The Influence of Leaking Underground Storage Tanks on Nearby House Values

Hans Isakson and Mark D. Ecker
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Mark D. Ecker: University of Northern Iowa

Journal of Economic Insight, 2018, vol. 44, issue 1, 45-67

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.

JEL-codes: Q51 Q53 R21 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:mve:journl:v:44:y:2018:i:1:p:45-67

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