Billings and Schnepel’s hedonic output presented evidence that lead-paint remediation had a sizeable positive impact to property values. Furthermore, lead remediated homes sold for approximately $26,270 (32%) more than un-remediated homes. When the authors controlled for home improvements associated with remediation, the estimated benefit dropped to $11,629, and equated to a 160% return on investment for remediation costs.
The hedonic output offered evidence that wildfires provided a negative impact to property values within 10 KM from a burned area. For homes located within 5 KM from a burned area, a 13.7% ($33,232) diminution in value was observed as compared to unimpaired homes. This damage estimate decreased to 7.6% ($18,924) for homes located within 5 to 10 KM from a burned area. Furthermore, the binary variable for view of a burned area revealed an additional $6,600 diminution.