Featured Research

from universities, journals, and other organizations

Proximity To A Flood Zone Lowers Property Values

Date:
April 3, 2008
Source:
Wiley-Blackwell
Summary:
Proximity to a flood zone lowers property values. By law, a property is considered in a “flood zone” if any part of the structure falls within a floodplain, an area that is adjacent to a stream or river that experiences periodic flooding. It has been acknowledged that the level of risk associated with a property may be associated with natural hazards.

A new study reveals that proximity to a flood zone lowers property values.

By law, a property is considered in a “flood zone” if any part of the structure falls within a floodplain, an area that is adjacent to a stream or river that experiences periodic flooding. It has been acknowledged that the level of risk associated with a property may be associated with natural hazards.

Researchers examined flood hazards in the coastal housing market of Carteret County, North Carolina. Carteret County has substantial access to water including the Atlantic Ocean, the Pamlico Sound, waterways, lagoons, rivers, streams, creeks, and wetlands.

Utilizing Geographic Information System data on National Flood Insurance Program flood zones and residential property sales in Carteret County from 2000 to 2004, researchers examined the effects of flood hazards on coastal property values.

The findings indicate that the price of a residential property located within a floodplain is significantly lower than an otherwise similar house located outside the flood zone. On average, location within a floodplain lowers estimated sales value $11, 600, representing a 7.3 percent reduction of the average house sales price.

At a time when the size of the population living along US coastlines is expanding at more than double the national rate of population growth, the information presented in this study should be regarded as a call to action. “With over half of the U.S. population now residing in coastal counties, the need for public policy analysis of hazards that affect these locations is compelling and urgent,” the authors conclude.

This study is published in the March 2008 issue of the Journal of Risk & Insurance.


Story Source:

The above story is based on materials provided by Wiley-Blackwell. Note: Materials may be edited for content and length.


Cite This Page:

Wiley-Blackwell. "Proximity To A Flood Zone Lowers Property Values." ScienceDaily. ScienceDaily, 3 April 2008. <www.sciencedaily.com/releases/2008/04/080403152742.htm>.
Wiley-Blackwell. (2008, April 3). Proximity To A Flood Zone Lowers Property Values. ScienceDaily. Retrieved September 2, 2014 from www.sciencedaily.com/releases/2008/04/080403152742.htm
Wiley-Blackwell. "Proximity To A Flood Zone Lowers Property Values." ScienceDaily. www.sciencedaily.com/releases/2008/04/080403152742.htm (accessed September 2, 2014).

Share This




More Earth & Climate News

Tuesday, September 2, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

Iceland Lowers Aviation Alert on Volcano

Iceland Lowers Aviation Alert on Volcano

AFP (Sep. 1, 2014) Iceland has lowered its aviation alert on its largest volcano after a fresh eruption on a nearby lava field prompted authorities to enforce a flight ban for several hours. Duration: 01:07 Video provided by AFP
Powered by NewsLook.com
Lightning Hurts 3 on NYC Beach

Lightning Hurts 3 on NYC Beach

AP (Sep. 1, 2014) A lightning strike injured three people on a New York City beach on Sunday. The storms also delayed flights and interrupted play at the US Open tennis tournament. (Sept. 1) Video provided by AP
Powered by NewsLook.com
Thailand Totters Towards Waste Crisis

Thailand Totters Towards Waste Crisis

AFP (Sep. 1, 2014) Fears are mounting in Bangkok that poor planning and lax law enforcement are tipping Thailand towards a waste crisis. Duration: 01:21 Video provided by AFP
Powered by NewsLook.com
Melting Ice Shelves Drive Rapid Antarctic Sea Level Rise

Melting Ice Shelves Drive Rapid Antarctic Sea Level Rise

Newsy (Sep. 1, 2014) A study of almost 20 years' worth of satellite images shows Antarctic sea levels are on the rise as ice shelves continue to melt. Video provided by Newsy
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:

Breaking News:
from the past week

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile: iPhone Android Web
Follow: Facebook Twitter Google+
Subscribe: RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins