Impacts of sustainable streets on housing prices: a hedonic analysis in Chicago
Zhou, Quangang
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https://hdl.handle.net/2142/99133
Description
Title
Impacts of sustainable streets on housing prices: a hedonic analysis in Chicago
Author(s)
Zhou, Quangang
Issue Date
2017-07-20
Director of Research (if dissertation) or Advisor (if thesis)
Ando, Amy W.
Committee Member(s)
Myers, Erica
Khanna, Madhu
Department of Study
Agr & Consumer Economics
Discipline
Agricultural & Applied Econ
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
M.S.
Degree Level
Thesis
Keyword(s)
Hedonic analysis
Sustainable street
Marginal willingness to pay (MWTP)
Chicago, Illinois
Abstract
To understand the local benefits and costs of sustainable streets, this study uses housing transaction data in Chicago to examine the impact of those projects on the sale prices of nearby residential properties. Specifically, I would like to explore the following questions: First, is the sale price of a housing unit affected by its distance to the nearest sustainable site? How far is a sustainable streetscape able to affect neighboring housing prices? Second, do project’s characteristics such as construction status, age, and size influence a property's sale price? Third, is there any variation in the effects of different streetscape projects? By answering these questions, my results contribute to estimating households' marginal willingness to pay (MWTP) for the ecological service provided by this new type of public environmental infrastructures. To my knowledge, this is the first paper that has conducted a hedonic analysis on a sustainable street program.
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