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Property Values in a Low Populated Area when Dual Noxious Facilities are Present

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  • Jeff Anstine

Abstract

This paper examines how the presence of dual, disparate environmental disamenities located near each other impact property values in a semi‐rural area. A heavy metals manufacturing facility and a rubber‐compounding factory operate two and one half miles apart in a small community. The heavy metals manufacturing facility uses low‐level depleted uranium in its production. The level of production is small and the production process does not emit visible air pollution or odors that can be easily identified. Thus, if the surrounding community negatively perceives a potential risk, it is not through the channels of sight or smell. The rubber‐compounding factory emits foul odors and some visible air pollution. Thus, its negative externalities and potential risks are easily perceptible. Using the hedonic price technique, this paper examines the impact of the use of a non‐perceptible hazardous material in the production of a good on housing prices in a community when another more visible, noxious facility is present. The results show that noticeable disamenities are capitalized into housing values, while non‐visible ones are not.

Suggested Citation

  • Jeff Anstine, 2003. "Property Values in a Low Populated Area when Dual Noxious Facilities are Present," Growth and Change, Wiley Blackwell, vol. 34(3), pages 345-358, August.
    • Handle: RePEc:bla:growch:v:34:y:2003:i:3:p:345-358
    DOI: 10.1111/1468-2257.00222
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    Cited by:

    1. Jeffrey P. Cohen & Cletus C. Coughlin, 2009. "Changing Noise Levels and Housing Prices Near the Atlanta Airport," Growth and Change, Wiley Blackwell, vol. 40(2), pages 287-313, June.
    2. Chau‐Sa Ho & Diane Hite, 2008. "The benefit of environmental improvement in the southeastern United States: Evidence from a simultaneous model of cancer mortality, toxic chemical releases and house values," Papers in Regional Science, Wiley Blackwell, vol. 87(4), pages 589-604, November.
    3. Céline Grislain-Letrémy & Arthur Katossky, 2013. "Les risques industriels et le prix des logements," Économie et Statistique, Programme National Persée, vol. 460(1), pages 79-106.
    4. Haiyong Zhang & Sanqin Mao & Xinyu Wang, 2021. "How Much Are People Willing to Pay for Clean Air? Analyzing Housing Prices in Response to the Smog Free Tower in Xi’an," IJERPH, MDPI, vol. 18(19), pages 1-16, September.
    5. Jeffrey P. Cohen & Cletus C. Coughlin, 2008. "Airport-related noise, proximity, and housing prices in Atlanta," Working Papers 2005-060, Federal Reserve Bank of St. Louis.
    6. John Braden & Xia Feng & DooHwan Won, 2011. "Waste Sites and Property Values: A Meta-Analysis," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 50(2), pages 175-201, October.
    7. Andres Jauregui & Diane Hite, 2010. "The impact of real estate agents on house prices near environmental disamenities," Housing Policy Debate, Taylor & Francis Journals, vol. 20(2), pages 295-316, March.
    8. Turnquist, Alan & Fortenbery, T. Randall & Foltz, Jeremy D., 2008. "Progress or Devastation? The Effects of Ethanol Plant Location on Local Land Use," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6125, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    9. 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.
    10. Grislain-Letrémy, Céline, 2012. "Assurance et prévention des catastrophes naturelles et technologiques," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/9073 edited by Villeneuve, Bertrand.

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