We provide the first evidence on the rate at which spatial variation in all-cause mortality risk is capitalized into US housing prices. Using a hedonic framework, we recover the annual implicit cost of a 0.1 percentage-point reduction in mortality risk among older Americans and find that this cost is less than $3453 for a 67 year old and decreasing with age to less than $629 for an 87 year old. These estimates, while similar to estimates from the market for health care, are far below comparable estimates from markets for labor and automobiles, suggesting that the housing market provides an alternative, substantially cheaper channel for reducing mortality risk. We find this conclusion to be robust to a wide range of econometric model specifications, including accounting for associated expenditures on property taxes and the physical and financial costs of moving.

我们提供了关于全因死亡风险的空间变化转化为美国房价的比率的第一个证据。使用享乐框架，我们恢复了美国老年人死亡风险降低 0.1 个百分点的年度隐性成本，发现对于 67 岁的老年人来说，这一成本低于 3453 美元，并且随着年龄的增长而下降，在 87 年内这一成本低于 629 美元老的。这些估计虽然与医疗保健市场的估计类似，但远低于劳动力和汽车市场的可比估计，这表明房地产市场为降低死亡风险提供了另一种更便宜的渠道。我们发现这个结论对于广泛的计量经济模型规范来说是稳健的，包括考虑财产税的相关支出以及搬迁的物理和财务成本。