The value of a healthy home: Lead paint remediation and housing values
Stephen B. Billings and
Journal of Public Economics, 2017, vol. 153, issue C, 69-81
The presence of lead paint significantly impairs cognitive and behavioral development, yet little is known about the value to households of avoiding this residence-specific environmental health risk. 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 large returns for public and private investment in remediation with each $1 spent on lead remediation generating $2.60 in benefits as well as a reduction in residential turnover.
Keywords: Lead paint exposure; Lead hazard remediation; Value of environmental health risk; Urban environmental health (search for similar items in EconPapers)
JEL-codes: Q51 Q52 Q58 R21 R23 R31 I18 (search for similar items in EconPapers)
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Working Paper: 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 (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:pubeco:v:153:y:2017:i:c:p:69-81
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