Environmental Determinants of Housing Prices: The Impact of Flood Zone Status

Harrison, David M.; Smersh, Greg T.; Schwartz, Arthur L.

doi:10.1080/10835547.2001.12091045

Cited by 164 publications

(44 citation statements)

References 10 publications

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“…Nevertheless, both survey results and the hedonic model suggested that respondents considered flood hazard in their decision. Consistent with previous research (e.g., Bin and Kruse 2006;Eves 2002;Harrison, Smersh, and Schwartz 2001;Pope 2008;Shultz and Fridgen 2001;Speyer and Ragas 1991), they preferred housing options that were farther from flood-prone areas. As noted previously, the Flood Disaster Protection Act and the National Flood Insurance Reform Act mandate federally regulated lenders to disclose flood hazard to home buyers during real estate transaction.…”

Section: Discussionsupporting

confidence: 84%

“…A substantial amount of research has reported the impact of environmental hazards on housing choice, including floods (e.g., Bin and Kruse 2006;Eves 2002;Harrison, Smersh, and Schwartz 2001;Pope 2008;Shultz and Fridgen 2001;Speyer and Ragas 1991), hurricanes (e.g. Ewing, Kruse, and Wang 2007;Simmons, Kruse, and Smith 2002), toxic chemicals (e.g., Adeola 2000;Lee, Taylor, and Hong 2008;Smith and Desvousgous 1986;Thayer, Albers, and Rahmatian 1992), water contamination (Page and Robinowitz 1993), and nuclear risk (Gawande and Jenkins-Smith 2001).…”

Section: Empirical Evidencementioning

confidence: 99%

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Residential Housing Choice in a Multihazard Environment: Implications for Natural Hazards Mitigation and Community Environmental Justice

Zhang

2010

Journal of Planning Education and Research

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This study examines residents’ housing decisions in a multihazard environment (flood, hurricane, and toxic chemicals). The combination of a hedonic price model and a household survey conducted in Harris County, Texas, indicates that flood hazard was an important factor in households’ housing decisions, but not hurricane and toxic materials hazards. The results have further suggested that home buyers were poorly informed about hurricane and toxic materials hazards when housing decisions were made and came to understand their vulnerability only while living in hazard-prone neighborhoods. Moreover, it appears that low-income households and minorities were the least-informed group in the housing market. These findings provide implications for using hazard information programs to promote community resilience to natural hazards and community environmental justice.

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Section: Discussionsupporting

confidence: 84%

Section: Empirical Evidencementioning

confidence: 99%

Residential Housing Choice in a Multihazard Environment: Implications for Natural Hazards Mitigation and Community Environmental Justice

Zhang

2010

Journal of Planning Education and Research

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“…A handful of studies have used hedonic models to study the relationship between SFHA status and property values in coastal areas. Harrison, Smersh, and Schwartz (2001) investigate real estate transactions in Alachua County, Florida, finding that after 1994 a SFHA designation lowered the value of a home by about US$2,100. (The mean selling price was US$73,000.)…”

Section: Prior Researchmentioning

confidence: 99%

“…As Harrison et al (2001) note, changes in NFIP rules in 1994 strengthened enforcement of mandatory purchase requirements and thereby changed the effect of SFHA status on property values. For this reason, studies conducted before 1994 may not be as relevant to current policy debates.…”

Section: Prior Researchmentioning

confidence: 99%

The Impact of Special Flood Hazard Area Designation on Residential Property Values

Posey¹,

Rogers

2010

Public Works Management & Policy

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Floodplains in the United States are designated by the federal government as special flood hazard areas (SFHA). There is a dearth of published work on the effect of SFHA designation on property values in noncoastal areas. This research note addresses this lacuna by analyzing home sales prices in St. Louis County, Missouri. A hedonic model with correction for spatial autocorrelation indicates that being located in a SFHA reduces the value of a property by about 8.6%, including both direct and indirect effects. This information is relevant to ongoing policy discussions regarding weakened levee systems in the United States.

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“…Second, previous studies examining the link between climatic factors and property prices have mainly focused on housing prices (Harrison et al 2001;Bernstein et al 2019) and farmland prices (Mendelsohn et al 1994). Our research is the first to examine the effects of climatological factors on not only housing prices, but also residential land prices in Iran.…”

Section: Introductionmentioning

confidence: 99%

Drought and Property Prices: Empirical Evidence from Provinces of Iran

2020

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This study examines the effect of drought on housing and residential land prices in Iran. Using panel data covering the 2006–2015 period for 31 provinces of Iran and applying a dynamic system and the difference Generalized Methods of Moments (GMM) methods, we find that an increase in the balance of water (reducing the severity of drought) within provinces has a positive effect on property prices. Our results are robust, controlling for province fixed effects, time trend, and a set of control variables that may affect property prices.

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Environmental Determinants of Housing Prices: The Impact of Flood Zone Status

Cited by 164 publications

References 10 publications

Residential Housing Choice in a Multihazard Environment: Implications for Natural Hazards Mitigation and Community Environmental Justice

Residential Housing Choice in a Multihazard Environment: Implications for Natural Hazards Mitigation and Community Environmental Justice

The Impact of Special Flood Hazard Area Designation on Residential Property Values

Drought and Property Prices: Empirical Evidence from Provinces of Iran

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