housing prices, while more distant scattered greenery does not. Scattered greenery is highly valued near highways, and the prices of inexpensive and small for-sale and for-rent properties are less affected by scattered greenery. These results indicate that there is significant heterogeneity in urban greenery preferences by property characteristics and location. This heterogeneity in preferences for greenery could lead to environmental gentrification since the number of more expensive properties increases in areas with more green amenities.

...

Their results show that a 10% increase in scattered greenery within 100 m increases the price of apartments for sale by approximately 2 to 2.5% (from 740,000 to 930,000 JPY) when evaluated at average housing prices. 

Sander et al. (2010), who analyzed green space in Minnesota, reported that a 10% increase in the tree canopy within 100 m increased the average housing price by 0.48% and that the average tree canopy within 250 m increased the average price by 0.29%. Their estimated impact, which is larger than those in previous works, could be caused by the characteristics of the study area. Their study area has little green space, so the value of greenery could be high (Brander and Koetse 2011; Siriwardena et al. 2016). Additionally, trees and grasses that reduce noise and pollution might be highly valued due to the high population density and traffic in their study area (Perino et al. 2014; Votsis 2017). The authos provide a subsample analysis in the following sections and address the mechanisms underlying the results of these green assessments.

by Yuta Kuroda & Takeru Sugasawa

Environmental and Resource Economics  via Springerlink www.SpringerLink.com

https://link.springer.com/article/10.1007/s10640-023-00775-5

Volume 85, Pages523–586 (2023)

Value of playgrounds relative to green spaces: Matching evidence from property prices in Australia

Abstract

We examine the effect on house prices of the presence of a small playground relative to an empty green space using a matching approach combined with hedonic regression analysis. Using a data set of 33,521 property sales in urban Australia, we match properties near small playgrounds to similar properties near two empty, open green spaces which are candidates for playground construction. We control for property characteristics and distance to a wide range of urban amenities and other open spaces. We find that the presence of a playground within 300 metres adds about AU$20,000 (4.6 per cent) to the average property price. The price effect of a playground is larger for houses than apartments and falls with distance from the playground.

https://www.childrenandnature.org/2016/06/03/a-melbourne-natural-playground-named-australias-best-playground/

Highlights

• We assess the impact on property prices of the presence of a small playground.

• We combine hedonic regression with a matching approach.

• A small playground adds five per cent to the price of properties within 300 meters

• Playgrounds add more to house prices than non-house property prices.

• The price impact of playgrounds falls as distance to the playground increases.

https://www.sciencedirect.com/science/article/pii/S0169204618301294

by Robert Breunig 1 Syed Hasan 2 KymWhiteoak 3

1. Crawford School of Public Policy, Australian National University, Canberra, ACT 0200, Australia

2. School of Economics and Finance, Massey University, Palmerston North, New Zealand

3. RM Consulting Group Suite 1, 357 Camberwell Road, Camberwell, VIC 3124, Australia

Landscape and Urban Planning via Elsevier Science Direct www.ScienceDirect.com

Volume 190; October, 2019; 103608

Urban trees, house price, and redevelopment pressure in Tampa, Florida

Abstract

We examined the relationship between urban trees and the sales price of single-family homes in Tampa, Florida. We chose Tampa, because the city is facing major redevelopment pressure that may impact the association between trees and house price. In particular, a frequently voiced view in Tampa’s development community is that trees adversely affect the value of houses that are being sold for redevelopment. We estimated hedonic models of sales price controlling for house and neighborhood characteristics and correcting for spatial autocorrelation (n = 1,924). We found that trees within 152m (500 feet) of a house’s lot were significantly associated with higher sales prices. Specifically, a 1-percentage point increase in tree-canopy cover was associated with a total increase in sales price of $9,271 to $9,836 (results were largely insensitive to correction for spatial autocorrelation). Our results demonstrate that, even in a city facing major redevelopment pressure, trees are associated with higher sales prices.

Highlights

• Trees on or right next to a house’s lot are not associated with higher sales price.

• In contrast, houses with more neighborhood trees sell for a price premium.

• Despite redevelopment pressure, trees are a neighborhood amenity.

 

https://www.tampagov.net/sites/default/files/parks-and-recreation/files/purple_tab_bg.pdf

https://www.sciencedirect.com/science/article/pii/S1618866718306733

by Geoffrey H. Donovan 1, Shawn Landry 2 and Cody Winter 3

1. USDA Forest Service, PNW Research Station, 620 SW Main, Suite 502, Portland, OR, 97205, USA

2. University of South Florida, School of Geosciences, 4202 E Fowler Ave., NES107, Tampa, FL, 33620, USA

3. Environmental Protection Commission, 3629 Queen Palm Drive, Tampa, FL, 33619, USA

Urban Forestry & Urban Greening via Elsevier Science Direct www.ScienceDirect.com

Volume 38; February, 2019; Pages 330-336

Voluntary Contributions to Hiking Trail Maintenance: Evidence From a Field Experiment in a National Park, Japan

Highlights

• We examine the effects of information provision on donation behavior.

• A field experiment was conducted to in Daisetsuzan National Park, Japan.

• Announcing seed money is superior to showing the amount of others' contribution.

