Public News Service: "Study: Gentrification and Increased Property Values Follow Hurricanes"
A widely syndicated print and radio piece discusses the findings of a new peer-reviewed study coauthored by RFF Fellow Yanjun (Penny) Liao.
After a hurricane, according to a new study, wealthier people tend to sweep into impacted communities, purchasing homes even at the increased purchase price following a storm.
The study, "How Hurricanes Sweep Up Housing Markets: Evidence from Florida," uses data from county tax assessments, the National Oceanic and Atmospheric Administration and the real-estate marketplace website Zillow to assess housing-market conditions and population turnover in the Sunshine State from 2000 to 2016.
Study co-author and Resources for for the Future fellow Yanjun "Penny" Liao said they found home prices in hurricane-ravaged areas are 5% higher on average than unaffected ones, which attracts people who could afford them.
