Flood Risk Effect on Property Prices
| No Inundation (1) | Inundation as a Control Variable (2) | Inundation as a Moderating Variable (3) | |
|---|---|---|---|
| SFHA | –0.063*** (0.019) | –0.057*** (0.020) | –0.042* (0.023) |
| Inundated | –0.024 (0.023) | 0.020 (0.027) | |
| SFHA × Inundated | –0.083* (0.046) | ||
| SFHA × Postflood | –0.001 (0.034) | 0.023 (0.031) | 0.053* (0.031) |
| Inundated × Postflood | –0.061* (0.036) | –0.017 (0.032) | |
| SFHA × Inundated × Postflood | –0.121 (0.083) | ||
| Structure and location characteristics | Yes | Yes | Yes |
| Municipality fixed effects | Yes | Yes | Yes |
| Census block group fixed effects | Yes | Yes | Yes |
| Year-quarter fixed effects | Yes | Yes | Yes |
| R-squared | 0.775 | 0.776 | 0.776 |
| Observations | 15,056 | 15,056 | 15,056 |
| Total Marginal Effects | |||
| Preflood | |||
| Average inside the SFHA | –0.063*** (0.019) | –0.057*** (0.020) | |
| Average inside the inundation boundary | –0.024 (0.023) | ||
| Inundated inside the SFHA | –0.105*** (0.031) | ||
| Near miss | –0.042* (0.023) | ||
| Inundated outside the SFHA | 0.020 (0.027) | ||
| Postflood | |||
| Average inside the SFHA | –0.063** (0.032) | –0.034 (0.028) | |
| Average inside the inundation boundary | –0.085*** (0.033) | ||
| Inundated inside the SFHA | –0.190*** (0.066) | ||
| Near miss | 0.011 (0.026) | ||
| Inundated outside the SFHA | 0.003 (0.025) | ||