Article Figures & Data
Figures
- Figure 1
Market Boundary Definition by Spatial Scale
- Figure 2
Spatial Distribution of Ecoregions, Lakes, and Property Sales
- Figure 3
Distribution of Baseline Elasticity Estimates by (a) Region and (b) Spatial Scale
- Figure 4
Regional Median Elasticity Estimates for All Models
Tables
Category Criterion Type Subcategory Baseline Choice Alternative Water quality Measurement Water quality statistic Summer mean Summer minimum, summer maximum Water quality Measurement Water quality timing Closest within ± 5 years Year of sale, year prior to sale, closest within previous 5 years Water quality Minimum threshold Coefficient of variation for Secchi depth 0.25 N/A Property Measurement Property attributes Lot size; building size; building age None, bedrooms and bathroomsa Property Maximum threshold Lakefront property buffer 150 m 300 m Property Minimum threshold Sales in buffer 1 0, 25 Property Maximum threshold Property distance to lake 1,000 m 2,500 m Modeling Choices Functional form Sale price, water quality Log, log Log, linear Functional form Covariatesb Log N/A Fixed effects Spatial unit Census tract Block group Fixed effects Interactions Spatial unit × sale year Spatial unit + sale year ↵a All combinations of property attributes are considered (e.g., individual attributes, two at a time, three at a time, and all attributes). Bedrooms and bathrooms are always included together.
↵b In addition to the selected property attributes, model covariates include distance to lake, lake area, median income of block group, and slope and elevation of the parcel.
Northeast Midwest South West Full Sample Sale price (2020 $) 450,060 344,023 356,748 642,456 (426,614) (250,921) (282,424) (377,061) Secchi depth (m) 2.49 1.67 1.49 2.93 (1.61) (1.22) (0.87) (1.85) Lake distance (m) 1,016 924 1,016 1,325 (734) (687) (708) (695) Lake distance < 150 m (1/0) 0.13 0.14 0.11 0.04 (0.34) (0.34) (0.32) (0.19) Lake distance 150–300 m (1/0) 0.09 0.10 0.09 0.05 (0.29) (0.30) (0.28) (0.21) Lake area (ha) 8,944 967 5,334 2,451 (28,427) (5,083) (17,441) (7,227) Urbanized area (1/0) 0.60 0.67 0.67 0.76 (0.49) (0.47) (0.47) (0.43) Median income (2016 $) 83,769 78,565 66,228 82,623 (35,013) (32,392) (30,839) (37,863) Slope (degrees) 3.89 2.69 3.41 3.93 (3.27) (2.22) (3.41) (3.88) Elevation (m) 148.95 291.20 136.82 885.74 (130.50) (59.09) (142.42) (791.58) N 396,988 1,241,194 1,388,818 344,394 Lakes 1,112 4,012 830 308 States 9 12 16 10 Ecoregions 5 10 7 8 Samples Restricted by Property Attribute Availability Lot size (sq. ft.) 43,190 30,916 31,008 17,659 (78,291) (64,055) (55,912) (40,489) n = 380,289 n = 1,057,113 n = 1,291,411 n = 323,733 Building age (years) 48.60 43.19 27.23 32.70 (29.12) (30.09) (21.85) (27.29) n = 318,287 n = 870,459 n = 1,069,065 n = 286,611 Building size (sq. ft.) 1,924 1,820 2,057 1,969 (871) (972) (1,024) (846) n = 345,396 n = 860,124 n = 684,586 n = 271,974 Bathrooms 2.07 2.39 2.71 2.24 (0.92) (1.33) (1.30) (0.84) n = 258,968 n = 725,467 n = 473,398 n = 170,154 Bedrooms 3.20 3.59 3.61 3.27 (0.98) (1.46) (1.36) (0.97) n = 258,968 n = 725,467 n = 473,398 n = 170,154 Note: The means are reported with standard deviations in parentheses.
