Disamenity or premium: Do electricity transmission lines affect farmland values and housing prices differently?

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics Pub Date : 2023-10-26 DOI:10.1016/j.jhe.2023.101968

Qinan Lu , Nieyan Cheng , Wendong Zhang , Pengfei Liu

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引用次数: 0

Abstract

A substantial increase in electricity demand has triggered a rising investment in energy infrastructure in the US over the last decade. This paper examines the capitalization effects of electricity transmission lines (TMLs) on nearby farmland values and housing prices in the Midwest from 2015 to 2019, based on 16,026 parcel-level farmland sales data from FarmlandFinder and 1,905,280 housing transaction data from the Zillow Transaction and Assessment Dataset database. Our estimation results reaffirm the disamenity effects of TMLs on housing property values and find that the disamenity effects are larger on houses in urban areas than in rural areas. Nearby TMLs generate premiums for surrounding farmland, which contrasts with the disamenity evidence due to aesthetics (either visual or audible) in the literature. We further show that farmland parcels within 0–2 km of TMLs in high-wind areas are approximately 3.10% more expensive than comparable parcels in low-wind areas. Our paper provides novel and contrarian evidence on the effects of TMLs on property values amid rising investment in energy infrastructure.

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不利还是有利:输电线路对农田价值和房价的影响不同吗?

过去10年，电力需求的大幅增长引发了美国能源基础设施投资的不断增加。本文基于来自FarmlandFinder的16,026个地块级农田销售数据和来自Zillow交易与评估数据集数据库的1,905,280个房屋交易数据，研究了2015年至2019年输电线路(tml)对中西部地区附近农田价值和房价的资本化效应。我们的估计结果重申了tmm对住房价值的妨害效应，并发现城市地区的房屋妨害效应大于农村地区。附近的tml为周围的农田带来了溢价，这与文献中由于美学(视觉或听觉)而造成的损害证据形成鲜明对比。我们进一步表明，在大风地区，距离tml 0-2公里范围内的农田地块比低风地区的同类地块贵约3.10%。在能源基础设施投资不断增加的情况下，我们的论文提供了关于tml对房地产价值影响的新颖和相反的证据。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Housing Economics Multiple-

CiteScore

3.30

自引率

4.20%

发文量

期刊介绍： The Journal of Housing Economics provides a focal point for the publication of economic research related to housing and encourages papers that bring to bear careful analytical technique on important housing-related questions. The journal covers the broad spectrum of topics and approaches that constitute housing economics, including analysis of important public policy issues.