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

摘要

The study examined the effects of the accident at Three Mile Island on residential property values and number of sales within a 25-mile radius of the plant. Regression analyses, using data on 583 actual market sales of single family homes from 1977 through 1979, examined the effects before and after the accident on the basis of distance and direction from the plant and on three different property value classes. All valid single family property sales between 1975 and 1979 within the 25-mile area were examined in a time series analysis. Interviews were conducted with realtors, financial institution officials and building contractors in the area. The accident had no measurable effects, positive or negative, on the value of single family residential properties within a 25-mile radius of the plant, or in any direction from the plant, or on low, medium, or high value properties. The plant had no measurable effects on residential property values for the 2 years prior to the accident. Immediately following the accident there was a sharp decline in the number of residential sales within 10 miles of the plant, but the real estate market returned to near normal conditions within 4-8 weeks. The interviews basically confirmed the above findings.