Parameter Estimate Std. Error Parameter Estimate Std. Error Const 7.123*** (0.207) Secchi * MD −0.259** (0.085) Secchia, b, c 0.231*** (0.034) Secchi* ME 2.428*** (0.077) Secchi * lake area demeanedc 0.009* (0.004) Secchi * MI −0.0680 (0.048) Secchi * < 150 m 0.025** (0.009) Secchi * MO 0.6730 (0.739) Secchi * lake distance −0.034*** (0.005) Secchi * MT −2.021*** (0.465) Secchi * urband −0.0150 (0.014) Secchi * NC −0.1830 (0.123) Secchi * ecoregion 5.2d 0.075* (0.036) Secchi * ND −0.2230 (0.292) Secchi * ecoregion 5.3 0.0430 (0.033) Secchi * NE −0.1790 (0.101) Secchi * ecoregion 6.2 0.5940 (0.462) Secchi * NH −0.0650 (0.047) Secchi * ecoregion 7.1 0.9910 (0.596) Secchi * NJ −0.0030 (0.052) Secchi * ecoregion 8.2 0.0570 (0.077) Secchi * NY −0.0740 (0.04) Secchi * ecoregion 8.3 0.0550 (0.048) Secchi * OH −0.1980 (0.16) Secchi * ecoregion 8.4 −0.0170 (0.069) Secchi * OK −0.1240 (0.266) Secchi * ecoregion 8.5 0.0260 (0.031) Secchi * OR −0.8670 (0.525) Secchi * ecoregion 9.2 0.150 (0.1) Secchi * PA 0.154*** (0.036) Secchi * ecoregion 9.3 0.2230 (0.201) Secchi * RI 0.102* (0.047) Secchi * ecoregion 9.4 0.2030 (0.149) Secchi * SC −0.0530 (0.084) Secchi * ecoregion 10.2 0.3060 (0.462) Secchi * SD −0.1270 (0.287) Secchi * ecoregion 11.1 0.6620 (0.462) Secchi * TN −0.1130 (0.078) Secchi * ecoregion 13.1 0.3660 (0.475) Secchi * TX −0.3930 (0.233) Secchi * ecoregion 15.4 0.0320 (0.048) Secchi * VA −0.1340 (0.083) Secchi * ALd 0.0030 (0.202) Secchi * VT −0.0780 (0.129) Secchi * AR 0.1210 (0.15) Secchi * WA −0.9890 (0.597) Secchi * AZ −0.3960 (0.475) Secchi * WI −0.0330 (0.08) Secchi * CA −0.7280 (0.465) < 150 m 0.124*** (0.009) Secchi * CO −0.4980 (0.461) Lake distance −0.095*** (0.005) Secchi * CT −0.266* (0.12) Lake areae 0.013* (0.005) Secchi * DE −0.0860 (0.402) Median income 0.131*** (0.014) Secchi * FL −0.0190 (0.037) Slope 0.019*** (0.002) Secchi * GA 0.0330 (0.128) Elevation −0.0230 (0.023) Secchi * IA −0.221* (0.11) Lot size 0.101*** (0.004) Secchi * IL −0.1070 (0.08) Building age −0.125*** (0.003) Secchi * IN 0.20 (0.515) Building size 0.547*** (0.01) Secchi * KY −1.956*** (0.058) Quarter 2 0.044*** (0.002) Secchi * LA 0.0840 (0.211) Quarter 3 0.05*** (0.002) Secchi * MA −0.0270 (0.024) Quarter 4 0.015*** (0.002) Note: N = 485,860, standard errors clustered at tract level.
↵a Interaction terms for MN and ecoregion 8.1 were preselected as the excluded categories, because the area intersection contains the most observations in the sample.
↵b During estimation, interaction terms for KS, NM, WV, ecoregion 10.1, and ecoregion 12.1 were fully absorbed by fixed effects and dropped from model. Observations for ecoregion 12.1 all fall within AZ. Variation in estimates for KS, NM, and WV can be explained by the corresponding ecoregion interactions.
↵c The log of lake area is demeaned in the interaction term with Secchi. Thus, the Secchi coefficient alone can be interpreted as the effect of water quality for a lake with the mean log-lake area. Secchi * Lake area demeaned can be interpreted as the effect of an increase in lake size over the sample mean.
↵d Because this model is estimated with census tract by year fixed effects, it is not necessary to include urban, ecoregion, and state constituents as control variables.
↵e The lake area when not interacted with Secchi is not demeaned, as it only serves as a control variable in the model not a coefficient of interest.
↵* p < 0.005
↵** p < 0.01
↵*** p < 0.001.
