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The Influence of Leaking Underground Storage Tanks on Nearby House Values

Author

Listed:
  • Hans R. Isakson

    (University of Northern Iowa)

  • Mark D. Ecker

    (University of Northern Iowa)

Abstract

Some households are willing to pay a premium to live farther away from a disamenity, such as a neighborhood gas station with a leaking underground storage tank (LUST). In this study, submarkets are constructed to allow for this premium to be a function of both the distance to the nearest LUST and the intensity of multiple LUSTs. We find evidence that households within ¼ mile of multiple LUSTs do not have a statistically significant aversion to living near them. However, households more than a ¼ mile from a LUST are willing to pay 9.29% more for a house located 10% farther away.

Suggested Citation

  • Hans R. Isakson & Mark D. Ecker, 2018. "The Influence of Leaking Underground Storage Tanks on Nearby House Values," Journal of Economic Insight, Missouri Valley Economic Association, vol. 44(1), pages 45-67.
    • Handle: RePEc:mve:journl:v:44:y:2018:i:1:p:45-67
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    More about this item

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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