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A Hedonic Analysis of the Impact of LUST Sites on House Prices in Frederick, Baltimore, and Baltimore City Counties

Author

Listed:
  • Jeffrey Zabel
  • Dennis Guignet

Abstract

Petroleum from leaking underground storage tanks (LUSTs) can contaminate local soil, and surface and groundwater. In some cases this can pose health risks to the surrounding population. Focusing on single family home sales from 1996-2007 in three Maryland counties, we use a hedonic house price model to estimate the willingness to pay to live father away from LUST sites. Particular attention is given to how property values are affected by leak and cleanup activity at a LUST site, the severity of contamination, the presence of a primary exposure path (i.e., private groundwater wells), and publicity surrounding a LUST site. The results suggest that although the typical LUST site may not significantly affect nearby property values, more publicized (and more contaminated sites) can impact surrounding home values by more than 10%.

Suggested Citation

  • Jeffrey Zabel & Dennis Guignet, 2010. "A Hedonic Analysis of the Impact of LUST Sites on House Prices in Frederick, Baltimore, and Baltimore City Counties," NCEE Working Paper Series 201001, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jan 2010.
    • Handle: RePEc:nev:wpaper:wp201001
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    File URL: https://www.epa.gov/environmental-economics/working-paper-hedonic-analysis-impact-lust-sites-house-prices-frederick
    File Function: First version, 2010
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    Cited by:

    1. Linn, Joshua, 2013. "The effect of voluntary brownfields programs on nearby property values: Evidence from Illinois," Journal of Urban Economics, Elsevier, vol. 78(C), pages 1-18.
    2. Doron Lavee & Tomer Ash & Gilat Baniad, 2012. "Cost‐benefit analysis of soil remediation in Israeli industrial zones," Natural Resources Forum, Blackwell Publishing, vol. 36(4), pages 285-299, November.
    3. Doron Lavee, 2012. "A cost-benefit analysis of relocating a polluting factory," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 55(7), pages 901-919, October.
    4. Il Hwan Chung & William Duncombe & John Yinger, 2018. "The Impact of State Aid Reform on Property Values: A Case Study of Maryland's Bridge to Excellence in Public Schools Act," Education Finance and Policy, MIT Press, vol. 13(3), pages 369-394, Summer.

    More about this item

    Keywords

    hedonic model; LUST; groundwater contamination; Remediation benefits;
    All these keywords.

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