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Measuring the impact of crime on house prices

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  • Allen Lynch
  • David Rasmussen
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    Abstract

    This paper uses data on over 2800 house sales in Jacksonville, FL to estimate the impact of crime on house prices. A GIS programme is used to develop neighbourhood characteristics that are unique to each observation. Crime data, available for 89 police beats are assigned to each observation. Weighting the seriousness of offences by the cost of crime to victims is used as an alternative to the customary measures of the number of index crimes. The cost of crime has virtually no impact on house prices overall, but homes are highly discounted in high crime areas.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics.

    Volume (Year): 33 (2001)
    Issue (Month): 15 ()
    Pages: 1981-1989

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    Handle: RePEc:taf:applec:v:33:y:2001:i:15:p:1981-1989

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    Cited by:
    1. Braakmann, Nils, 2012. "How do individuals deal with victimization and victimization risk? Longitudinal evidence from Mexico," Journal of Economic Behavior & Organization, Elsevier, vol. 84(1), pages 335-344.
    2. Mihaescu, Oana & vom Hofe, Rainer, 2013. "The Impact of Brownfields on Residential Property Values in Cincinnati, Ohio: A Spatial Hedonic Approach," HUI Working Papers 85, HUI Research.
    3. Steve Gibbons, 2003. "The costs of urban property crime," LSE Research Online Documents on Economics 20043, London School of Economics and Political Science, LSE Library.
    4. Adriana Villamarin Garcia, 2011. "Prevenir y calcular una estimacion de los costos de la violencia homicida en Colombia," DOCUMENTOS DE CERAC 009108, CERAC -CENTRO DE RECURSOS PARA EL ANÁLISIS DE CONFLICTOS-.
    5. Anastasia Klimova & Adrian D. Lee, 2014. "Does a Nearby Murder Affect Housing Prices and Rents? The Case of Sydney," Working Paper Series 21, Economics Discipline Group, UTS Business School, University of Technology, Sydney.
    6. Arbel, Yuval & Ben-Shahar, Danny & Gabriel, Stuart & Tobol, Yossef, 2010. "The local cost of terror: Effects of the second Palestinian Intifada on Jerusalem house prices," Regional Science and Urban Economics, Elsevier, vol. 40(6), pages 415-426, November.
    7. Braakmann, Nils, 2013. "Crime, health and wellbeing – Longitudinal evidence from Mexico," MPRA Paper 44885, University Library of Munich, Germany.
    8. Soares, Rodrigo R., 2006. "The welfare cost of violence across countries," Journal of Health Economics, Elsevier, vol. 25(5), pages 821-846, September.
    9. Olivier Parent & Rainer Hofe, 2013. "Understanding the impact of trails on residential property values in the presence of spatial dependence," The Annals of Regional Science, Springer, vol. 51(2), pages 355-375, October.
    10. Vania Ceccato & Mats Wilhemson, 2011. "The impact of crime on apartment prices: evidence of Stockholm, Sweden," ERSA conference papers ersa10p1026, European Regional Science Association.
    11. Rémi Boivin, 2014. "Prince George is Not (and never was) Canada’s Most Dangerous City: Using Police-Recorded Data for Comparison of Volume and Seriousness of Crimes," Social Indicators Research, Springer, vol. 116(3), pages 899-907, May.
    12. Christian A.L. Hilber, 2003. "Neighborhood externality risk and the homeownership status of properties," Proceedings 885, Federal Reserve Bank of Chicago.
    13. Sedgley, Norman H. & Williams, Nancy A. & Derrick, Frederick W., 2008. "The effect of educational test scores on house prices in a model with spatial dependence," Journal of Housing Economics, Elsevier, vol. 17(2), pages 191-200, June.
    14. Braakmann, Nils, 2012. "The link between non-property crime and house prices – Evidence from UK street-level data," MPRA Paper 44884, University Library of Munich, Germany.
    15. Thomas Y. Mathä & Alessandro Porpiglia & Michael Ziegelmeyer, 2014. "Wealth differences across borders and the effect of real estate price dynamics: Evidence from two household surveys," BCL working papers 90, Central Bank of Luxembourg.
    16. Pope, Devin G. & Pope, Jaren C., 2012. "Crime and property values: Evidence from the 1990s crime drop," Regional Science and Urban Economics, Elsevier, vol. 42(1-2), pages 177-188.
    17. Braakmann, Nils, 2009. "Is there a compensating wage differential for high crime levels? First evidence from Europe," Journal of Urban Economics, Elsevier, vol. 66(3), pages 218-231, November.
    18. Contreras, Víctor & Garay, Urbi & Santos, Miguel Angel & Betancourt, Cosme, 2014. "Expropriation risk and housing prices: Evidence from an emerging market," Journal of Business Research, Elsevier, vol. 67(5), pages 935-942.
    19. Paolo Buonanno & Daniel Montolio & Josep Raya-Vílchez, 2013. "Housing prices and crime perception," Empirical Economics, Springer, vol. 45(1), pages 305-321, August.

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