The Economic Effects of Stormwater Best Management Practices (BMPs) on Housing Sale Prices in Washington, D.C

Boyoung Park () and Byoung-Suk Kweon
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Boyoung Park: Department of Plant Science and Landscape Architecture, University of Maryland, Plant Sciences Building, 4291 Fieldhouse Drive, College Park, MD 20742, USA
Byoung-Suk Kweon: Department of Plant Science and Landscape Architecture, University of Maryland, Plant Sciences Building, 4291 Fieldhouse Drive, College Park, MD 20742, USA

Sustainability, 2024, vol. 16, issue 4, 1-15

Abstract: This study aims to investigate the economic effects of stormwater best management practices (BMPs) on housing sale prices in Washington, D.C., BMPs play a significant role in mitigating multiple threats, such as water pollution, soil erosion, and property damage. While studies on the economic value of BMPs were limited, literature addresses that housing sale prices can be affected by nearby stormwater BMPs. This study addresses the following research questions: Do stormwater BMPs positively impact housing sale prices? How do proximity and number of structural BMPs affect the housing sale prices? We used the hedonic pricing method by applying multiple linear regression models to determine whether a set of independent variables significantly improved the models. Our primary findings indicate that BMPs have positive, negative, or no effects on housing sale prices. The proximity of BMPs inside of parks increased housing sale prices in all buffers. In contrast, the proximity of BMPs outside of parks and impervious roads decreased housing sale prices in all buffers. Percent tree canopy coverage negatively linked to a 50 m buffer and had no relationship with other buffers on housing sale prices. This study implies that BMPs impact housing prices and can be improved by landscape architects, policymakers, and stakeholders.

Keywords: hedonic pricing method; multiple regression model; tree canopy coverage; best management practices inside of parks; impervious roads (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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