Abstract

Donation is one of the most important solutions to inadequate funding for protected area management; however, there has been little agreement on the measures to be used to encourage visitors to donate. We conducted a field experiment in Daisetsuzan National Park, Japan, to examine the effect on donation behavior of providing information about two types of initial contributions. The first type of contribution is toward the fundraising campaign for trail maintenance and the initial amount of government funding (i.e., seed money) and information is provided about the target amount. The second type is for trail maintenance and information is provided on the value of one day's contribution by other participants. We found that announcing the seed money amount and the target significantly increased the probability of a positive contribution and raised the average contribution, compared with the control treatment of no additional announcements. When the participants knew others' contribution beforehand, the likelihood of a positive contribution increased; however, the average contribution tended to decrease. In conclusion, announcing the seed money and the fundraising target is superior to the other measures studied in this paper to raise funds in this specific context of protected area management.

...

With increased demand for biodiversity conservation and maintenance of ecosystem services, the coverage of protected areas expanded rapidly. By 2030, protected areas are likely to reach 15–29% of the surface area of the earth (Chape et al., 2005; Li et al., 2013 ;  McDonald and Boucher, 2011). However, most protected areas do not receive sufficient funding for their management, even though their value has been realized (Emerton et al., 2006). Although these insufficient situations are mostly reported in developing countries (Emerton et al., 2006), other countries also face the challenges of sustainable park management because of poor funding. For example, Olympic National Park in the U.S. needed $13.3 million to operate the park; however, only $7.8 million was available (NPCA, 2015). The Japanese national parks face the same problems, and the government declared a law in 2015 that allows local communities to collect an entrance fee to resolve these problems (Ministry of the Environmental, Japan, 2015). Especially, insufficient funding has significant impacts on the maintenance of trails, visitor centers, and other facilities, and leads to a lack of development of new protected areas even if the costs are relatively small. Although donation or voluntary contribution is one of the most important options to aid in sustainable management of protected areas (Emerton et al., 2006 ;  Thur, 2010), there is still much room to improve fund raising measures in most countries.

...

The surveys were conducted at the Numameguri Hiking Trail (NHT) in the Daisetsuzan National Park, Japan, in mid-September 2015. This is the largest Japanese terrestrial park, receiving approximately 5 million visitors per year (Ministry of the Environmental, Japan, 2016). Visitors are not charged any entrance fee. The NHT is one of the most popular hiking trails in the park because of the beautiful color of leaves in fall. However, visitors face a high risk of bear attacks; thus, they are requested to attend a lecture at an information center at the trailhead before hiking (for detail, see Kubo and Shoji, 2014). In addition, they need to be registered before hiking and are required to report their safety after hiking using a logbook. The NHT faced the risk of an insufficient management budget, especially due to reduced government funding over the last few years. A donation box at the information center was provided to cover the budget shortfall; however, it accumulated only a few thousand JPY1 per year until 2015 (personal communications with park staffs in July 2015). Thus, it was necessary for park authorities to find new measures to encourage park visitors to donate to the park management.

...

The questionnaires that participants in the PREV treatment received had the same information as the control treatment; however, participants were shown the amount that other participants had contributed during the first day of the experiment (40,088 JPY) by using a transparent box and bags, instead of a white box. Thus, participants were able to see a variety of contributions from 1 JPY coins to 1000 JPY notes.

...

Of the 934 participants, 707 participants positively donated and raised a total of 32,5045 JPY. In the control treatment, 67.5% of participants donated. Furthermore, the sample average contribution was 311.3 JPY and the average conditional contribution was 461 JPY. In the SEED treatment, the share and the sample average contribution significantly increased to 81.6% (F = 16.2, p = 0.00) and 396.7 JPY (z = − 3.66, p = 0.00), respectively. The conditional average contribution of the SEED treatment (486.1 JPY) was not statistically different from the control treatment, although it was higher than the control treatment. As for the SEED treatment, the share and the sample average contribution of the PREV treatment also significantly increased to 78.0% (F = 8.56, p = 0.00) and 336.3 JPY (z = − 2.14, p = 0.03), respectively. However, the average conditional contribution of the PREV treatment (431.4 JPY) was smaller than the control treatment, even though the difference was not statistically significant.

https://en.wikipedia.org/wiki/Daisetsuzan_National_Park

Differences in the recreational value of urban parks between weekdays and weekends: A discrete choice analysis

Abstract:

Urban parks offer city residents a broad range of opportunities for recreation. This paper explores whether preferences for urban parks are context-dependent, i.e., whether they differ between recreational occasions on weekdays and weekends. Knowledge about such differences in behaviour and preferences could help decision makers in cities to optimise their portfolio of urban parks. Employing a discrete choice experiment for the case of Berlin, Germany, the analysis finds that preferences significantly differ between weekday and weekend recreation for some park characteristics. For weekdays, respondents prefer urban parks in closer proximity to their homes while the size of the parks is not so important. For the weekend, larger parks with picnic facilities are preferred while distance matters less. Most important are, however, cleanliness and maintenance, regardless of whether a park is visited on weekdays or the weekend. The results underline the importance of considering different temporal contexts when preferences for outdoor recreation are concerned.

Highlights

• Temporal contexts significantly affect recreational preferences of urban residents.

• During the week, distance to parks is of particular importance.

• For the weekend, larger parks are preferred while distance matters less.

