The Value of a Healthy Home: Lead Paint Remediation and Housing Values

Stephen Billings and Kevin Schnepel

No 2015-23, Working Papers from University of Sydney, School of Economics

Abstract: The presence of lead paint significantly impairs cognitive and behavioral development, yet little is known about how this residence-specific environmental health risk affects property values. In this paper, we estimate the benefits of lead-paint remediation on housing prices. Using data on all homes that applied to a HUD-funded program in Charlotte, North Carolina, we adopt a difference-in-differences estimator that compares values among remediated properties with those for which an inspection does not identify a lead paint hazard. Results indicate that remediation has large benefits—a typical investment of $7,291 is associated with a capitalized benefit of $20,323 as well as a reduction in residential turnover.

Keywords: lead exposure; lead paint; lead hazard control, environmental quality; urban environmental health; difference-in-differences (search for similar items in EconPapers)
Date: 2015-12
New Economics Papers: this item is included in nep-env, nep-hea and nep-ure
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http://econ-wpseries.com/2015/201523.pdf

Related works:
Journal Article: The value of a healthy home: Lead paint remediation and housing values (2017)
Working Paper: The Value of a Healthy Home: Lead Paint Remediation and Housing Values (2017)
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