Does the housing market value energy efficient homes? Evidence from the energy star program

Regional Science and Urban Economics

Volumn 57, Issue , 2016, Pages 63-76

  Bruegge, Chris ^a   Carrión Flores, Carmen ^b   Pope, Jaren C ^c  

^a STANFORD UNIVERSITY   (United States)

^b BINGHAMTON UNIVERSITY   (United States)

^c BRIGHAM YOUNG UNIVERSITY   (United States)

Author keywords

Energy star; Hedonic method; Housing prices; Repeat sales

Indexed keywords

CERTIFICATION; ENERGY EFFICIENCY; HEDONIC ANALYSIS; HOUSING MARKET; WILLINGNESS TO PAY;

FLORIDA [UNITED STATES]; GAINESVILLE; UNITED STATES;

EID: 84959449763     PISSN: 01660462     EISSN: 18792308     Source Type: Journal    
DOI: 10.1016/j.regsciurbeco.2015.12.001     Document Type: Article

References (27)

1. Bailey M.J., Muth R.F., Nourse H.O. A regression method for real estate price index construction. J. Am. Stat. Assoc. 1963, 58:933-942.
2. Banfi S., Farsi M., Filippini M., Jakob M. Willingness to pay for energy-saving measures in residential buildings. Energy Econ. 2008, 30(2):503-516.
3. Bloom B., Nobe M.C., Nobe M.D. Valuing green residence designs: a study of energy star homes. J. Sustain. Real Estate 2011, 3(1):109-126.
4. Case B., Quigley J. The dynamics of real estate prices. Rev. Econ. Stat. 1991, 73:50-58.
5. Case K.E., Schiller R.J. Prices of single-family homes since 1970: new indexes for four cities. N. Engl. Econ. Rev. 1987, 79:125-137.
6. Case B., Pollakowski H.O., Watcher S.M. On choosing among price index methodologies. AREUEA J. 1991, 19:286-307.
7. Deng Y., Li Z., Quigley J.M. Economic returns to energy-efficient investments in the housing market: evidence from Singapore. Reg. Sci. Urban Econ. 2012, 42(3):506-515.
8. Eichholtz P., Kok N., Quigley J.M. Doing well by doing good? Green office buildings. Am. Econ. Rev. 2010, 100(5):2492-2509.
9. Follain J.R., Calhoun C.A. Constructing indices of the price of multifamily properties using the 1991 residential finance survey. J. Real Estate Finance Econ. 1997, 14:235-255.
10. Gilmer R.W. Energy labels and economic search: an example from the residential real estate market. Energy Econ. 1989, 11(3):213-218.
11. Jacobsen G.D., Kotchen M.J. Are building codes effective at saving energy? Evidence from residential billing data in Florida. Rev. Econ. Stat. 2013, 95(1):34-49.
12. Jones P., Vyas U. Energy performance in residential green developments: aFlorida case study. Real Estate Issues 2008, 33(3):65-71.
13. Jones P., Vyas U.K., Taylor N., Jennison Kipp M. Residential energy efficiency: a model methodology for determining performance outcomes. Real Estate Issues 2010, 35(2):41.
14. Kahn M., Kok N. The Capitalization of Green Labels in the California Residential Housing Market. Working paper 2013.
15. Kahn M.E., Kotchen M.J. Environmental Concern and the Business Cycle: The Chilling Effect of Recession (No. w16241) 2010, National Bureau of Economic Research.
16. Kuminoff N., Pope J.C. Do 'capitalization effects' for public goods reveal the public's willingness to pay?. Int. Econ. Rev. 2014, 55(4):1227-1250.
17. Laquatra J., Dacquisto D.J., Emrath P., Laitner J.A. Housing market capitalization of energy efficiency revisited. ACEEE Summer Study of Energy Efficiency in Buildings, Teaming for Efficiency, Proceedings 2002, 8.
18. McMillen D. The return of centralization to Chicago: using repeat sales to identify changes in house price distance gradients. Reg. Sci. Urban Econ. 2003, 33:287-304.
19. Metcalf G.E., Hassett K.A. Measuring the energy savings from home improvement investments: evidence from monthly billing data. Rev. Econ. Stat. 1999, 81(3):516-528.
20. Nevin R., Watson G. Evidence of rational market valuations for home energy efficiency. Apprais. J. 1998, 66:401-408.
21. Palmquist R.B., Vincent J.R. Property Value Models. Handbook of Environmental Economics 2005, North-Holland, Amsterdam. K.-G. Mäler (Ed.).
22. Pope J.C. Buyer information and the hedonic: the impact of a seller disclosure on the implicit price for airport noise. J. Urban Econ. 2008, 63(1):498-516.
23. Ridker R.G., Henning J.A. The determinants of residential property values with special reference to air pollution. Rev. Econ. Stat. 1967, 49(2):246-257.
24. Rosen S. Hedonic prices and implicit markets: products differentiation in pure competition. J. Polit. Econ. 1974, 82(1):34-55. (1974).
25. Small K.A., Van Dender K. Fuel efficiency and motor vehicle travel: the declining rebound effect. Energy J. 2007, 25-51.
26. Smith M.T., Jones P. The impact of energy efficient house construction on homeownership costs: a comparative study in Gainesville, Florida. Fam. Consum. Sci. Res. J. 2003, 32(1):76-98.
27. Walls M., Palmer K., Gerarden T. Is energy efficiency capitalized into home prices? Evidence from three US cities. RFF Working Paper 2013.