• Cleanliness and maintenance are most important for visits at any time of the week.

http://www.visitberlin.de/en/see/sightseeing/green-berlin

For a medium size park (10-50 hectares) the Marginal Willingness to Pay for park attributes rises from 19.56 euros on weekdays to 53.03 euros on weekends, for picnic facilities it rises from 32.21 euros to 71.45 euros as shown in the table below.

http://www.sciencedirect.com/science/article/pii/S0169204616302298

http://dx.doi.org/10.1016/j.landurbplan.2016.10.006

by Christine Bertram 1, Jürgen Meyerhoff 1 and 2, Katrin Rehdanz 1 and 3, and Henry Wüstemann 2

1. Kiel Institute for the World Economy, Kiellinie 66, D-24105 Kiel, Germany

2. Technische Universität Berlin, Straße des 17. Juni 145, D-10623 Berlin, Germany

3. University of Kiel, Department of Economics, Wilhelm-Seelig-Platz 1, D-24118 Kiel, Germany

Landscape and Urban Planning via Elsevier Science Direct www.ScienceDirect.com

Volume 159; March, 2017; Available online 18 November 2016; Pages 5–14

Keywords: Urban parks; Discrete choice experiment (DCE); Recreational behaviour; Context-dependent preferences; Weekend vs. weekday

The Effect of Natural Space on Nearby Property Prices: Accounting for Perceived Attractiveness

Abstract

This paper estimates the effect of attractive natural space on Dutch residential property prices. We operationalize attractive natural spaces by combining land use data with unique data on the perceived attractiveness of natural spaces. In our main results, the effect of attractive natural space on property prices falls from 16.0% for properties within 0.5 km, to 1.6% for properties up to 7 km away. Our findings advance existing hedonic studies by verifying that economic benefits of living near natural space extend over a larger distance. This has important implications for public policy regarding investment in natural space near residential areas. 

http://www.traveladventures.org/continents/europe/natural-ice-pastime.html

http://le.uwpress.org/content/92/3/389.abstract
by Michiel N. Daams, Frans J. Sijtsma, and Arno J. van der Vlist

Land Economics http://le.uwpress.org/ via University of Wisconsin Press

Volume 20, Number 3; August, 2016; pages 389-410

Planning for green infrastructure: The spatial effects of parks, forests, and fields on Helsinki's apartment prices

Highlights

• Spatial effects of forests, parks, and fields on apartment prices are estimated.

• Forests generate indirect benefits in the urban core and direct in the urban fringe.

• Parks generate direct and indirect benefits in the urban core.

• Fields generate direct benefits in the urban fringe and no indirect spillovers.

• Successful green interventions are location-, benefit-, and goal-sensitive.

Abstract

As the importance of urban green spaces is increasingly recognised, so does the need for their systematic placement in a broader array of socioeconomic objectives. From an urban planning and economics perspective, this represents a spatial task: if more land is allocated to various types of green, how do the economic effects propagate throughout urban space? This paper focuses on the spatial marginal effects of forests, parks, and fields and estimates spatial hedonic models on a sample of apartment transactions in Helsinki, Finland. The results indicate that the capitalization of urban green in apartment prices depends on the type of green, but also interacts with distance to the city centre. Additionally, the effects contain variable pure and spatial spillover impacts, also conditional on type and location, the separation of which highlights aspects not commonly accounted for. The planning of green infrastructure will therefore benefit from parameterizing interventions according to location, green type, and character of spatial impacts.

...

The full-sample estimation explained 78% of price variation and returned the expected signs for all hedonic coefficients, except for that of distance to a forest. An increase in the debt and maintenance costs and a decrease in the condition of the property decreases price/m2. Additional rooms have a negative effect, reflecting the diminishing marginal utility of additional units of space. Increase in the property's age decreases price until historical status becomes relevant and price increases again. The yearly dummy variables are significant, indicating a drop in the average level of selling price/m2 from 2000 to 2001, followed by an increase from 2002 onwards. Increased distance to the city centre and coastline decrease price, whereas lot size is not significantly different from zero. The coefficients of the proxies for noise and air pollution disamenities are significant; a 100-meter increase in distance to rails increases average m2 price by 0.15%, while the corresponding increase for over-ground metro line is 0.19% and for major road is 0.36%.

http://www.hel.fi/hel2/keskuspuisto/eng/1centralpark/

The estimation supported the assumption of a CBD gradient in the marginal effects of parks and fields. Increased distance to a park decreases prices in the city centre, or, conversely decreasing the distance of a downtown property to a park increases its price, with the effect gradually declining as distance to the CBD increases. The maximum effect is estimated to a decrease of 1.5% in the m2 price when distance to a park increases 100 m, which is in the same range to the effect of recreational forests in the study of Tyrväinen (1997) that reports a corresponding increase of 0.5% (after currency conversion and average price normalization).... Increased distance to fields decreases price in the urban fringe, or conversely, decreasing the distance of a suburban property to fields increases its price. The maximum effect along this gradient is a decrease of 1.1% in m2 price when distance to a field increases by 100 m.

Green Roof Cost-Benefit Analysis: Special Emphasis on Scenic Benefits

Abstract:

This article presents a green roof cost-benefit analysis (CBA). Green roofs are roofs which are partially or completely covered by vegetation. We discuss the benefits and costs of light self-sustaining vegetated roofs. The benefits of the ecosystem services (ES) provided by green roofs can be classified into private and public benefits. We apply the selected valuation methods first in Helsinki, Finland and subsequently explain how results can be transferred to other urban locations. Past research and this study show that private benefits are usually not high enough to justify the expensive investment for a private decision maker. However, when the public benefits are added to the private benefits, social benefits are higher than the costs of green roofs in most cases.

