1# RECORD 63065c2cad027c9578aace5fb84b3bd4ba000e2b2# TITLE: Hurricane-Induced Discharges from Superfund Sites: A Hedonic Price Analysis of Real Estate Market Responses3# YEAR: 2024.0 VENUE: Land Economics DOI: 10.3368/le.101.1.030423-0019r14# AUTHORS: Mehrnoosh Asadi; Jean Dubé; Pallab Mozumder; Eric Strobl5# PAGES: 36 CANDIDATE TABLE PAGES (1-based): [29, 30, 31, 32, 33, 34]6# ABSTRACT: Abstract This study investigates the impact of hurricane-induced discharges from Superfund sites on residents’ risk perception and housing values in Harris County, Texas. Employing a difference-in-differences hedonic approach with property sales data from 2013 to 2019, we analyze how residents adjust their risk perception based on environmental hazard information and whether this affects the real estate market. Examining proximity to Superfund sites, we find a 27% reduction in price for houses located within half a mile of impacted sites, diminishing with distance. The findings provide valuable insights for enhancing hazardous waste management through targeted interventions, risk assessments, and response plans.789===== PAGE 1 (score 8, numeric-paren 0, table-words 0, var-words 8) =====10111 12 13Hurricane-Induced Discharges from Superfund Sites: A Hedonic Price 14Analysis of Real Estate Market Responses 15 16Mehrnoosh Asadia,*, Jean Dubéb, Pallab Mozumderc, Eric Strobld,e 17a Assistant Professor, Department of Economics, College of Saint Benedict/Saint John’s University, 37 S 18College Avenue, Saint Joseph, MN, 56374, USA, email: masadi001@csbsju.edu 19 20b Professeur, Université Laval, École Supérieure d'Aménagement et de Développement (ÉSAD), Québec, 21QC G1V 0A6, Canada. Phone number: 418 656-2131, email: jean.dube@esad.ulaval.ca 22 23c Professor, Department of Earth & Environment, Department of Economics, and Institute of Environment, 24Florida International University (FIU), AHC5-370, University Park Campus, FIU, 11200 SW 8th Street, 25Miami, FL 33199, USA. Phone number: 305-348-7146, email: mozumder@fiu.edu 26 27d Professor, Department of Economics, University of Bern, Hochschulstrasse 6, 3012 Bern, Switzerland. 28Phone number: +41 31 684 56 35, email: eric.strobl@unibe.ch 29 30e Research Professor, Department of Economics, University of Birmingham, Birmingham, B15 2TT 31United Kingdom. email: e.strobl@bham.ac.uk 32 33Abstract: 34This study investigates the impact of Hurricane-induced discharges from Superfund sites on 35residents' risk perception and housing values in Harris County, Texas. Employing a difference-in-36difference Hedonic approach with property sales data from 2013 to 2019, we analyze how residents 37adjust their risk perception based on environmental hazard information and whether this affects 38the real estate market. Examining proximity to Superfund sites, we find a 27% reduction in price 39for houses located within half a mile of impacted sites, diminishing with distance. The findings 40provide valuable insights for enhancing hazardous waste management through targeted 41interventions, risk assessments, and response plans. 