Beachfront property in skeptical areas is worth 7% more than equivalent homes in “believer” neighborhoods.
Presumably believers think those homes are at risk of being washed away — at least that’s what the researchers think. But it could be that believers suffer an immediate social penalty — imagine turning up to the local dinner party and having to admit to the thought-police that you just bought a beachside mansion?
Then again, the real motivator might be that people will pay more to live next to a skeptic.
This brings the dilemma for skeptics — save 7% on the new house, but live surrounded by snowflakes, or pay more and get on better with neighbors?
Does climate change affect real estate prices? Only if you believe in it
According to a new study from the UBC Sauder School of Business, buyers could end up paying significantly more for a home.
For the large-scale study, researchers combined sea level data from the National Oceanic and Atmospheric Administration (NOAA), geographic data about climate change attitudes from the Yale Program on Climate Change, and proprietary data on millions of repeat real estate transactions from Zillow to examine […]
November 6, 2019 at 11:18AM