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Effects of the Accident at Three Mile Island on Residential Property Values and Sales

  • Hays B. Gamble (a1) and Roger H. Downing (a1)

Abstract

An analysis of all valid single family house sales over a four-year period before the March, 1979, TMI accident and over the 9 months following the accident, and within a 25-mile radius of the plant and in two control areas, disclosed no evidence that the accident had measurable lasting effects on residential property values. Shortly following the accident there was a sharp decline in the volume of residential sales within 10 miles of the plant, but the real estate market returned to normal within a month, considering the financial market conditions at that time.

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References

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Flynn, C.B.Three Mile Island Telephone Survey: Preliminary Report on Procedures and Findings,” NUREG/CR-1093. Mountain West Research, Inc., Tempe, AZ, 1979.
Flynn, C.B. and Chalmers, J.A.The Social and Economic Effects of the Accident at Three Mile Island,” NUREG/CR-1215. Mountain West Research, Inc. with Social Impact Research, Inc., Tempe, AZ, 1980.
Gamble, H.B., Sauerlender, O.H., and Langley, C.J.Adverse and Beneficial Effects of Highways on Residential Property Values,” Transportation Research Record 598, Social, Economic, Behavioral, and Urban Growth Consideration in Planning. Transportation Research Board, National Research Council, National Academy of Sciences, Washington, DC, 1974, pp. 3748.
Governor's Office of Policy and Planning. “Three Mile Island Socio-Economic Impact Study,” Commonwealth of Pennsylvania, Harrisburg, PA, 1979.
Nelson, J.P. Aircraft Noise and the Market for Residential Housing: Empirical Results for Seven Selected Airports. Institute for Policy Research and Evaluation, The Penn State Univ., University Park, PA, 1978.
Nelson, J.P.Three Mile Island and Residential Property Values: Empirical Analysis and Policy Implications,” Land Economics, forthcoming.
President's Commission on the Accident at Three Mile Island. “The Accident at Three Mile Island,” Washington, DC, 1979.
Ridker, R.G. and Henning, J.A.The Determinants of Residential Property Values with Special Reference to Air Pollution.” Review of Economics and Statistics, Vol. 69, No. 2, pp. 246257. May, 1967.
Vaughan, R.J. and Huckins, L. The Economics of Expressway Noise Pollution Abatement. Rand Paper Series, Rand Corporation, Santa Monica, CA, 1975.
Walther, H.O. A Study of the Impact of Airports on the Market Value of Real Estate in the Adjacent Area. Chicago, IL, 1960.

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