Did you know a tree can add 10% of value to a property? Or, that trees can help to lower heating and cooling costs to a facility?
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Ben.Millet
The answer to both of these questions is “yes, both are true.”
In 2005, Susan Wachter, from The Wharton School at the University of Pennsylvania, conducted a study entitled, “The Determinants of Neighborhood Transformations in Philadelphia.” The study was designed to analyze the economic impact of how planting trees and creating site improvements impacts the value of property values.
Some of the highlights of the study include:
- The study finds that vacant land improvements result in surrounding housing values increasing by as much as 30%.
- New tree plantings increase surrounding housing values by approximately 10%.
- In the New Kensington area of Philadelphia this translates to a $4 million gain in property value through tree plantings and a $12 million gain through lot improvements.
- Location of a house within 1/4 mile from a park increased values by 10%.
- Indirect effects, such as encouraging additional investment on surrounding properties and neighborhood reinvestment more broadly, are also likely to be large. Moreover, the direct and indirect impacts to the city’s property tax base are likely to contribute to the overall fiscal health of the city.
Unrelated to this study, but similar in nature was the research and economic data provided by the Arbor Day Foundation. According to their calculator, a tree can also help:
- Reduce heating and cooling costs (think shade and heat island affect)
- Act as a wind break
- Assist with storm water treatment
- Purify the air around your facility
- Act as a carbon sink (plants covert CO2 to Oxygen
- Create habitat for birds, insects, and other animals
Other studies have shown that trees can also reduce crime and improve the the aesthetic look of a building.
If you are a church leader, or you own a home, I would encourage you to look more into how trees and plants can help improve the value and operations of your facility.
Blog Notes: This study was a pilot program with the New Kensington Community Development Corporation (NKCDC) and the Pennsylvania Horticultural Society (PHS). The full study can be found here.
Image may be NSFW.
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Image may be NSFW.Clik here to view.
