Effects of flood hazards on property values: Evidence before and after hurricane Floyd

Okmyung Bin, Stephen Polasky

Research output: Contribution to journalArticlepeer-review

192 Scopus citations

Abstract

This study uses a hedonic property price function to estimate the effects of flood hazards on residential property value. Utilizing data from sales of 8,000 single-family residential homes between 1992 and 2002 in Pitt County, North Carolina, an area that experienced significant flooding from Hurricane Floyd in September 1999, we find that a house located within a floodplain has a lower market value than an equivalent house located outside the floodplain. Furthermore, the price discount from locating within a floodplain is significantly larger after Hurricane Hoyd than before.

Original languageEnglish (US)
Pages (from-to)490-500
Number of pages11
JournalLand Economics
Volume80
Issue number4
DOIs
StatePublished - Nov 2004

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