Effects of Flood Hazards on Property Values: Evidence Before and After Hurricane Floyd
AbstractThis 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.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 80 (2004)
Issue (Month): 4 ()
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Web page: http://le.uwpress.org/
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