Past research quantified most types of the benefits, excluding scenic and biodiversity benefits. Scenic benefits denote the intangible benefits that people derive from the presence of green space, including at least aesthetic and psychological ones. In this article, special emphasis is placed on the valuation of the scenic benefits; these are among the most challenging benefits to valuate in monetary terms. We employ hedonic pricing theory, implemented via spatial regression models, and green roof implementation scenarios in order to estimate the aggregate willingness to pay for a “unit” of green roof. The results show that the scenic benefits can be a significant attribute in cost-benefit calculations. Yet, the amount of benefits strongly depends on the green roof design....

http://scandinavian-green-roof.org/news/announcing-the-green-roof-award-winner-2016/

First, we estimated the value of any urban park, regardless of its size, within 30, 50 and 70 m of a building.... The value of a presence of urban green is significant in all of the tested distances. The average marginal value is highest for buildings within the 30 m radius from a park and decreases when increasing the allowed distance from the park. The average values for the respective distances are 134‎€, 122‎€ and 94‎€ per m2 of living space. It has been empirically shown (Crompton, 2001) that the incremental of value attributable to the park significantly  increases with the size of the park; for instance, in an early study by Coughlin and Kawasima (1973) it was found that a 5-acre park (2 ha) had almost five times the increase in the price of a dwelling unit than a 1-acre park (0.4 ha) and it was also found that the incremental value attributable to a small park decreased more quickly as the distance to the park increased. Our findings were similar regarding the effects of park size. The value of a big park for buildings within 30 m from the park was in average 200‎€ per square meter while the value of a small park was 130‎€. However, when increasing the distance radius including also buildings within 50 m from the parks, the average value of a big park was almost 250‎€ while the average value of a small park was around 50‎€....

The Effect of Natural Space on Nearby Property Prices: Accounting for Perceived Attractiveness

Abstract:

This paper estimates the effect of attractive natural space on Dutch residential property prices. We operationalize attractive natural spaces by combining land use data with unique data on the perceived attractiveness of natural spaces. In our main results, the effect of attractive natural space on property prices falls from 16.0% for properties within 0.5 km, to 1.6% for properties up to 7 km away. Our findings advance existing hedonic studies by verifying that economic benefits of living near natural space extend over a larger distance. This has important implications for public policy regarding investment in natural space near residential areas.

https://en.wikipedia.org/wiki/Drachten#/media/File:Road_green.JPG

http://le.uwpress.org/content/92/3/389.abstract

by Michiel N. Daams, Frans J. Sijtsma, and Arno J. van der Vlist

Land Economics http://le.uwpress.org via University of Wisconsin Press

Volume 92, Number 3; August 1, 2016; Pages 389-410

Amenity or hazard? The effects of landslide hazard on property value in Woomyeon Nature Park area, Korea

Abstract:

A nature park in an urban area, which generally includes environmentally valuable natural landscape such as forests, mountains, rivers, and beaches, provides valuable benefits for the public such as recreational opportunities and an aesthetic landscape. However, residents near nature parks could be more vulnerable to natural disasters like floods, tsunamis, and landslides. In order to understand the trade-off between the amenity and hazard effects of nature parks, this study explores the case of the Woomyeon Nature Park (WNP) in Seoul, Korea, which experienced a catastrophic landslide disaster in 2011. The hazard and amenity effects of the WNP before and after a landslide event are analyzed using a difference-in-difference approach with a random coefficient model. The results show that the amenity effect of the WNP has continued after the landslide disaster in apartment complexes near the WNP, but its housing market premiums have fallen by up to 11.3% since the event due to the risk of landslide. The existence of the WNP hazard effect underlines the importance of disaster prevention efforts in urban open space design and management.

http://shaunintherok.blogspot.com/2011_07_01_archive.html

Highlights:

• In Korea, a mountain-type urban nature park increases nearby housing values as a place for leisure and recreation.

• Landslide hazard started to have a negative effect on housing values after the massive landslide event in Woomyeon Nature Park.

• A trade-off between the amenity and hazard effects of urban open spaces exists.

• Disaster prevention efforts in urban open spaces should be combined with landscape and urban planning.

http://dx.doi.org/10.1016/j.landurbplan.2016.07.012

by Jeongseob Kim 1,  (Assistant professor), Junsung Park 1,  (Graduate Student), D.K. Yoon 2, (Associate professor) and Gi-Hyoug Cho 1,  (Assistant professor)

1. School of Urban and Environmental Engineering, Ulsan National Institute of Science and Technology, Ulsan, Republic of Korea

2. Department of Urban Planning and Engineering, Yonsei University, Seoul, Republic of Korea

Received 5 August 2015, Revised 21 July 2016, Accepted 24 July 2016, Available online 28 September 2016

Landscape and Urban Planning via Elsevier Science Direct www.ScienceDirect.com

Volume 157; January 2017, Pages 523–531

Keywords: Landslide hazard; Amenity; Urban nature park; Property value; Hedonic price model

A Benefit-Cost Analysis of the Middle Fork Greenway Trail

Abstract:
The Town of Boone, NC Greenway Trail is a 3.84 mile long paved trail with additional unpaved sections that attract many types of users including walkers, joggers, and cyclists. The proposed Middle Fork New River extension would add 6.5 miles to the total paved mileage. In order to estimate recreation benefits of the extension we use revealed and stated preference data to estimate the change in value of current visits and change in visits with the additional mileage. The total opportunity cost of the project includes land acquisition, construction, operation and maintenance costs. Considering only recreation benefits the Middle Fork Greenway Trail passes a benefit-cost test. The net present value is estimated to be $2.78 million. This conclusion does not change after considering a number of partial sensitivity analyses.

