Table 1

Variables and Descriptive Statistics

Variable	Description	Mean	Std. Dev.	Min.	Max.
Price	Sale price of property adjusted to 2004 constant dollars	83,998	62,720	4,366	426,390
Flood
Flood	1 if sold after July 1994, 0 otherwise	0.71	0.44	0	1
NFIP	1 if the property was built after the National Flood Insurance Program, 0 otherwise	0.26	0.44	0	1
100yrFP	1 if in 100-year flood zone, 0 otherwise	0.085	0.27	0	1
500yrFP	1 if in 500-year flood zone, 0 otherwise	0.022	0.14	0	1
Years	Number of years after 1994 flood	3.96	3.59	0	10
Location (meters)
Elevation	Elevation of property	206	17	153	309
River	Distance to nearest river	810	663	3	5,699
Lake	Distance to nearest lake	529	364	0	2,440
Railroad	Distance to nearest railroad	1,896	1,812	17	11,153
Highway	Distance to nearest highway	44	46	0.006	699
Utilities	Distance to nearest utility lines	2,904	1,827	9	13,179
Park	Distance to nearest park	3,468	2,679	57	18,511
School	Distance to nearest school	1,804	2,040	25	15,136
Flint	Distance to Flint River	4,782	3,420	63	21,388
Structure
Age	Age of the property	29	18	1	108
Acres	Total acreage of the property	0.98	5	0.01	266
Bedrooms	Number of bedrooms	3	0.56	1	12
Fullbths	Number of full baths	2	0.69	0	7
Halfbths	Number of half baths	0.17	0.38	0	2
Htdsqft	Heated square feet	1,666	750	352	18,783
Fireplace	Number of fireplaces	0.48	0.57	0	6
AC	1 if central air conditioning present, 0 otherwise	0.88	0.32	0	1
Garage	1 if garage present, 0 otherwise	0.17	0.38	0	1
Brick	1 if brick exterior, 0 otherwise	0.01	0.13	0	1
Neighborhood (2000 Census by block group)
Income	Median household income	39,102	18,890	6,907	80,000
Nonwhites	Percent of nonwhite residents	0.53	0.30	0	1