The value of a healthy home: Lead paint remediation and housing values

• 成果类型: Article
• 署名作者: Billings, Stephen B.; Schnepel, Kevin T.
• 署名单位: University of Colorado System; University of Colorado Boulder; University of Sydney
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2017.07.006
• 发表日期: 2017
• 页码: 69-81
• 关键词: Lead paint exposure; Lead hazard remediation; Value of environmental health risk; Urban environmental health

摘要

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. (C) 2017 Elsevier B.V. All rights reserved.