...

The baseline consumer surplus per visit is equal to $11 with a 95% confidence interval of $9 to $12 (Table 3). The consumer surplus per visit with the Middle Fork Greenway is equal to $17 with a 95% confidence interval of $12 to $21. The change in consumer surplus with the Middle Fork Greenway is $6 with a 95% confidence interval of $3 to $9. These consumer surplus estimates are significantly lower than those estimated by Siderelis, Moore and Lee (2000) and similar to those found by Betz, Bergstrom and Bowker (2003).

...

Based on the car counts we estimate a range of 9 to 11 cars in Greenway parking lots, on average, each hour. We assume that this visitation rate exists between 8 and 12 hours per day and for between 2 and 4 parking lots.... The average party size is assumed to range from one to three (2.78 is the survey average). The product of cars per hour, hours per day, parking lots and party size generates a wide range of 144 to 1584 trail users per day. Assuming a range of days visited during the year of 90 to 180, our estimate of the range of annual user days 12,960 to 285,120. Assuming a normal distribution with the range covering 97% of the distribution, the midpoint of 149,040 visits, is our best estimate of the annual average number of visits.1 The standard deviation of the distribution is 44,820 (this is equal to the range divided by 6). These visits are valued by the change in consumer surplus of $6 per visit.

http://www.middleforkgreenway.org/

California 'street tree' benefits valued at $1 billion

Streets lined with gold? Not exactly, but a new report from the U.S. Forest Service's Pacific Southwest Research Station estimates trees lining Californian streets and boulevards provide benefits to municipalities and residents worth $1 billion. 

"Structure, Function and Value of Street Trees in California, USA," published in this month's issue of "Urban Forestry and Urban Greening," is the most up-to-date and comprehensive inventory of "street trees" within California. Using municipal inventories analyzed in i-Tree, a computerized tree inventory and management suite, researchers were able to create a composite picture of not only the number of California's street trees, but also their species, size, location and associated benefits.

With an estimated 9.1 million trees lining California's streets and boulevards, it averages to about one street tree for every four residents. But according to the recently published study, room remains for another 16 million street trees to be planted, if resources allowed.

"Sometimes it’s easy to think of trees along city streets as mere aesthetics, or worse, a nuisance with falling leaves and limbs or uprooting sidewalks," said research forester and lead author Greg McPherson. "But what our study shows is that these trees have a real monetary benefit to the municipalities and residents who care for them."

From carbon storage ($10.32 million) and removal of air pollutants ($18.15 million) to interception of rainfall ($41.5 million) and energy savings from both heating and cooling ($101.15 million), California's street trees are paying big dividends. They even bolster property values and home sale prices to the tune of $838.94 million.

"We've calculated for every $1 spent on planting or maintaining a street tree, that tree returns, on average, $5.82 in benefits," McPherson said. "These trees are benefiting their communities 24 hours a day, 365 days a year."

The report also highlights trends and tree demographics McPherson and his colleagues say they hope will guide urban foresters in future decisions regarding what trees to plant and where.

For example, while the number of street trees have increased from 5.9 million in 1988, tree density has actually fallen from 105 to 75 trees per mile, nearly a 30 percent drop. And while statewide species diversification appears respectable with only one species claiming more than 10 percent relative abundance (London planetree at 10.5 percent), individually, 39 of the 49 studied communities were over-reliant on a single species, potentially making their urban forest susceptible to a species-specific disturbance or pathogen.

"Municipal foresters can use data from this study to see how their trees compare to other cities in their climate zone or in the state," McPherson said. "It might help allocate resources, whether it be to increase planting to address low density or species diversification, increase pruning to manage predominately younger trees for structure and form, control pests and disease or intensively manage older trees so as to not lose them prematurely."

Co-authors on the study include Natalie van Doorn, research urban ecologist with the Pacific Southwest Research Station, and John de Goede, research assistant with the University of California Davis' Information Center for the Environment. CAL FIRE also contributed tree inventory data for the study.

http://www.fs.fed.us/psw/news/2016/20160614_streettrees.shtml

United States Forest Service Pacific Southwest Research Station http://www.fs.fed.us/psw

Press release dated June 14, 2016

Preferences for urban green spaces and peri-urban forests: An analysis of stated residential choices

Highlights:

•  Applying a choice experiment, we assess the preferences for living close to urban parks and forests.
•  This study applies a pivot-based experimental design that frames respondents’ choices in terms of their current residence.
•  The preference heterogeneity in the population can be partially explained by differences in household characteristics.
•  The results indicate substitution between having access to a private garden and to urban green spaces.

Abstract:

This paper assesses the value of urban green spaces, specifically peri-urban forests and their potential substitutes, for the local population on the basis of their residential choice. We applied a choice experiment that focuses on the trade-offs between private housing characteristics and the environmental aspects of neighborhoods. Individual willingness-to-pay is estimated from a latent class model and a mixed logit model along with a Willingness-To-Pay (WTP) space approach. Our results show that green spaces provide both direct use value (recreation) and indirect use value (scenic view). The respondent's value of distance to peri-urban forests depends on recreational use. The ownership of a private garden reduces the WTP for living closer to an urban park.

