54 SUMMARY Results of this research indicate that tree cover has an overall posi- tive monetary effect on the sale price of homes in the six Cincinna- ti, Ohio, communities studied. From the coefficients derived from the analysis, it was estimated that the average value of tree canopy is $20,226 or 10.7% of the total sale price of the homes observed. The effects of winter and summer cover were not significantly different from one another. There may be a slight tendency for tree cover to add less val- ue during the winter months but the effect is weak. Results of this study found differences among the communi- ties with respect to the value placed on trees. Tree cover seems to be valued more in Hyde Park and North Avondale where it had a significant effect on property values. These two communities also had the highest household median income of $59,541 and $39,297, respectively. Results of the analysis may also indicate that tree cover has a weak effect on property values in Clifton. Although the recorded median household income of Clifton was Table 6. Results of the analysis of the effect of neighborhood tree cover on the property values of the Cincinnati, Ohio, communities of Bond Hill, Carthage, Clifton, Hyde Park, Kennedy Heights, and North Avondale. R2 R2 = 0.698, adjusted Variable Sale date = 0.689, F-value = 74.58, n = 600 Coefficient 1.3 Square footage # acres # bedrooms Style height Year built Total baths Cover Hyde Park cover Kennedy Heights cover Clifton cover Carthage cover North Avondale cover Hyde Park Kennedy Heights Clifton Carthage North Avondale 42.19 176,772 5,062.71 -6,516.76 555.36 31722 -115.43 1,728.78 -156.55 1,141.82 -123.14 2,612.41 141,108 8,006.82 80,259 -2,029.04 -56,953 t-ratio 0.31 6.6 6.84 1.17 -0.68 2.9 5.33 -0.22 2.16 -0.21 1.56 -0.16 3.59 6.06 0.33 3.45 -0.09 -2.45 P-value 0.7557 <0.0001 <0.0001 0.2444 0.4955 0.0038 <0.0001 0.8241 0.0312 0.8358 0.1183 0.8713 0.0004 <0.0001 0.7415 0.0006 0.9277 0.0147 Note: Sale date: number of days on market prior to sale; square footage: size of living space in square feet; number of acres: lot size in acres; number of bedrooms; style height: one story or two story; year built: house age in years; baths: assigned 1 point for a whole bath and 0.5 point for a half bath; cover: estimated percentage of tree cover; and neighborhood (Hyde Park, Kennedy Heights, Clifton, Carthage, or North Avondale; coded 1 = yes, 0 = no). Dimke et al.: Values of Landscape Trees on Residential Property in Cincinnati, Ohio $32,548, this number may be skewed downward due to the fact that the University of Cincinnati is located in Clifton. Clifton is home to many students who may affect median income values. Residences of Hyde Park and Clifton were the most educated, with North Avondale ranking third among the six communities. Tree cover was not significant in the communities of Bond Hill, Carthage, and Kennedy Heights. This was a surprise. Although the study authors expected there to be a lower impact in less af- fluent communities, there were still expectations of some positive effect on property values. It may be interesting to include a home- owner survey as part of future research. Financial factors may play a role in determining a willingness to pay for treed property. Trees have a positive effect on property values in the more affluent communities studied. Results of this study may en- courage homeowners to plant trees on their property and pro- vide financial support to local community forestry projects. LITERATURE CITED Abele, J. 2008. Multiple Listing Service, Cincinnati, Ohio. Personal communications. Anderson, L.M., and H.K. Cordell. 1988. Influences of trees on residen- tial property values in Athens, Georgia (U.S.A): A survey based on actual sales prices. Landscaping and Urban Planning 15:153–164. Boyle, M., and K. Kiel. 2001. A Survey of house price hedonic studies of the impact of environmental externalities. Journal of Real Estate Literature 9(2):116–44. Dwyer, J.F., E.G. McPherson, H.W. Schroeder, and R.W. Rowntree. 1992. Assessing the benefits and costs of the urban forest. Journal of Arboriculture 18:227–234. Faber, S. 1998. Undesirable facilities and property values: A summary of empirical studies. Ecological Economics 24:1–14. Fraser, E.D.G., and W.A. Kennedy. 2000. Cultural background and land- scape history as factors affecting perceptions of the urban forest. Journal of Arboriculture 26(2):106–113. Freeman, A.M. 2003. The Measurement of Environmental and Resource Values, Theory and Methods, 2nd edition. Hanley, N., and C.L. Spash. 1993. Cost-Benefit Analysis and the Envi- ronment. Northampton, Massachusetts, U.S.: Edward Elgar. Hauer, R.J., and G.R. Johnson. 2008. State urban and community forestry program funding, technical assistance, and financial assistance within the 50 United States. Arboriculture & Urban Forestry 34(5):280–289. Heimlich, J., T.D. Sydnor, M. Bumgardner, and P. O’Brien. 2008. Attitudes of residents toward street trees on four streets in Toledo, Ohio, U.S., before removal of ash trees (Fraxinus spp.) from emerald ash borer (Agrilus planipennis). Arboriculture & Urban Forestry 34(1):47–53. Table 7. Demographics of six Cincinnati, Ohio, neighborhoods. Information obtained from 2000 U.S. Census. Currency is repre- sented in U.S. dollars. Neighborhood Bond Hill Carthage Clifton Hyde Park Kennedy Heights North Avondale Population 9,682 2,412 8,546 13,640 5,689 6,326 Median household income ($) 28,543 27,364 32,548 59,541 32,882 39,297 % of families below poverty level 20% 12% 7% 2% 7% 8% % >25-years-old with bachelor’s degree or greater 9.4% 9.3% 61.0% 69.5% 23.2% 36.6% Note: Sale date: number of days on market prior to sale; square footage: size of living space in square feet; number of acres: lot size in acres; number of bedrooms; style height: one story or two story; year built: house age in years; baths: assigned 1 point for a whole bath and 0.5 point for a half bath; cover: estimated percentage of tree cover; and neighborhood (Hyde Park, Kennedy Heights, Clifton, Carthage, or North Avondale; coded 1 = yes, 0 = no). ©2013 International Society of Arboriculture
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