Can Housing Assets Affect the Chinese Residents' Willingness to Pay for Green Housing?

As the development trend of the future housing field, green housing is an effective way to reduce pollution, save energy, and promote industrial upgrading. At the same time, the green house is of great significance to change the development mode of the construction industry and promote the sustainable development of the social economy. This study proposes a comprehensive research model to examine the influencing mechanism of residents' intention to purchase green buildings. The proposed model is empirically tested using data collected from 1,338 urban residents in China. Based on logit, probit, and ivprobit models, factors such as personal characteristics, housing price, and the number of real estate ownership are selected to conduct empirical analysis and mechanism analysis on willingness that affects consumers' purchase of green houses. The results show that housing assets significantly affect the willingness of householders to pay for green houses. The more houses they own, the higher their willingness to pay for a green house will be. Similarly, if the housing prices are higher, householders are more willing to buy a green house. The amount of housing assets will affect the willingness of householders to pay for green housing through the way of individual happiness. In terms of the characteristics of the householder, if the householder is more educated, unmarried, his willingness to buy a green house will be stronger, and owning housing assets may affect the individual happiness due to the housing wealth effect brought by rising housing prices. People with more housing assets are more likely to have the happiness brought by higher wealth, which may affect the purchase intention of householders.