IDEAS home Printed from https://ideas.repec.org/a/gam/jlands/v11y2022i9p1432-d902211.html
   My bibliography  Save this article

Estimating the Effect of Tidal Marsh Restoration on Housing Prices: A Hedonic Analysis in the Nisqually National Wildlife Refuge, Washington, USA

Author

Listed:
  • Anthony Good

    (Economist, Formerly U.S. Geological Survey, Science and Decisions Center, Reston, VA 20192, USA)

  • Emily Pindilli

    (Economist, U.S. Geological Survey, Science and Decisions Center, Reston, VA 20192, USA)

Abstract

This study employs the hedonic pricing method and a rich spatial and temporal dataset from two counties in Washington, USA to determine the effect of the 2009 Nisqually Restoration project (NRP) on housing prices in adjacent communities. The NRP restored 308 hectares of wetlands via dike removal in the Billy Frank Jr. Nisqually National Wildlife Refuge (NNWR), leading to improvements in salmon and bird abundance and recreational opportunities. We find that the ecological improvements made by the NRP increased the value of homes within 0.5 mile of the refuge by $37,631; homes 0.5 to 1 mile by $10,489; and homes 1 to 1.5 miles by $31,186. Our findings are consistent with previous wetland hedonic price analyses and may be useful inputs in natural resource management and policy decision-making.

