Preflood Effect of Flood Risk on Property Values
| I | II | III | IV | V | |
|---|---|---|---|---|---|
| 100-year floodplain | −0.0320*** (0.0107) | −0.0321*** (0.0099) | −0.0326*** (0.0100) | −0.0317*** (0.0107) | −0.0386*** (0.0107) |
| 500-year floodplain | −0.0132 (0.0105) | −0.0131 (0.0099) | −0.0132 (0.0099) | −0.0129 (0.0105) | −0.0158 (0.0102) |
| Quarter-mile of Missouri or Mississippi | 0.0462 (0.0418) | 0.0459 (0.0423) | 0.0406 (0.0403) | 0.0463 (0.0418) | — |
| Distance to river in miles | — | 0.0080 (0.0310) | −0.0183 (0.0491) | — | — |
| Distance to river in miles squared | — | −0.0108 (0.0191) | −0.0069 (0.0332) | — | — |
| Tributary | — | — | −0.0281 (0.0198) | — | — |
| Tributary*Distance to river in miles | — | — | 0.0321 (0.0562) | — | — |
| Tributary*Distance to river squared | — | — | −0.0043 (0.0366) | — | — |
| Inverse distance to river | — | — | — | −0.0000** (0.000) | — |
| Eighth-mile band | — | — | — | — | 0.0186** (0.0089) |
| Quarter-mile band | — | — | — | — | 0.0051 (0.0070) |
| Over one mile band | — | — | — | — | 0.0055 (0.0101) |
| Year built | 0.0072*** (0.0004) | 0.0072*** (0.0004) | 0.0072*** (0.0004) | 0.0072*** (0.0004) | 0.0072*** (0.0004) |
| Square feet of house | 0.0003*** (0.0000) | 0.0003*** (0.0000) | 0.0003*** (0.0000) | 0.0003*** (0.0000) | 0.0003*** (0.0000) |
| Property square feet in thousands | 0.0015*** (0.0002) | 0.0015*** (0.0002) | 0.0015*** (0.0002) | 0.0015*** (0.0002) | 0.0015*** (0.0002) |
| Quarter mile of park | −0.0213*** (0.0074) | −0.0215*** (0.0074) | −0.0218*** (0.0074) | −0.0213*** (0.0074) | −0.0217*** (0.0074) |
| Inverse distance to road | −17.8274*** (3.8878) | −17.8762*** (3.8909) | −17.9853*** (3.8688) | −17.8383*** (3.8865) | −17.7338*** (3.9033) |
| Stories | 0.6565*** (0.1691) | 0.6571*** (0.1692) | 0.6571*** (0.1693) | 0.6565*** (0.1691) | 0.6543*** (0.1690) |
| Stories squared | −0.2154*** (0.0565) | −0.2156*** (0.0565) | −0.2156*** (0.0565) | −0.2154*** (0.0565) | −0.2147*** (0.0564) |
| Rooms | 0.0052 (0.0064) | 0.0053 (0.0064) | 0.0053 (0.0064) | 0.0052 (0.0064) | 0.0052 (0.0064) |
| Rooms squared | −0.0004 (0.0003) | −0.0004 (0.0003) | −0.0004 (0.0003) | −0.0004 (0.0003) | −0.0004 (0.0003) |
| Number of plumbing fixtures | 0.0493*** (0.0047) | 0.0493*** (0.0047) | 0.0494*** (0.0047) | 0.0493*** (0.0047) | 0.0493*** (0.0047) |
| Plumbing fixtures squared | −0.0014*** (0.0002) | −0.0014*** (0.0002) | −0.0014*** (0.0002) | −0.0014*** (0.0002) | −0.0014*** (0.0002) |
| Tenure | 0.0989*** (0.0110) | 0.0989*** (0.0109) | 0.0990*** (0.0109) | 0.0989*** (0.0110) | 0.0990*** (0.0110) |
| Fixed effects: Year. School district. Census tract. Municipality. Style, and Basement | Y | Y | Y | Y | Y |
| R2 | 0.8289 | 0.8289 | 0.8289 | 0.8289 | 0.8289 |
| N | 153,185 | 153,185 | 153,185 | 153,185 | 153,185 |
Note: The dependent variable in all specifications is the natural log of the price in constant 2006 dollars. Errors are clustered by census tract. When errors are clustered in this way, more coefficients are being estimated than clusters, so it is not possible to test that all coefficients are simultaneously zero.
↵** Coefficient significant at the 0.05 level;
↵*** coefficient significant at the 0.01 level.