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1. Introduction
Speed bumps present a quandary: at a first glance, home values may be enhanced as new speed bumps are installed, providing a perception of greater public safety for homeowners living nearby. Homebuyers (and sellers) price a speed bump premium into the home. Parents of small children may be attracted to a home “protected” by speed bumps, but potential buyers may resent the hassle of passing over a bump several times a day. The informed homebuyer contemplates the inconvenience, degradation of gas mileage, increased emergency vehicle response times and potential damage to the car’s suspension. As well, that homeowner may have to deal with cars driving around the speed bumps (potentially several feet into a yard) and with the noise that attaches to a car moving slowly, or quickly, over a bump. A family with children may be willing to pay a premium for a road populated with speed bumps, boosting demand; other potential purchasers may avoid speed bumps altogether and buy elsewhere, decreasing demand.
But, what of the overall impact of these speed bumps on property values? In this study, the relationship between property values and speed bumps is examined[1]. Our main contribution, consistent with remarks often heard in realtor communities, is that the net effect of most speed bumps is negative. Our findings suggest that speed bumps have an adverse effect on home values. If a community is dedicated to slowing traffic, other traffic measures such as islands or roundabouts should be considered.
2. Background
Despite the pervasiveness of speed bumps, in communities across the country, research on their effects on property values is limited. Speed bumps invite heated discussions in homeowners’ association meetings, but home price impacts of speed bumps are typically overlooked[2].
Popular press stories such as Shopes (2008) discuss speed bumps and report the celebratory and damning comments of nearby homeowners – depending largely upon their feelings about speed bumps and speeders. However, these non-scientific stories typically provide little statistical evidence. One notable exception is an empirical investigation by Bretherton et al. (2000) of speedbumps in Gwinnett County, GA. That study suggests that speedbumps have no measurable effect on home prices. The analysis uses ten subdivisions in which speedbumps were installed and compares them to a matched comparison.