Suggested Citation

  • Anthony Good & Emily Pindilli, 2022. "Estimating the Effect of Tidal Marsh Restoration on Housing Prices: A Hedonic Analysis in the Nisqually National Wildlife Refuge, Washington, USA," Land, MDPI, vol. 11(9), pages 1-12, August.
    • Handle: RePEc:gam:jlands:v:11:y:2022:i:9:p:1432-:d:902211
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2073-445X/11/9/1432/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2073-445X/11/9/1432/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Patrick J. Walsh & J. Walter Milon & David O. Scrogin, 2011. "The Spatial Extent of Water Quality Benefits in Urban Housing Markets," Land Economics, University of Wisconsin Press, vol. 87(4), pages 628-644.
    2. Bin, Okmyung & Polasky, Stephen, 2005. "Evidence on the Amenity Value of Wetlands in a Rural Setting," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 37(3), pages 589-602, December.
    3. Lupi, Frank & Graham-Tomasi, Theodore & Taff, Steven J., 1991. "A Hedonic Approach To Urban Wetland Valuation," Staff Papers 13284, University of Minnesota, Department of Applied Economics.
    4. Sorada Tapsuwan & Gordon Ingram & Michael Burton & Donna Brennan, 2009. "Capitalized amenity value of urban wetlands: a hedonic property price approach to urban wetlands in Perth, Western Australia ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 53(4), pages 527-545, October.
    5. Frey, Elaine F. & Palin, Marissa B. & Walsh, Patrick J. & Whitcraft, Christine R., 2013. "Spatial Hedonic Valuation of a Multi-use Urban Wetland in Southern California," Agricultural and Resource Economics Review, Cambridge University Press, vol. 42(2), pages 387-402, August.
    6. Bell, Frederick W., 1997. "The economic valuation of saltwater marsh supporting marine recreational fishing in the southeastern United States," Ecological Economics, Elsevier, vol. 21(3), pages 243-254, June.
    7. Lynne Y. Lewis & Curtis Bohlen & Sarah Wilson, 2008. "Dams, Dam Removal, And River Restoration: A Hedonic Property Value Analysis," Contemporary Economic Policy, Western Economic Association International, vol. 26(2), pages 175-186, April.
    8. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    9. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    10. Pramod Lamsal & Kishor Atreya & Krishna Prasad Pant & Lalit Kumar, 2016. "Tourism and wetland conservation: application of travel cost and willingness to pay an entry fee at Ghodaghodi Lake Complex, Nepal," Natural Resources Forum, Blackwell Publishing, vol. 40(1-2), pages 51-61, February.
    11. Brent L. Mahan & BStephen Polasky & Richard M. Adams, 2000. "Valuing Urban Wetlands: A Property Price Approach," Land Economics, University of Wisconsin Press, vol. 76(1), pages 100-113.
    12. Kenneth Y. Chay & Michael Greenstone, 2005. "Does Air Quality Matter? Evidence from the Housing Market," Journal of Political Economy, University of Chicago Press, vol. 113(2), pages 376-424, April.
    13. Netusil, Noelwah R. & Moeltner, Klaus & Jarrad, Maya, 2019. "Floodplain designation and property sale prices in an urban watershed," Land Use Policy, Elsevier, vol. 88(C).
    14. Doss, Cheryl R. & Taff, Steven J., 1996. "The Influence Of Wetland Type And Wetland Proximity On Residential Property Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(1), pages 1-10, July.
    15. Cho, Seong-Hoon & Lambert, Dayton M. & Kim, Seung Gyu & Park, William M. & Roberts, Roland K., 2010. "Identifying the range of distance over which open space affects housing values," 2010 Annual Meeting, February 6-9, 2010, Orlando, Florida 56342, Southern Agricultural Economics Association.
    16. Carlsson, Fredrik & Frykblom, Peter & Liljenstolpe, Carolina, 2003. "Valuing wetland attributes: an application of choice experiments," Ecological Economics, Elsevier, vol. 47(1), pages 95-103, November.
    17. Tirath R. Gupta & John H. Foster, 1975. "Economic Criteria for Freshwater Wetland Policy in Massachusetts," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 57(1), pages 40-45.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jeffrey P. Cohen & Robert G. Cromley & Kevin T. Banach, 2015. "Are Homes Near Water Bodies and Wetlands Worth More or Less? An Analysis of Housing Prices in One Connecticut Town," Growth and Change, Wiley Blackwell, vol. 46(1), pages 114-132, March.
    2. Stephen Gibbons & Susana Mourato & Guilherme Resende, 2014. "The Amenity Value of English Nature: A Hedonic Price Approach," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 57(2), pages 175-196, February.
    3. Matthew Richardson & Pengfei Liu & Michael Eggleton, 2022. "Valuation of Wetland Restoration: Evidence from the Housing Market in Arkansas," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 81(3), pages 649-683, March.
    4. Waltert, Fabian & Schläpfer, Felix, 2010. "Landscape amenities and local development: A review of migration, regional economic and hedonic pricing studies," Ecological Economics, Elsevier, vol. 70(2), pages 141-152, December.
    5. Du, Xuejun & Huang, Zhonghua, 2018. "Spatial and temporal effects of urban wetlands on housing prices: Evidence from Hangzhou, China," Land Use Policy, Elsevier, vol. 73(C), pages 290-298.
    6. Tapsuwan, Sorada & Polyakov, Maksym & Bark, Rosalind & Nolan, Martin, 2015. "Valuing the Barmah–Millewa Forest and in stream river flows: A spatial heteroskedasticity and autocorrelation consistent (SHAC) approach," Ecological Economics, Elsevier, vol. 110(C), pages 98-105.
    7. Prasad Neelawala & Clevo Wilson & Wasantha Athukorala, 2013. "The impact of mining and smelting activities on property values: a study of Mount Isa city, Queensland, Australia," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 57(1), pages 60-78, January.
    8. David Boto-García & Veronica Leoni, 2023. "The Economic Value of Coastal Amenities: Evidence from Beach Capitalization Effects in Peer-to-Peer Markets," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 84(2), pages 529-557, February.
    9. James R. Meldrum, 2016. "Floodplain Price Impacts by Property Type in Boulder County, Colorado: Condominiums Versus Standalone Properties," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(4), pages 725-750, August.
    10. Carriazo, Fernando & Ready, Richard & Shortle, James, 2013. "Using stochastic frontier models to mitigate omitted variable bias in hedonic pricing models: A case study for air quality in Bogotá, Colombia," Ecological Economics, Elsevier, vol. 91(C), pages 80-88.
    11. Masha Maslianskaia-Pautrel & Catherine Baumont pba148, 2016. "The nature and impacts of environmental spillovers on housing prices: A spatial hedonic analysis," Working Papers 2016.04, FAERE - French Association of Environmental and Resource Economists.
    12. Frey, Elaine F. & Palin, Marissa B. & Walsh, Patrick J. & Whitcraft, Christine R., 2013. "Spatial Hedonic Valuation of a Multiuse Urban Wetland in Southern California," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 42(2), pages 1-16, August.
    13. Bin, Okmyung & Polasky, Stephen, 2005. "Evidence on the Amenity Value of Wetlands in a Rural Setting," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 37(3), pages 1-14, December.
    14. Lucija Muehlenbachs & Elisheba Spiller & Christopher Timmins, 2015. "The Housing Market Impacts of Shale Gas Development," American Economic Review, American Economic Association, vol. 105(12), pages 3633-3659, December.
    15. Sanglim Yoo & John E. Wagner, 2016. "A review of the hedonic literatures in environmental amenities from open space: a traditional econometric vs. spatial econometric model," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 20(1), pages 141-166, March.
    16. Fluvià, Modest & Rigall-I-Torrent, Ricard & Espinet, Josep Maria & Garriga, Anna & Saló, Albert, 2011. "Precios implícitos de los atributos de los productos turísticos: ¿Qué esconde el efecto de la localización?/Implicit Prices of the Attributes of Tourism Products: What is Hidden Behind Location?," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 29, pages 781-802, Diciembre.
    17. Steve Gibbons & Stephan Heblich & Esther Lho & Christopher Timmins, 2016. "Fear of Fracking? The Impact of the Shale Gas Exploration on House Prices in Britain," SERC Discussion Papers 0207, Centre for Economic Performance, LSE.
    18. Katherine Kiel, 2007. "The Impact of Wetlands Rules on the Prices of Regulated and Proximate Houses: A Case Study," Working Papers 0707, College of the Holy Cross, Department of Economics.
    19. Lars Nesheim, 2006. "Hedonic price functions," CeMMAP working papers CWP18/06, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
    20. Gibbons, Stephen & Heblich, Stephan & Timmins, Christopher, 2021. "Market tremors: Shale gas exploration, earthquakes, and their impact on house prices," Journal of Urban Economics, Elsevier, vol. 122(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jlands:v:11:y:2022:i:9:p:1432-:d:902211. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.