Wildfire Risk and Housing Prices: A Case Study from Colorado Springs

In 2000, concerned about the risks of wildfires to local homes, the Colorado Springs Fire Department rated the wildfire risk of 35,000 housing parcels within the wildland-urban interface and made its findings available online. We examine the effectiveness of this rating project by comparing the rela...

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Bibliographic Details
Published in:Land economics 2007-05, Vol.83 (2), p.217-233
Main Authors: Donovan, G.H, Champ, P.A, Butry, D.T
Format: Article
Language:English
Subjects:
case studies
Coefficients
Colorado Springs
Correlation analysis
econometric models
Economic models
Environment
Error rates
Fire
Fire service
Forest & brush fires
Housing
Land economics
land values
Parametric models
Prices
Property values
Real estate
Risk
Risk assessment
risk factors
Roofs
Spatial models
Studies
temporal variation
U.S.A
Variable coefficients
Wildfires
wildland-urban interface
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Summary:In 2000, concerned about the risks of wildfires to local homes, the Colorado Springs Fire Department rated the wildfire risk of 35,000 housing parcels within the wildland-urban interface and made its findings available online. We examine the effectiveness of this rating project by comparing the relationship between home price and wildfire risk before and after the information was posted on the Web site. Before the information was available, home price and wildfire risk were positively correlated, whereas, afterwards, they were not. (JEL R26, Q51)
ISSN:0023-7639
1543-8325
DOI:10.3368/le.83.2.217