Climate Change and Housing Prices: Hedonic Estimates for North American Ski Resorts


Van Butsic

Ellen Hanak

Download PDF
(489 KB)

2008-12 | November 1, 2009

We use a hedonic framework to estimate and simulate the impact of global warming on real estate prices at North American ski resorts. To do so, we combine data on resort-area housing values from two sources–data on average values for U.S. Census tracts across a broad swath of the western U.S. and data on individual home sales for four markets in the western U.S. and Canada, each available over multiple decades–with detailed weather data and characteristics of ski resorts in those areas. Our OLS and fixed-effects models of changes in home values with respect to medium-run changes in the share of snowfall in winter precipitation yield precise and consistent estimates of positive snowfall effects on housing values in both data sources. We use our estimates to simulate the impact of likely climate shifts on home values in coming decades and find substantial variation across resort areas based on climatic characteristics such as longitude, elevation, and proximity to the Pacific Ocean. Resorts that are unfavorably located face likely large negative effects on home prices due to warming, unless adaptive measures are able to compensate for the deterioration of conditions in the ski industry.

Article Citation

Hanak, Ellen, Robert G. Valletta, and Van Butsic. 2008. “Climate Change and Housing Prices: Hedonic Estimates for North American Ski Resorts,” Federal Reserve Bank of San Francisco Working Paper 2008-12. Available at

About the Author
Robert G. Valletta
Robert G. Valletta is senior vice president and associate director of research in the Economic Research Department of the Federal Reserve Bank of San Francisco. Learn more about Robert G. Valletta