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Economic Effects of Hazardous Chemical and Proposed Radioactive Waste Landfills on Surrounding Real Estate Values

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    Abstract

    The results of the study of residential housing prices of homes located in the proximity of a large toxic chemical waste landfill in the Toledo, Ohio, area for 1986-1990, strongly suggest a distinct negative impact on sale prices for homes located within 2.6 miles of the existing site, and a diminishing impact before a distance of 5.75 miles is reached. Within the 0-2.6 mile range of the Envirosafe Landfill, a $14,200 premium was found for each mile a house was located away from the Landfill. The premium is greater than found in other studies. A second proposed site in 1989, for low-level radioactive wastes, showed a clear, initial negative impact on housing sales prices upon announcement, but the negative effect on prices dissipated soon after extensive public resistance became evident and caused the proposal to be canceled.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol07n03/v07p283.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 7 (1992)
    Issue (Month): 3 ()
    Pages: 283-296

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    Handle: RePEc:jre:issued:v:7:n:3:1992:p:283-296

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Web page: http://www.aresnet.org/

    Order Information:
    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    Cited by:
    1. Katherine Kiel, 2006. "Environmental Contamination and House Values," Working Papers 0601, College of the Holy Cross, Department of Economics.
    2. Brasington, David M. & Hite, Diane, 2005. "Demand for environmental quality: a spatial hedonic analysis," Regional Science and Urban Economics, Elsevier, vol. 35(1), pages 57-82, January.
    3. McCluskey, Jill Jennifer & Rausser, Gordon C, 2000. "Hazardous waste sites and housing appreciation rates," CUDARE Working Paper Series 906, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
    4. John Braden & Xia Feng & DooHwan Won, 2011. "Waste Sites and Property Values: A Meta-Analysis," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 50(2), pages 175-201, October.
    5. Richard C. Ready, 2010. "Do Landfills Always Depress Nearby Property Values?," Journal of Real Estate Research, American Real Estate Society, vol. 32(3), pages 321-340.
    6. Anna Alberini & Alberto Longo, 2006. "The Effects of Contamination and Cleanup on Commercial and Industrial Properties: A Hedonic Pricing Model of Maryland and Baltimore City," ERSA conference papers ersa06p413, European Regional Science Association.
    7. Su Han Chan & Shin-Hering Michelle Chu & George H. Lentz & Ko Wang, 1998. "Intra-Project Externality and Layout Variables in Residential Condominium Appraisals," Journal of Real Estate Research, American Real Estate Society, vol. 15(2), pages 131-146.
    8. Hodge, Timothy R., 2011. "The Effect of Ethanol Plants on Residential Property Values: Evidence from Michigan," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 41(2).
    9. Robert A. Simons & William Bowen & Arthur Sementell, 1997. "The Effect of Underground Storage Tanks on Residential Property Values in Cuyahoga County, Ohio," Journal of Real Estate Research, American Real Estate Society, vol. 14(1), pages 29-42.
    10. Pham, Hai-Vu, 2010. "La dimension conflictuelle des projets d’infrastructure : essais sur la décision publique, le contentieux et les prix immobiliers," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/5656 edited by Torre, André & Kirat, Thierry.
    11. David M. Brasington & Diane Hite, . "Demand for Environmental Quality: A Spatial Hedonic Approach," Departmental Working Papers 2005-08, Department of Economics, Louisiana State University.
    12. George H. Lentz & Ko Wang, 1998. "Residential Appraisal and the Lending Process: A Survey of Issues," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 11-40.

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