Impacts of sustainable streets on housing prices: a hedonic analysis in Chicago

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