AI Article Synopsis
- High-quality water resources offer numerous benefits, but their value is often overlooked in environmental policies due to a lack of relevant valuation data.
- Research utilizing nationwide property value data shows that homeowners are willing to pay more for improved lake water quality, with the greatest premium observed for lakefront properties and decreasing value as distance from the lake increases.
- The study estimates that a 10% improvement in water quality across the contiguous U.S. could add $6 to $9 billion in value to property owners, providing solid evidence for policymakers to consider water quality in their environmental decisions.
Article Abstract
High-quality water resources provide a wide range of benefits, but the value of water quality is often not fully represented in environmental policy decisions, due in large part to an absence of water quality valuation estimates at large, policy relevant scales. Using data on property values with nationwide coverage across the contiguous United States, we estimate the benefits of lake water quality as measured through capitalization in housing markets. We find compelling evidence that homeowners place a premium on improved water quality. This premium is largest for lakefront property and decays with distance from the waterbody. In aggregate, we estimate that 10% improvement of water quality for the contiguous United States has a value of $6 to 9 billion to property owners. This study provides credible evidence for policymakers to incorporate lake water quality value estimates in environmental decision-making.
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Source |
|---|---|
| http://www.ncbi.nlm.nih.gov/pmc/articles/PMC10104588 | PMC |
| http://dx.doi.org/10.1073/pnas.2210417120 | DOI Listing |
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