Measuring environmental (dis)amenity value during a pandemic: Early evidence from Maryland

With the outbreak of COVID-19 and the implementation of stay-at-home (SAH) orders aimed to mitigate its spread, households became less mobile and sheltered in place. This behavior has potential implications for how households' value environmental (dis)amenities, especially those that are underutilized during the pandemic. In this paper, we explore changes in the valuation of two prominent environmental (dis)amenities - major roadway and open space proximity - by households within the Baltimore metropolitan region. We find evidence that the housing price capitalization of immediate major roadway proximity changes due to the SAH order and associated policies that impact economic activity, suggesting a shift in household perceptions, while there is no evidence of open space valuation changes. These results may have significant implications for homeowner welfare if the altered capitalization of environmental (dis)amenities is temporary due to the SAH order.