Life Satisfaction Analyses in Germany reveal a significant positive correlation between the amount of green space within 1 km of residence and well-being. The comparison of the effects of green space and income on well-being allows the derivation of a monetary demand function for green spaces close to the place of home. This demand function was used together with land-use and population data to estimate the monetary value of green space close to home for every 2 km × 2 km grid cell in Germany. The results can be used in environmental economic accounting as a proxy for the (visual) amenity services of green spaces close to residences and provide urban planners with additional information on the strength and spatial distribution of demand for green spaces in residential areas. The study shows that, especially in densely populated areas where more than 30 per cent of the German population lives, the (simulated) exchange value of green spaces (price per additional hectare derived from the demand function) multiplied by the number of households that would pay this price, is higher than the price per ha that can be achieved on the real estate market. A comparison with the results of a Hedonic Price Analysis that estimates the effect of urban green space on property prices finds that the values of urban green spaces calculated with this method were 38 to 124 times smaller than the values calculated with the Life Satisfaction Analysis and far below building land prices. The reason for the relatively low impact of urban green on property prices can be explained by market imperfections in the housing market.