Business Insider listed the top nine things that can cripple or kill home values, and fracking (hydraulic fracturing) was listed among foreclosure graveyards, hoarding, sex offenders, and poorly performing schools as one of the top problems that tank home values.
The threat of potentially polluted drinking water scares off buyers from their potential dream home. A study by Duke University and the nonprofit Resources for the Future confirms that fact:
Their study found Pennsylvania homeowners who use local groundwater for drinking lost up to 24 percent of their property value if they are within a mile and a quarter of a shale gas well.
But the news was far better for neighbors who get their water piped in. They saw values rise by nearly 11 percent, likely because of lease money from gas drillers and no worries about polluted water, the researchers found.
The only other real estate eyesore that trashes home values more than fracking is large unsightly billboards, which can sink a home’s appraisal by more than $30,000.
Would you buy a home with a fracking well nearby?