...

We calculated the changes in willingness-to-pay (MWTP) of marginal changes in distance to forest and parks using the estimates of DISF and NBVF*DISF. The MWTP to avoid living farther away from a forest or a park is presented in Table 7 where we have measured the MWTP (in €) of housing price per square meter for homeowners and rents per month per square meter for tenants. For example, according to the base-line information of the housing market, an average-size home is 123 m² for house owners and 64  for renters. The average price for a house of 123 m² is €158,250. The average rent for a house of 64 m² is €544. The MWTP of living close to forests for a house owner is equal to “[0.018 * Number of visits to forest * housing price]/size”. People who visit forests less than once a month are not willing to pay more for living close to a forest. If people visit forests more than once a month, the MWTP of homeowners and tenants is €33.56/m² and €0.23/month/m², respectively. If their visit frequency is at least once a week, the MWTP of homeowners and tenants is €56.27/m² and €0.37/month/m², respectively.

...

The parameter of SURF is significantly different from zero at the 1% level and has a positive sign. In general, the WTP for one additional square meter of living space for an average-size home is €815.24 for homeowners and €2.80/month for tenants. The non-significant standard deviation parameter shows that the preference concerning living space is homogeneous.
...

We estimated the MWTP for living 100 meters closer to a park for middle-income homeowners and middle-income tenants in our sample. For homeowners who do not have a private garden, their MWTP is 2.7% of their current house's price (€34.84/m²) on average. However, for homeowners who have a private garden, their MWTP is reduced to 1.2% of their current house's price (€16.42/m²) on average. Tenants do not behave the same way. For tenants who do not have a private garden, their WTP is 1.4% of their actual rent (€0.12/month/m²) on average. If tenants have their own private garden, their MWTP for the “distance to park” attribute is not significant. Therefore, our results show that homeowners’ preferences in relation to parks are different from those of tenants, and private garden owners’ preferences in relation to parks are different from those of people who do not have private gardens.

https://en.wikipedia.org/wiki/File:F_Foire-de-Nancy_Cours-L%C3%A9opold.JPG

The implicit value of tree cover in the U.S.: A meta-analysis of hedonic property value studies

Abstract
Trees in residential neighborhoods and communities provide benefits for homeowners that are capitalized into residential property values. In this paper, we collected data from hedonic property value studies and merged these data with ancillary spatial data describing forest and socio-economic characteristics surrounding each study area to conduct a meta-analysis of the impact of tree canopy cover on the value of residential properties. The meta-analysis suggests that property-level tree cover of about 30% and county-level tree cover of about 38% maximize the implicit price of tree cover in property values. Currently, tree cover in the original study areas was about 14%, on average, around or near study properties. The empirical results, therefore suggest under investment of tree cover on private property from the perspective of individual property owners and from a societal perspective. The findings also have implications for community forest programs regarding planting trees and protection of mature trees to address potential changes in tree abundance, species diversity and stand age due to development and climate change.
...

Summary statistics for the variables used in the estimation are reported in Table 2. These data indicate that 64% of the observations have positive implicit prices. Of the studies with positive implicit prices, the average implicit price for a 1% change in tree cover is $239, and the comparable figure for negative implicit prices is −$156. Values of the variable treecover for the positive implicit prices range from 0.1% to 61% and the comparable range for negative implicit prices is 0% to 40%.

Redwood National Park (Photo: Holly Hayes, ©Creative Commons)
http://pnwcirc.org/smaller-trees-less-biomass-found-in-california-forests/

http://www.sciencedirect.com/science/article/pii/S0921800916304293

by Shyamani D. Siriwardena 1, , Kevin J. Boyle 2, Thomas P. Holmes 3 and P. Eric Wiseman 41. Department of Forest Resources and Environmental Conservation, 313 Cheatham Hall (0324), Virginia Tech, Blacksburg, VA 24061, USA
2. Virginia Tech Program in Real Estate, 420 Bishop-Favrao Hall (0715), Virginia Tech, Blacksburg, USA
3. USDA Forest Service, Southern Research Station, Research Triangle Park, NC, USA
4. Department of Forest Resources and Environmental Conservation, Virginia Tech, Blacksburg, USA
Ecological Economics via Elsevier Science Direct www.ScienceDirect.com
Volume 128, August 2016, Pages 68–76

Economic returns of groundwater management sustaining an ecosystem service of dust suppression by alkali meadow in Owens Valley, California

Abstract:

This paper addresses the economic tradeoff between pumping groundwater and maintaining a native plant community that provides an ecosystem service of dust suppression. A dynamic ecological economic simulation model was created to assess net benefits of production (i.e., economic rent) from groundwater management while requiring a producer to maintain or restore native groundwater dependent vegetation in a well-field in Owens Valley, California. Historic groundwater withdrawal during dry conditions followed by recharge during wet conditions has reduced vegetation cover, soil stability and contributed to the drying of springs and seeps. Findings indicate adaptive management that pumps less water, but high volumes in wet years and low volumes in dry years, generates greater economic rent while supplying water, sustaining alkali meadow and maintaining dust suppression. Adaptive management generates economic rent of $82.6 million (in 2011 $) compared to status quo management of $30.5 million over 50 years pumping less annual groundwater than status quo at respective levels of 73% (6830 acre-ft; baseline conditions) and 56% (4952 acre-ft; climate change scenario). Under a climate change scenario and a 2.0 m root-zone or less, it would be cost effective to cease groundwater pumping rather than incur substantial restoration costs of the native plant community.

