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Climate Change and Housing Prices: Hedonic Estimates for Ski Resorts in Western North America

Climate Change and Housing Prices: Hedonic Estimates for Ski Resorts in Western North America Abstract: We apply a hedonic framework to estimate and simulate the impact of global warming on real estate prices near ski resorts in the western United States and Canada. Using data on housing values for selected U.S. Census tracts and individual home sales in four locations, combined with detailed weather data and characteristics of nearby ski resorts, we find precise and consistent estimates of positive snowfall effects on housing values. Simulations based on these estimates reveal substantial heterogeneity in the likely impact of climate change across regions, including large reductions in home prices near resorts where snow reliability already is low. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

Climate Change and Housing Prices: Hedonic Estimates for Ski Resorts in Western North America

Land Economics , Volume 87 (1) – Apr 4, 2011

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Publisher
University of Wisconsin Press
Copyright
Copyright © University of Wisconsin Press
ISSN
1543-8325
Publisher site
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Abstract

Abstract: We apply a hedonic framework to estimate and simulate the impact of global warming on real estate prices near ski resorts in the western United States and Canada. Using data on housing values for selected U.S. Census tracts and individual home sales in four locations, combined with detailed weather data and characteristics of nearby ski resorts, we find precise and consistent estimates of positive snowfall effects on housing values. Simulations based on these estimates reveal substantial heterogeneity in the likely impact of climate change across regions, including large reductions in home prices near resorts where snow reliability already is low.

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Apr 4, 2011

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