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| DOI | 10.1016/j.landurbplan.2024.105062 |
| Climate change and real estate markets: An empirical study of the impacts of wildfires on home values in California | |
| 发表日期 | 2024 |
| ISSN | 0169-2046 |
| EISSN | 1872-6062 |
| 起始页码 | 247 |
| 卷号 | 247 |
| 英文摘要 | This study uses a quasi-experimental design to evaluate the impacts of the major wildfires in California from 2016 to 2021 on property value at the neighborhood level, as defined by Census tracts. I construct a 12-year (2010-2021) panel data set and run spatial panel models with random effects to compare changes in home values between neighborhoods affected by wildfires and control neighborhoods identified through propensity score matching. The analysis shows that the overall impact of wildfires on home values in fire-touched neighborhoods is not statistically significant. When considering the proportion of land burned by wildfires in a neighborhood, a statistically significant impact emerges, with home values declining by 0.014 % for every 10percentage point increase in the proportion of land burned. Nonetheless, the impact of wildfires on home values in nearby neighborhoods within five miles of wildfire perimeters is statistically significant. On average, major wildfires cause a 2.2 % price drop in nearby neighborhoods. The price drop in nearby neighborhoods is positively associated with proximity to wildfires, fire frequency, and fire scale. With the relatively modest impact of wildfires on property values, relying on market-based approaches may not be effective in curbing the future growth in fire-prone and amenity-rich communities. |
| 英文关键词 | Wildfire; Home value; Home price; Climate change; Real Estate |
| 语种 | 英语 |
| WOS研究方向 | Environmental Sciences & Ecology ; Geography ; Physical Geography ; Public Administration ; Urban Studies |
| WOS类目 | Ecology ; Environmental Studies ; Geography ; Geography, Physical ; Regional & Urban Planning ; Urban Studies |
| WOS记录号 | WOS:001215997900001 |
| 来源期刊 | LANDSCAPE AND URBAN PLANNING
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| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/287828 |
| 作者单位 | California State University System; California State University Fresno |
| 推荐引用方式 GB/T 7714 | . Climate change and real estate markets: An empirical study of the impacts of wildfires on home values in California[J],2024,247. |
| APA | (2024).Climate change and real estate markets: An empirical study of the impacts of wildfires on home values in California.LANDSCAPE AND URBAN PLANNING,247. |
| MLA | "Climate change and real estate markets: An empirical study of the impacts of wildfires on home values in California".LANDSCAPE AND URBAN PLANNING 247(2024). |
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