42 43Keywords: Superfund Sites, hurricane-induced discharges from Superfund Sites, difference-in-difference 44Hedonic approach, housing prices, Harris County, Texas 45 46JEL Code: Q51, Q54 47 48* Corresponding author at Department of Economics, College of Saint Benedict/Saint John’s University, 4937 S College Avenue, Saint Joseph, MN, 56374, USA, email: masadi001@csbsju.edu. 50 51doi:10.3368/le.101.1.030423-0019R152by guest on October 20, 2026. Copyright 202453Downloaded from 545556===== PAGE 29 (score 16, numeric-paren 0, table-words 2, var-words 8) =====575829 59 60 61TABLES 62 63 64 Table 1: Descriptive statistics and definition of variables used in the analysis. 65 66 67Variables 68 69Mean 70SD 71Min 72Max 73Sale price (in nominal $US) 74 75243123.20 76178913.90 7738700 781249900 79Lot size (foot square) 80 818487.66 829550.11 83719 84216998 85Age (year) 86 8724.4738 8822.7355 890 90133 91Number of bedroom 92 933.3349 940.5842 952 964 97Number of bathroom 98 991.0440 1000.2051 1011 1022 103Quality index 104 1052.5419 1060.7001 1071 1084 109Distance to closest park (in miles) 110 1111.2621 1120.8712 1130.0121 1149.8120 115Distance to closest school (in miles) 116 1170.5553 1180.3630 1190.0141 1204.8438 121Distance to closest rail (in miles) 122 1231.5292 1241.1434 1250.0004 1267.1191 127Distance to CBD (in miles) 128 12916.3517 1307.5865 1310.4693 13243.2705 133Distance to closest highway (in miles) 134 1350.7221 1360.6115 1370.0002 1384.3443 139Distance to nearest Superfund Site flooded (in miles) 140 14113.4039 1427.7813 1430.1746 14442.3446 145Distance to nearest Superfund Site non-flooded (in miles) 1466.5460 1473.6611 1480.0200 14924.9993 150 Entire sample consisting of 5162 observations. 151 152 153 154 155by guest on October 20, 2026. Copyright 2024156Downloaded from 157158159===== PAGE 30 (score 30, numeric-paren 0, table-words 3, var-words 7) =====16016130 162 163 164 165 Table 2: Descriptive statistics and definition of variables used in the analysis (treatment group vs control group) 166 Before matching 167 168Treatment 169 170Control 171Variables 172 173Mean 174SD 175Min 176Max 177Mean 178SD 179Min 180Max 181Sale price (in nominal $US) 182135568.40 95174.08 18339000.00 1841112500.00 185241020.80 186184057.60 18738746.00 1881249900.00 189Lot size (foot square 1908002.68 1914935.67 1921416.00 19338956.00 1946545.92 1954410.80 1961403.00 19741060.00 198Age (year) 19950.7685 20027.9000 2010.0000 202119.0000 20339.3402 20432.8095 2050.0000 206128.0000 207Number of bedroom 2082.9512 2090.6273 2102.0000 2114.0000 2123.0099 2130.6216 2142.0000 2154.0000 216Number of bathroom 2171.0173 2180.1306 2191.0000 2202.0000 2211.0276 2220.1639 2231.0000 2242.0000 225Quality index 2263.2693 2270.5342 2281.0000 2294.0000 2302.7135 2310.7800 2321.0000 2334.0000 234Distance to closest park (mile) 2350.8399 2360.6046 2370.0348 2382.7063 2390.7954 2400.4880 2410.0347 2422.6766 243Distance to closest school (mile) 2440.5078 2450.3823 2460.0255 2472.0326 2480.4687 2490.3517 2500.0148 2512.5410 252Distance to closest rail (mile) 2530.6077 2540.4445 2550.0105 2562.0218 2570.7762 2580.6957 2590.0007 2603.7410 261Distance to CBD (mile) 2629.2985 2636.0508 2641.9181 26520.7789 2667.9820 2676.0022 2680.4693 26922.0822 270Distance to closest highway (mile) 2710.3237 2720.2481 2730.0061 2741.7462 2750.4423 2760.3664 2770.0045 2782.1187 279Note: Total sample size is 635 observations for treatment area and 