Sept. 20, 2018
The study focused on the value of vacant land, eliminating other factors that could also influence price, such as home style and square footage. The researchers say land typically represents 20 percent of a home’s overall value. Therefore, the 45 percent decrease in land value would translate to a drop in total property value of around 9 percent, according to the study.
Mothorpe and Wyman, assistant professors at the College of Charleston in Charleston, S.C., culled sales data from 5,455 vacant lots sold between 2000 and 2016 in Pickens County, S.C. A network of high-voltage electrical lines are located in Pickens County from the Oconee Nuclear Station.
Mothorpe says health concerns about being near high-voltage lines are one of the factors likely driving down prices of nearby land. But a solid link between power lines and health issues remains elusive, he adds. Unattractive views of power lines also affects land prices, Mothorpe says, and residents who live near them may hear a humming sound produced by the lines. “My intuition tells me the visual [component] is the largest” factor leading to a decrease in values, Mothorpe told The Wall Street Journal.