Economic Effects of Hazardous Chemical and Proposed Radioactive Waste Landfills on Surrounding Real Estate Values

Gerald E. Smolen, Gary Moore () and Lawrence V. Conway
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Gerald E. Smolen: Department of Finance University of Toledo Toledo, Ohio 43606, http://finance.utoledo.edu/index.htm
Gary Moore: Department of Finance University of Toledo Toledo, Ohio 43606, http://finance.utoledo.edu/index.htm
Lawrence V. Conway: Department of Finance University of Toledo Toledo, Ohio 43606, http://finance.utoledo.edu/index.htm

Journal of Real Estate Research, 1992, vol. 7, issue 3, 283-296

Abstract: The results of the study of residential housing prices of homes located in the proximity of a large toxic chemical waste landfill in the Toledo, Ohio, area for 1986-1990, strongly suggest a distinct negative impact on sale prices for homes located within 2.6 miles of the existing site, and a diminishing impact before a distance of 5.75 miles is reached. Within the 0-2.6 mile range of the Envirosafe Landfill, a $14,200 premium was found for each mile a house was located away from the Landfill. The premium is greater than found in other studies. A second proposed site in 1989, for low-level radioactive wastes, showed a clear, initial negative impact on housing sales prices upon announcement, but the negative effect on prices dissipated soon after extensive public resistance became evident and caused the proposal to be canceled.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1992
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Citations: View citations in EconPapers (21)

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