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The Value of a Healthy Home: Lead Paint Remediation and Housing Values

Listed author(s):
  • Billings, Stephen B.

    ()

    (University of Colorado, Boulder)

  • Schnepel, Kevin T.

    ()

    (University of Sydney)

The presence of lead paint significantly impairs cognitive and behavioral development, yet little is known about the value to households of avoiding this residence-specific environmental health risk. In this paper, we estimate the benefits of lead-paint remediation on housing prices. Using data on all homes that applied to a HUD-funded program in Charlotte, North Carolina, we adopt a difference-in-differences estimator that compares values among remediated properties with those for which an inspection does not identify a lead paint hazard. Results indicate large returns for public and private investment in remediation with each $1 spent on lead remediation generating $2.60 in benefits as well as a reduction in residential turnover.

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File URL: http://ftp.iza.org/dp10873.pdf
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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 10873.

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Length: 38 pages
Date of creation: Jul 2017
Handle: RePEc:iza:izadps:dp10873
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