http://www.sciencedirect.com/science/article/pii/S0921800915004371

by John J. Gutrich 1 , Keith Gigliello 1, Kimberly Vest Gardner 2, and Andrew J. Elmore 2
1. Environmental Science & Policy Program, Southern Oregon University, 1250 Siskiyou Boulevard, Taylor Hall 113, Ashland, OR 97520, USA.
2. University of Maryland Center for Environmental Science, Appalachian Laboratory, Frostburg, MD, USA
Ecological Economics via Elsevier Science Direct www.ScienceDirect.com
Volume 121, January 2016, Pages 1–11; Available online 25 November 2015

Keywords: Groundwater management; Temporal loss of ecosystem service; Particulate matter; Alkali meadow; Restoration costs; Air quality

http://tinyurl.com/zrv5jlc

Dredging versus hedging: Comparing hard infrastructure to ecosystem-based adaptation to flooding

Abstract:
Efforts to ameliorate flooding have historically centred on engineered solutions such as dredging rivers, building levees, and constructing spillways. The potential for ecosystem-based adaptation (EbA) options is becoming increasingly apparent; however, implementation is often limited by a poor understanding of their costs and benefits.

This study compares the costs and benefits of a range of hard infrastructure and ecosystem-based adaptation options to mitigate flooding under climate change using data from two catchments in Fiji. We employ unique survey data to document the costs of flooding under various climate change scenarios. We then use a hydrological model to simulate the potential benefits of a range of hard infrastructure and EbA options and conduct a comprehensive cost–benefit analysis.

We find that under reasonable economic assumptions, planting riparian buffers is the most cost-effective option, yielding benefit–cost ratios between 2.8 and 21.6. However, the absolute level of protection provided by this strategy is low. Afforestation provides greater overall benefits, yielding net present values between 12.7 and 101.8 million Fijian dollars, although implementation costs would be substantial. Planting floodplains and reinforcing riverbanks provide some monetary benefits that are lower than riparian and upland planting. Elevating houses is not economically viable under any climate scenario.

 

 

UN February 2012  http://tinyurl.com/h3zckwv

 

 

 

 

 

 

Afforesting upper catchments provide greatest overall net benefits.... Benefits increase by 100% or more when accounting for climate change.

http://www.sciencedirect.com/science/article/pii/S092180091500467X

by A. Daigneault 1, P. Brown 2, D. Gawith 3
1. Landcare Research, 231 Morrin Road, St Johns, Auckland 1072, New Zealand
2. Landcare Research, Gerald Street, Lincoln 7608, New Zealand
3. Department of Land Economy, University of Cambridge, 16-21 Silver Street, Cambridge CB3 9EP, United Kingdom
Ecological Economics via Elsevier Science Direct www.ScienceDirect.com
Volume 122, February 2016, Pages 25–35; Available online 17 December 2015
Keywords: Disaster risk reduction; Cost–benefit analysis; Floods; Ecosystem-based adaptation

Environmental Performance Analysis of Eco-Industrial Parks in China: A Data Envelopment Analysis Approach

Summary:
In pursuit of more sustainable development of industry, China has been actively developing eco-industrial parks (EIPs) for more than a decade. However, the environmental value of these EIPs remains largely unverified. This study aimed to evaluate the environmental performance of national EIPs in China using data envelopment analysis. Eco-efficiency and environmental performance indices were used to represent the static and dynamic environmental performance of EIPs, respectively. An environmental performance index was formed by combining measures of eco-efficiency in a dynamic setting with the sequential Malmquist index approach. We obtained three main empirical findings. First, 34 national EIPs exhibited a cumulative environmental performance improvement of 89.4% from 2007 to 2010, which is primarily the result of eco-efficiency change rather than environmental technical change. Second, compared with the trial EIPs, the demonstration EIPs had a higher average eco-efficiency (0.611 vs. 0.446 in 2010) and experienced greater average environmental performance improvement (129% vs. 60%). Third, the EIPs retrofitted from high-tech industrial development zones exhibited much higher average eco-efficiency (0.798 vs. 0.440 in 2010) than those retrofitted from economic and technical development zones. The key measures supporting the performance improvement and policy implications for the development of EIPs are also discussed.

 

http://cn.swisscham.org/sites/default/files/pictures/INVEST_SSZEIP_5.jpg

http://cn.swisscham.org/investment-zones/sszeip

by Wei Liu, Jinping Tian, Lujun Chen, Wanying Lu andYang Gao
Journal of Industrial Ecology
Volume 19, Issue 6; December, 2015; pages 1070–1081

http://onlinelibrary.wiley.com/doi/10.1111/jiec.12233/abstract

Keywords: data envelopment analysis (DEA);eco-efficiency;eco-industrial park (EIP);environmental performance index (EPI);sequential Malmquist index;industrial ecology

A Meta-Analysis of Hedonic Studies to Assess the Property Value Effects of Low Impact Development

http://www.mdpi.com/2079-9276/3/1/31
Abstract: 

Stormwater runoff from urban areas is a significant source of water pollution in the United States. Many states are promoting low impact development (LID) practices, which provide a variety of direct and ancillary ecosystem services. We describe a meta-analysis designed to evaluate the property value benefits of LID practices that reduce impervious surfaces and increase vegetated areas in developments, and present an example application to a hypothetical land use scenario. From the many hedonic property valuation studies of the benefits of general open space, we identified 35 studies that valued open spaces that were similar in nature to the small, dispersed open spaces characteristic of LID. The meta-regression estimates the percent change in a home’s value for an observed percent change in open space within a specific radius of a parcel, based on changes expected to result from LID approaches that increase green spaces. Our results indicate that the design and characteristics of a project affect the magnitude of benefits, and that values decline with distance. More broadly, the meta-analysis shows percent change and proximity are robust determinants of household willingness to pay for aesthetic and other services associated with local availability of small, dispersed open spaces resulting from LID, but that values for other features, including type of vegetation and recreational use may be site-specific. Policymakers and developers could draw on our synthesis of site characteristics’ effects to maximize benefits from open space associated with LID....

