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Effects of Flood Hazards on Property Values: Evidence before and after Hurricane Floyd
Abstract
This study uses a hedonic property price function to estimate the effects of flood hazards on residential property value. Utilizing data from sales of 8,000 single-family residential homes between 1992 and 2002 in Pitt County, North Carolina, an area that experienced significant flooding from Hurricane Floyd in September 1999, we find that a house located within a floodplain has a lower market value than an equivalent house located outside the floodplain. Furthermore, the price discount from locating within a floodplain is significantly larger after Hurricane Floyd than before. (JEL Q54)
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Citations
Cited by
Changes in implicit flood risk premiums: Empirical evidence from the housing market
Bin, O., & Landry, C. E. (2013) · Journal of Environmental Economics and Management · doi:10.1016/j.jeem.2012.12.002 · Cited by 474
Self-citationSegregation by Design: Local Politics and Inequality in American Cities
Trounstine, J. (2018) · doi:10.1017/9781108555722 · Cited by 428
Valuing flood disasters using the life satisfaction approach
Luechinger, S., & Raschky, P. A. (2009) · Journal of Public Economics · doi:10.1016/j.jpubeco.2008.10.003 · Cited by 353
The Impact of Perceived Flood Exposure on Flood‐Risk Perception: The Role of Distance
O'Neill, E., Brereton, F., Shahumyan, H., & Clinch, J. P. (2016) · Risk Analysis · doi:10.1111/risa.12597 · Cited by 204
Wildfire Risk and Housing Prices: A Case Study from Colorado Springs
Donovan, G. H., Champ, P. A., & Butry, D. T. (2007) · Land Economics · doi:10.3368/le.83.2.217 · Cited by 161
Metadata
- Authors
- Bin, O., & Polasky, S.
- Venue
- Land Economics
- Publisher
- University of Wisconsin Press
- Published
- 2004-11
- Volume
- 80
- Issue
- 4
- Pages
- 490
- ISSN
- 0023-7639 (ISSN-L)
- OpenAlex
- W2121745701
- Cited by
- 497
- References
- 0
- FWCI
- 14.22
- Type
- journal article
- Language
- en
- Open access
- closed
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