This paper estimates the effects of crime risk on housing values. To estimate the causal effects, we rely on the introduction of the gun offender registry in Baltimore City, Maryland, that discloses the residences of ex-gun offenders to the public. Specifically, we exploit the changes in perceived crime risk after ex-gun offenders move into the neighborhoods. Our most conservative estimates indicate that houses within 0.1 miles from ex-gun offenders’ residences experience an 8.0% decline in value ($12,632) after these ex-gun offenders move in. Additional results suggest that homeowners are responding out of fear of victimization as we do not observe significant increases in crimes following the relocation of ex-gun offenders into the neighborhoods.

本文估计了犯罪风险对住房价值的影响。为了估计因果效应，我们依赖于马里兰州巴尔的摩市引入的枪支罪犯登记处，该登记处向公众披露了前枪支罪犯的住所。具体来说，我们利用了前枪支罪犯进入社区后感知犯罪风险的变化。我们最保守的估计表明，在这些前枪支罪犯搬入后，距前枪支罪犯住所 0.1 英里以内的房屋价值下降 8.0%（12,632 美元）。其他结果表明，房主的反应是出于对受害的恐惧，因为我们在前枪支罪犯搬迁到社区后，犯罪率并未显着增加。