4527 observations for control area 280SD: standard deviation 281 282 283 After Matching 284 285Treatment 286 287Control 288Variables 289 290Mean 291SD 292Min 293Max 294Mean 295SD 296Min 297Max 298Sale price (in nominal $US) 299136418.80 97184.71 39000.00 3001112500.00 301249555.60 302193201.50 38746.00 3031249900.00 304Lot size (foot square) 3057320.46 3063761.80 3071416.00 30838956.00 3096281.09 3104069.38 3111403.00 31241060.00 313Age (year) 31451.2719 31528.0661 3160.0000 317119.0000 31842.3081 31933.3166 3200.0000 321128.0000 322Number of bedroom 3232.9484 3240.6331 3252.0000 3264.0000 3272.9824 3280.6292 3292.0000 3304.0000 331Number of bathroom 3321.0172 3330.1302 3341.0000 3352.0000 3361.0290 3370.1678 3381.0000 3392.0000 340Quality index 3413.2806 3420.5434 3431.0000 3444.0000 3452.7008 3460.8164 3471.0000 3484.0000 349Distance to closest park (mile) 3500.8603 3510.6156 3520.0348 3532.7063 3540.7671 3550.4971 3560.0347 3572.6766 358Distance to closest school (mile) 3590.5008 3600.3903 3610.0255 3622.0326 3630.4139 3640.2969 3650.0148 3662.5410 367Distance to closest rail (mile) 3680.5795 3690.4068 3700.0105 3711.9979 3720.8051 3730.7329 3740.0007 3753.7410 376Distance to CBD (mile 3778.3676 3785.4514 3791.9181 38020.6712 3816.9476 3825.4109 3830.4693 38421.2468 385Distance to closest highway (mile) 3860.3158 3870.2391 3880.0061 3891.7462 3900.4449 3910.3656 3920.0045 3932.1187 394 395 396by guest on October 20, 2026. Copyright 2024397Downloaded from 398399400===== PAGE 31 (score 28, numeric-paren 17, table-words 4, var-words 1) =====40140231 403 404 405 406 407 Table 3: Estimation results (Without matching). transactions within 1.5-mile from Superfund site 408 409 410ATE 411Zones 412Exponential 413Gaussian 414Independent variables 415 416 417 418 419 420 421 422 423Treatment (home sales within 1.5 miles) 424-0.6223 425*** 426-0.4958 427*** 428-0.5678 429*** 430-0.5686 431*** 432(0.0946) 433(0.1071) 434(0.0888) 435(0.0887) 436Treatment × After Harvey 4370.1130 438 439 440(0.1100) 441Treatment × After Harvey × (<0.5 mile) 442 443-0.2772 444** 445 446(0.1268) 447Treatment × After Harvey × (<1 mile) 448 449 450-0.1333 451* 452 453 454 455 456 457 458(0.0718) 459 460 461 462 463 464Treatment × After Harvey × Distance to 465Superfund Sites † 466 467 468 469 470-0.4415 471* 472-0.1699 473** 474 475 476 477 478(0.2296) 479 480(0.0742) 481 482Structural Characteristics 483Yes 484 485Yes 486 487Yes 488 489Yes 490 491Spatial Characteristics 492Yes 493 494Yes 495 496Yes 497 498Yes 499 500Year Fixed Effects 501Yes 502 503Yes 504 505Yes 506 507Yes 508 509Parallel Trend 510Yes 511 512Yes 513 514Yes 515 516Yes 517 518 519Spatial fixed effect (census tract) ‡ 520Yes 521 522Yes 523 524Yes 525 526 527Yes 528 529 530Number of observations 5312409 5322409 5332409 5342409 535R-squared 5360.6394 5370.6420 5380.6393 5390.6394 540Note: Standard errors are clustered within the census tract and reported in parentheses. *p < 0.1. **p < 0.05. ***p < 0.01 541† Two mathematical transformations are considered to extrapolate the impact locally. 542‡ Information is derived from the first 3-digit or 4-digit census tract. When there are more than 500 observations available within a 3-digit 543tract, the census tract is subdivided into a 4-digit tract. 