Risk Disclosure and Home Prices: Evidence from California Wildfire Hazard Zones

Lala Ma, Margaret Walls, Matthew Wibbenmeyer, Connor Lennon

Research output: Contribution to journalArticlepeer-review

1 Scopus citations


Damages from wildfires have increased dramatically in recent years. This study uses a boundary discontinuity design to estimate the effect of wildfire- hazard disclosure on house prices. Using the universe of single-family sales transactions from Zillow’s Transaction and Assessment Database in California from 2015 through 2022, we find that, on average, homes facing disclosure requirements sold for approximately 4.3% less than nearby homes that did not. Price impacts are higher in recent years, after several damaging wildfires. Our findings highlight the use of disclosure regulations to ensure that disaster risks are reflected in housing markets.

Original languageEnglish
Pages (from-to)6-21
Number of pages16
JournalLand Economics
Issue number1
StatePublished - 2024

Bibliographical note

Publisher Copyright:
© 2024 by the Board of Regents of the University of Wisconsin System. All Rights Reserved.

ASJC Scopus subject areas

  • Environmental Science (miscellaneous)
  • Economics and Econometrics


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