Graduate Thesis Or Dissertation

 

Estimating the Influence of the Urban Heat Island Effect on Housing Prices 公开 Deposited

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https://ir.library.oregonstate.edu/concern/graduate_thesis_or_dissertations/tb09jc66w

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  • Using summertime housing transactions data of 3,309 parcels from multiple years in Eugene-Springfield, OR, we present a hedonic price model to estimate the influence of the urban heat island (UHI) effect on housing prices in this metropolitan area. By taking advantage of the inherent random nature of summertime weather observations, we create measures of the UHI that isolate this effect from other housing amenities and dis-amenities in our sample area. We test several model specifications for our pooled-cross sectional data by including lag temperature deviation variables, interaction terms, yearly and monthly fixed effects, and two alternative types of neighborhood fixed-effects at census block level and PRISM Grid to further control for any unobservables that cause bias in the estimates. We contribute to existing literature of the valuation of climate amenities and find that the UHI effect has an economically significant and negative influence on housing prices. In particular, we find that houses sell at a discount during abnormally hot periods in the summer. The implications of our findings provide insight on how home buyers are influenced by hot temperatures that exacerbate the UHI effect, which also informs policymakers, home sellers, and other housing market professionals as to potential climate change consequences faced by growing metropolitan areas.
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