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Are Homes Near Water Bodies and Wetlands Worth More or Less? An Analysis of Housing Prices in One Connecticut Town.
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- Author(s): Cohen, Jeffrey P.; Cromley, Robert G.; Banach, Kevin T.
- Source:
Growth & Change; Mar2015, Vol. 46 Issue 1, p114-132, 22p- Subject Terms:
- Source:
- Additional Information
- Subject Terms:
- Abstract: Proximity to wetlands and water bodies can be considered an amenity (for open space and recreation value), as well as a possible nuisance (with the potential for flooding or development restrictions), although the overall effect may be different depending on location. Studies of the impacts of wetlands and water on housing prices can also be prone to spatial autocorrelation problems arising from omitted unobservables. Mc Millen and Redfearn explain that locally weighted regressions ( LWRs) can address spatial autocorrelation. In addition to ordinary least squares ( OLS), we use LWR to control for spatial effects and analyze how proximity to water bodies and wetland areas impact real sales prices of homes in one Connecticut town in 2000-2009. With OLS regressions, proximity to wetland areas and water bodies are insignificant determinants of the real sale price of homes. When we control for spatial effects with a nonparametric (i.e., LWR) approach, the significance of the water variable is different than from OLS-while greater distance from wetlands leads to an insignificant relationship with housing price, the water distance effect becomes negative and significant. These results imply that incorporating potential spatial heterogeneity in the data is crucial for accurately estimating the direction, magnitudes, and statistical significance of the relationships between environmental variables and housing prices. [ABSTRACT FROM AUTHOR]
- Abstract: Copyright of Growth & Change is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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