Abstract
We investigate the direct impact of wildfires on house prices as well as the indirect impact of wildfires through fine particulate matter (PM2.5) in the United States. We find that wildfires, particularly those occurring at a distance, have a statistically significant detrimental impact on house prices via PM2.5. We observe notable price discrepancies between houses situated upwind and downwind of wildfires. Areas with longer periods of wildfire absence and greater distances from the nearest wildfire correspond to higher property prices. Households value locations with ample greenery while remaining cognizant of wildfire risks.
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