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The sociology of property value in a climate-changed United States

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  • Elliott, Rebecca

Abstract

In the United States, individual and collective economic well-being is closely tied to homeownership. But there is an emerging set of complex issues where climate impacts intersect with housing markets. As climate disasters hit with greater intensity and frequency, the economic effects will be felt not only as the underlying assets are damaged or destroyed, but also as those experiences, and expectations of similar ones to come, are “priced in” to the judgments of what homes in floodplains, on the storm-exposed coasts, and in the wildland-urban interface are worth. Drawing on scholarship on economic valuation, racism and housing markets, and homeownership in American political economy and culture, I outline a sociology of property value that can help us to approach this matter analytically as it unfolds empirically. This approach allows us to better see how social actors will shape the climate-changed world by determining whether, how, and with what effects property values change. I illustrate these potential contributions through application to a court case in which the question of what, precisely, was happening to property value—and whether, by extension, proximity to the water is an amenity or a risk—was the primary point of contention. The implications open onto fundamental questions about the future of safe and secure housing in a climate-changed United States.

Suggested Citation

  • Elliott, Rebecca, 2024. "The sociology of property value in a climate-changed United States," LSE Research Online Documents on Economics 125922, London School of Economics and Political Science, LSE Library.
  • Handle: RePEc:ehl:lserod:125922
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    File URL: http://eprints.lse.ac.uk/125922/
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    References listed on IDEAS

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    1. Brett Christophers, 2017. "Climate Change and Financial Instability: Risk Disclosure and the Problematics of Neoliberal Governance," Annals of the American Association of Geographers, Taylor & Francis Journals, vol. 107(5), pages 1108-1127, September.
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    More about this item

    Keywords

    homeownership; United States; climate change; property value; valuation;
    All these keywords.

    JEL classification:

    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General

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