Flood hazards impact on neighborhood house prices: A spatial quantile regression analysis

Zhang, Lei

doi:10.1016/j.regsciurbeco.2016.06.005

Cited by 88 publications

(52 citation statements)

References 32 publications

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“…As a useful supplement to OLS regression, quantile regression produces a complete description of the impact across the entire distribution of housing prices and is robust to non-normal random errors [59,60]. This method has been widely used in the field of social sciences and some scholars have recently tried introducing it into the field of real estate [61][62][63][64][65]. For example, Kang and Liu [66] investigated the influence of the 2008 financial crisis on housing prices at different quantiles of the price distribution in Taiwan.…”

Section: Of 23mentioning

confidence: 99%

Subway Opening, Traffic Accessibility, and Housing Prices: A Quantile Hedonic Analysis in Hangzhou, China

et al. 2018

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Most existing studies empirically investigated the impact of rail transit on housing prices using the traditional hedonic price model, which is based on ordinary least squares (OLS). This method can estimate only the average implicit prices of housing characteristics and may ignore possible heterogeneous impacts of rail transit at different housing price levels. As a useful supplement to OLS regression, quantile regression can measure how implicit prices of explanatory variables vary across different price levels, thereby providing a comprehensive picture of the relationship between housing characteristics and prices. By using Hangzhou, China as an example, this study adopts the traditional hedonic price model and quantile regression model to investigate the capitalization effect of a new subway line on housing prices. Empirical results suggest the significant impacts of accessibility to subway stations. The average housing price within 2 km of the station is 2.1% to 6.1% higher than those outside. We also find that the impacts of the subway differ significantly across the distribution of housing prices, wherein the absolute value of estimated coefficients increased from 0.023 for the 15th quantile to 0.086 for the 95th quantile. The subway opening strengthens the capitalization effect of traffic accessibility. The absolute value of price elasticity increases from 0.044 to 0.053, and the range of influence is expanded from 1500 m to 2000 m.

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Section: Of 23mentioning

confidence: 99%

Subway Opening, Traffic Accessibility, and Housing Prices: A Quantile Hedonic Analysis in Hangzhou, China

et al. 2018

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“…These authors find that internal remittances from long-distance labor migrants is the most important coping mechanism. Zhang (2016) provides evidence that being located on the floodplain has a negative impact on the price of house sales using data for the metropolitan area of Fargo-Moorhead. This study also reports that, following a major flood in 2009, home prices fell temporarily but quickly recovered, but his study does not employ property-level damage estimates.…”

Section: Literaturementioning

confidence: 99%

Rising Sea Levels and Sinking Property Values: The Effects of Hurricane Sandy on New York's Housing Market

Ortega

Taşpınar

2017

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. Terms of use: Documents in D I S C U S S I O N P A P E R S E R I E S Rising Sea Levels and Sinking PropertyIZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. Are coastal cities adjusting to rising sea levels? This paper argues that large-scale events have the potential to ignite the process. We examine the effects of hurricane Sandy on the New York City housing market. We assemble a large plot-level dataset with rich geographic data on housing sales in New York City for the period 2003-2015, along with information on which building structures were damaged by the hurricane, and to what degree. Our difference-in-difference estimates provide robust evidence of a negative impact on the price trajectories of houses that were directly affected by Sandy. Interestingly, this is also the case for houses that were not damaged but face high risk of coastal flooding. Our results suggest that Sandy has increased the perceived risk of living in those neighborhoods. We also show that the negative effects on housing prices appear to be highly persistent. JEL Classification:H56, K42, R33

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“…The results confirmed that risk was underestimated before the event and overestimated after the event, which means that houses in high-risk areas were not sold at cheaper prices than others before the earthquake; afterwards, risk awareness increased, causing house-price differentials to widen. Drops in house prices can also be observed right after floods, but they are usually followed by a fast recovery in the following years (Atreya et al 2013, Zhang 2016, indicating that the memory of the flood tends to fade away. Su et al (2015) analysed the difference in risk awareness before and after a rainstorm disaster in Beijing in 2012: public risk perception significantly increased after the disaster, with double the amount of people adopting prevention measures.…”

Section: Introductionmentioning

confidence: 99%

Exploring changes in hydrogeological risk awareness and preparedness over time: a case study in northeastern Italy

Mondino

Scolobig

Borga

et al. 2020

Hydrological Sciences Journal

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Hydrogeological hazards are increasingly causing damage worldwide due to climatic and socioeconomic changes. Building resilient communities is crucial to reduce potential losses. To this end, one of the first steps is to understand how people perceive potential threats around them. This study aims at exploring how risk awareness of, and preparedness to, face hydrological hazards changes over time. A cohort study was carried out in two villages in the northeastern Italian Alps, Romagnano and Vermiglio, affected by debris flows in 2000 and 2002. Surveys were conducted in 2005 and 2018, and the results compared. The survey data show that both awareness and preparedness decreased over time. We attribute this change to the fact that no event had occurred in a long time and to a lack of proper risk communication strategies. The outcomes of this study contribute to socio-hydrological modelling by providing empirical data on human behaviour dynamics.

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Flood hazards impact on neighborhood house prices: A spatial quantile regression analysis

Cited by 88 publications

References 32 publications

Subway Opening, Traffic Accessibility, and Housing Prices: A Quantile Hedonic Analysis in Hangzhou, China

Subway Opening, Traffic Accessibility, and Housing Prices: A Quantile Hedonic Analysis in Hangzhou, China

Rising Sea Levels and Sinking Property Values: The Effects of Hurricane Sandy on New York's Housing Market

Exploring changes in hydrogeological risk awareness and preparedness over time: a case study in northeastern Italy

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