544 545 546 547by guest on October 20, 2026. Copyright 2024548Downloaded from 549550551===== PAGE 32 (score 28, numeric-paren 17, table-words 4, var-words 1) =====55255332 554 555 556 557 558 Table 4: Estimation results (With matching). transactions within 1.5-mile from Superfund site 559 560 561ATE 562 563Zones 564 565Exponential 566 567Gaussian 568 569Treatment (home sales within 1.5 miles) 570-0.6067 571*** 572-0.4861 573*** 574-0.5566 575*** 576-0.5580 577*** 578(0.1013) 579(0.1117) 580(0.0907) 581(0.0906) 582Treatment × After Harvey 5830.1029 584(0.1226) 585Treatment × After Harvey × (<0.5 mile) 586-0.2876 587** 588(0.1279) 589Treatment × After Harvey × (<1 mile) 590-0.1262 591* 592(0.0682) 593Treatment × After Harvey × Distance to 594Superfund Sites † 595-0.5238 596** 597-0.1945 598*** 599(0.2123) 600(0.0688) 601Structural Characteristics 602Yes 603 604Yes 605 606Yes 607 608Yes 609 610Spatial Characteristics 611Yes 612 613Yes 614 615Yes 616 617Yes 618 619Year Fixed Effects 620Yes 621 622Yes 623 624Yes 625 626Yes 627 628Parallel Trend 629Yes 630 631Yes 632 633Yes 634 635Yes 636 637Spatial fixed effect (census tract) ‡ 638Yes 639Yes 640Yes 641Yes 642Number of observations 6431963 6441963 6451963 6461963 647R-squared 6480.6500 6490.6527 6500.6500 6510.6502 652Note: Standard errors are clustered within the census tract and reported in parentheses. *p < 0.1. **p < 0.05. ***p < 0.01 653† Two mathematical transformations are considered to extrapolate the impact locally. 654‡ Information is derived from the first 3-digit or 4-digit census tract. When there are more than 500 observations available within a 3-655digit tract, the census tract is subdivided into a 4-digit tract. 656 657 658 659 660 661by guest on October 20, 2026. Copyright 2024662Downloaded from 663664665===== PAGE 33 (score 42, numeric-paren 29, table-words 4, var-words 1) =====66666733 668 669 670 671 Table 5: Estimation results with DDD (without matching) 672 673ATE 674Zones 675Exponential 676Gaussian 677Treatment 678-0.1283 679** 680-0.0691 681-0.1027 682* 683-0.1020 684* 685(0.0520) 686(0.0510) 687(0.0527) 688(0.0524) 689Control 6900.2878 691** 6920.2474 693* 6940.2794 695* 6960.2789 697* 698 699(0.1435) 700(0.1428) 701(0.1413) 702(0.1421) 703Treatment × After Harvey 7040.0678 705 706(0.1105) 707Treatment × After Harvey × (<.5 mile) 708-0.3371 709*** 710(0.1013) 711Treatment × After Harvey × (<1 mile) 712 713-0.1181 714* 715 716 717 718(0.0604) 719 720 721Treatment × After × Distance to Superfund Site ‡ 722 723 724-0.6172 725** 726-0.1885 727*** 728 729 730(0.2429) 731(0.0703) 732Control × After Harvey 733-0.0657 734 735 736(0.0520) 737 738Control × After Harvey × (<.5 mile) 739 7400.0899 741 742 743 744(0.0582) 745 746 747Control × After Harvey × (<1 mile) 748 7490.0022 750 751 752 753(0.0467) 754 755 756Control × After Harvey × Distance to Superfund 757Sites † 758 759-0.1889 760-0.0250 761 762(0.1902) 763(0.0841) 764Structural Characteristics 765Yes 766 767Yes 768 769Yes 770 771Yes 772 773Spatial Characteristics 774Yes 775 776Yes 777 778Yes 779 780Yes 781 782Year Fixed Effects 783Yes 784 785Yes 786 787Yes 788 789Yes 790 791Parallel Trend 792Yes 793 794Yes 795 796Yes 797 798Yes 799 800Spatial fixed effect (census tract) ‡ 801Yes 802 803Yes 804 805Yes 806 807Yes 808 809 810Number of observations 8115162 8125162 8135162 8145162 815R-squared 8160.6832 8170.6846 8180.6832 8190.6831 820Note: Standard errors are clustered within the census tract and reported in parentheses. *p < 0.1. **p < 0.05. ***p < 0.01 821† Two mathematical transformations are considered to extrapolate the impact locally. 