Effects of Flood Hazards on Property Values: Evidence Before and After Hurricane Floyd

Land Economics, 2004, vol. 80, issue 4

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 Floyd than before.

JEL-codes: Q54 (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (193)

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