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The effect of remediating PCB-contaminated sediments on home prices in Milwaukee, Wisconsin, USA

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  • Wilkinson, Robin
  • Melstrom, Richard T.

Abstract

This paper estimates the effect of environmental remediation on housing prices in the Milwaukee Estuary Area of Concern (AOC) using a hedonic analysis of individual arms-length sales before and after a major remediation action between 2011 and 2015. Our design leverages this before-after comparison as well as the proximity of homes to remediation and the AOC boundary. Measuring the effect of AOCs in the housing market has always been a difficult task, given that water in AOCs can provide a mix of amenities and disamenities. Indeed, we find little evidence of a negative proximity effect when applying hedonic analysis to cross-section data. However, when we apply the analysis to a repeated cross section in a quasi-experimental framework, we find statistically significant evidence that living near the affected part of the AOC became more desirable after cleanup.

Suggested Citation

  • Wilkinson, Robin & Melstrom, Richard T., 2023. "The effect of remediating PCB-contaminated sediments on home prices in Milwaukee, Wisconsin, USA," Agricultural and Resource Economics Review, Cambridge University Press, vol. 52(1), pages 71-88, April.
    • Handle: RePEc:cup:agrerw:v:52:y:2023:i:1:p:71-88_3
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