Wind power and real estate prices in Oklahoma

Becca Castleberry and John Scott Greene

International Journal of Housing Markets and Analysis, 2018, vol. 11, issue 5, 808-827

Abstract: Purpose - Oklahoma has seen rapid growth in the development of wind energy over the past decade. Residents are concerned about the negative impacts of turbines such as noise or their appearance. This has raised concerns about property values. Thus, this paper aims to examine and quantify the overall impact of wind turbines upon real estate prices in Western Oklahoma. Design/methodology/approach - Sales prices and the history of approximately 23,000 residential real estate records for both platted and unplatted properties in five counties were examined prior to the announcement of construction, after announcement and after construction. A hedonic analysis was undertaken to examine the real estate prices of the properties near wind farms. Findings - While there may be isolated instances of lower property values for homes near wind turbines, results show no significant decreases in property values over homes near wind farms in the study area. Similar results are found for the unplatted properties. Practical implications - This paper highlights that in spite of mixed attitudes toward wind farms and misconceptions regarding the link between turbines and property values, Oklahoma’s growing wind industry can continue to thrive without negatively impacting nearby home and land values and prices. Originality/value - Although there have been numerous studies examining the relationship between wind turbine locations and real estate prices, no study has combined the large quantity of records (over 23,000) as well as both platted and unplatted locations.

Keywords: Property; Real estate; Hedonic analysis; Oklahoma; Wind power; GIS (geographic information systems) (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijhmap:ijhma-02-2018-0010

DOI: 10.1108/IJHMA-02-2018-0010

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