822‡ Information is derived from the first 3-digit or 4-digit census tract. When there are more than 500 observations available within a 3-digit 823tract, the census tract is subdivided into a 4-digit tract. 824 825 826by guest on October 20, 2026. Copyright 2024827Downloaded from 828829830===== PAGE 34 (score 42, numeric-paren 29, table-words 4, var-words 1) =====83183234 833 834 835 836 837 Table 6: Estimation results with DDD (with matching) 838 839ATE 840Zones 841Exponential 842Gaussian 843Treatment 844-0.1727 845*** 846-0.1164 847* 848-0.1483 849** 850-0.1476 851** 852(0.0653) 853(0.0614) 854(0.0633) 855(0.0628) 856Control 8570.2995 858** 8590.2656 860* 8610.2917 862** 8630.2907 864** 865(0.1424) 866(0.1401) 867(0.1398) 868(0.1408) 869Treatment × After Harvey 8700.0629 871 872 873 874(0.1193) 875 876 877 878Treatment × After Harvey × (<.5 mile) 879 880-0.3454 881*** 882 883 884 885(0.1054) 886 887 888Treatment × After Harvey × (<1 mile) 889 890-0.0949 891 892 893 894(0.0592) 895 896 897Treatment × Distance to Superfond Site ‡ 898 899 900-0.6705 901** 902-0.2055 903*** 904 905 906(0.2602) 907(0.0728) 908Control × After Harvey 909-0.0567 910 911 912 913(0.0559) 914 915 916 917Control × After Harvey × (<.5 mile) 918 9190.1155 920 921 922 923(0.0896) 924 925 926Control × After Harvey × (<1 mile) 927 928-0.0182 929 930 931 932(0.0445) 933 934 935Control × After Harvey × Distance to 936Superfund Sites † 937 938 939-0.1927 940-0.0128 941 942 943(0.2050) 944(0.0914) 945Structural Characteristics 946Yes 947 948Yes 949 950Yes 951 952Yes 953 954Spatial Characteristics 955Yes 956 957Yes 958 959Yes 960 961Yes 962 963Year Fixed Effects 964Yes 965 966Yes 967 968Yes 969 970Yes 971 972Parallel Trend 973Yes 974 975Yes 976 977Yes 978 979Yes 980 981Spatial fixed effect (census tract) ‡ 982Yes 983 984Yes 985 986Yes 987 988Yes 989 990Number of observations 9914444 9924444 9934444 9944444 995R-squared 9960.6944 9970.6958 9980.6944 9990.6944 1000Note: Standard errors are clustered within the census tract and reported in parentheses. *p < 0.1. **p < 0.05. ***p < 0.01 1001† Two mathematical transformations are considered to extrapolate the impact locally. 1002‡ Information is derived from the first 3-digit or 4-digit census tract. When there are more than 500 observations available within a 10033-digit tract, the census tract is subdivided into a 4-digit tract. 1004 1005by guest on October 20, 2026. Copyright 20241006Downloaded from 100710081009===== PAGE 35 (score 1, numeric-paren 0, table-words 0, var-words 1) =====1010101135 1012 1013 1014 1015 1016FIGURES 1017 1018 1019Figure 1: Marginal effect of the Impacted Superfund sites on home values 1020Figure 1.a: Estimation with matching 1021 Figure 1.b: Estimation without matching 1022 1023 1024 1025 1026 1027 1028 1029 1030 1031 1032 1033 1034 1035 1036 1037by guest on October 20, 2026. Copyright 20241038Downloaded from 1039