The housing market impacts of shale gas development

The housing market impacts of shale gas development / Lucija Muehlenbachs, Elisheba Spiller & Christopher Timmins. NBER Working Paper No. 19796, January 2014

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Authors’s abstract :

Using data from Pennsylvania and New York and an array of empirical techniques to control for confounding factors, we recover hedonic estimates of property value impacts from shale gas development that vary with geographic scale, water source, well productivity, and visibility. Results indicate large negative impacts on nearby groundwater-dependent homes, while piped-water-dependent homes exhibit smaller positive impacts, suggesting benefits from lease payments. At a broader geographic scale, we find that new wellbores increase property values, but these effects diminish over time. Undrilled permits cause property values to decrease. Results have implications for the debate over regulation of shale gas development.

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