The Value of “Green:”: Evidence from the First Mandatory Residential Green Building Program

There has been recent interest in green building and development practices and research. Resulting from growing environmental awareness and concerns, mandatory residential green building programs have been implemented nationally at the municipal level and Texas has passed legislation to create a sta...

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Bibliographic Details
Published in:The Journal of real estate research 2012-01, Vol.34 (1), p.27-50
Main Authors: Aroul, Ramya R., Hansz, J. Andrew
Format: Article
Language:English
Subjects:
Air pollution
American Recovery & Reinvestment Act 2009-US
Building codes
Building construction
Buildings
Commercial buildings
Ecodevelopment
Environmental certification
Environmental conservation
Environmental policy
Environmental programs
Government programmes
Green buildings
Green design
Homeowners
Housing developments
Housing prices
Indoor air quality
Legislation
Outdoor air quality
Price premiums
Prices
Property values
Real estate
Renewable energy
Residential buildings
State laws
Studies
Sustainability
Sustainable construction
Sustainable development
Texas
U.S.A
Values
Water conservation
Water quality
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Summary:There has been recent interest in green building and development practices and research. Resulting from growing environmental awareness and concerns, mandatory residential green building programs have been implemented nationally at the municipal level and Texas has passed legislation to create a statewide program. However, the impact of greenness on residential property values has not been rigorously evaluated. This study examines residential transaction prices in two cities and finds a statistically significant premium associated with “green” properties. Additionally, there is evidence of a larger premium associated with green properties located in Frisco, Texas, which has the nation’s first mandatory residential green building program.
ISSN:0896-5803
2691-1175
DOI:10.1080/10835547.2012.12091327