Homeowners' willingness to pay for changes in urban tree canopy cover in the United States
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View abstract on PubMed
Summary
This summary is machine-generated.Homeowners gain $9-$134 per home for each 1% increase in urban tree cover. Declining tree canopy nationwide may cost $11.8 billion in home values by 2030.
Area Of Science
- Environmental Economics
- Urban Forestry
- Real Estate Valuation
Background
- Homeowners' willingness to pay for urban forest benefits is often estimated using hedonic property value studies.
- These studies analyze real estate transactions to determine the relationship between home value and tree canopy cover.
Purpose Of The Study
- To predict the elasticity of home value with respect to urban tree canopy cover across the contiguous United States.
- To evaluate the effectiveness of different benefit transfer methods for this prediction.
Main Methods
- Compiled a meta-dataset of 17 hedonic studies covering 64,658 urban census tracts.
- Evaluated three benefit transfer methods: matching value transfer, unit value transfer, and function transfer.
- Utilized a nearest-neighbor technique for matching value transfer, which yielded the lowest errors.
Main Results
- The matching value transfer method best reproduced observed elasticities.
- Estimated that home values increase by $9-$134 per home (2020 USD) for a 1% increase in urban tree cover.
- Projected national home value losses of $11.8 billion by 2030 due to declining urban tree canopy.
Conclusions
- Maintaining and expanding urban tree canopy cover holds significant economic value for U.S. cities.
- Benefit transfer methods, particularly matching value transfer, are effective for estimating the economic benefits of urban forests.
- Projected declines in tree canopy pose a substantial economic risk to property values.
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