Besides loss of natural resource areas, habitat corridors, and buffers to wetlands and stream, conventional development (right hand graphic) creates large areas of impervious surfaces which prevent the infiltration of rainwater. Under natural (pre-development) conditions (left hand graphic), rain infiltrates through soils and percolates downward to the underlying water table, where it recharges the groundwater. Throughout the more permeable areas of Massachusetts approximately 50% of the annual precipitation infiltrates and recharges. Groundwater serves as drinking water supply and provides base flow to streams and wetlands. This base flow is critical to habitat quality for fish and other aquatic ecosystems. In many areas of eastern Massachusetts, where watersheds have become significantly urbanized with extensive impervious areas, the base flows of streams have been diminished. In some cases, such as the Ipswich River where the stream goes dry, eliminating habitat value. Surface runoff is also increased in urbanized watersheds creating greater peak flows which can cause flooding and channel erosion.-              http://www.mass.gov/envir/smart_growth_toolkit/pages/mod-lid.html 

Parking lot bioretention with rain garden -- http://tinyurl.com/ofgb5jz

From the many hedonic property valuation studies of the benefits of general open space, we identified 35 studies that value open spaces similar in nature to the small, dispersed open space characteristic of many LID practices. We estimate a meta-regression model (MRM) of the percent change in a home’s value for a given percent change in open space area within a specified radius of the parcel. Additionally, because our model is intended to be used for benefit transfer, following Boyle et al. [30], we examine various factors that indicate whether the estimates are robust or fragile....We reviewed over 180 studies, including nine stated preference studies, and over 100 hedonic studies of property value changes from improved amenities associated with, or similar to those achieved from LID practices.... The 35 studies provided 119 observations.... Studies examined variation in sales price based on variation in proximity to, adjacency to, or the surrounding amount of open space.... Differences include the specific type, size and features of open space valued, size of the surrounding area considered or distance to open space, population density of the study area, and geographic region.... We simply modeled an impervious cover reduction scenario that produced a 30% increase in vegetated open space (compared to conventional approaches) in most new developments.... The current home value in the ... watersheds with predicted new and re-development was $151,875, translating to an average annual rental value (at a 3% discount rate) of $4,556.... We calculated the total change in annualized property values by estimating the percentage change in rental-equivalent housing values in each buffer zone around each development project in each ... watershed and year, and then multiplying the predicted percent change in housing rental values by aggregate housing rental values.... The MRM is structured so that the marginal effect on property values of an increase in open space depends on the size of the change in open space and the distance from the open space. Based on the aggregate predictions of changes in housing values for each ... watershed and year, we then calculated the sum of the total present discounted value of the change in rental values in each HUC-12. This sum represents the projected benefits of using LID in that HUC-12, over the period of analysis (21 years). In this calculation, all future benefits were discounted back to 2013 dollars using a 3 percent discount rate and then annualized over 21 years.

...

Perceived mean increases in open space range from 1.3% to 3.7% per home across the 250 m and 250–500 m buffers. The use of LID without recreational amenities is expected to result in an annual increase of $30 and $10 in per-property mean rental value for houses in the 250 m and 250–500 m buffers, respectively. As expected, including recreational amenities in LID further enhances property values in the vicinity of the development project. For example, in the 250 m buffer, the expected increase in property values is 13% higher compared to the “no recreational amenity case” (i.e., $34 vs. $30). Although the mean per-watershed increase in property values is relatively modest, ranging from $3.9 to $10.5 thousand per year with and without recreation in the 250 m buffer (from $2.0 to $5.9 thousand per year in the 250–500 m buffer) the aggregate annualized benefits for the state of Illinois can be substantial and range from $31.0 to $36.0 million, without and with recreational benefits. We note that the estimated increase in property values represents a subset of environmental benefits associated with LID.

...
by Marisa J. Mazzotta 1,*, Elena Besedin 2 and Ann E. Speers 2
1 Atlantic Ecology Division, U.S. EPA Office of Research and Development, 27 Tarzwell Drive, Narragansett, RI 02882, USA; mazzotta.marisa@epa.gov; Tel.: +1-401-782-3026; Fax: +1-401-782-3030.
2 Abt Associates Inc., 55 Wheeler Street, Cambridge, MA 02138, USA; E-Mails: elena_besedin@abtassoc.com (E.B.); ann_speers@abtassoc.com (A.E.S.)
Resources www.mdpi.com/journal/resources
Volume 3; 2014; Pages 31-61; doi:10.3390/resources3010031
Received: 28 October 2013; in revised form: 24 December 2013 / Accepted: 7 January 2014 / Published: 21 January 2014