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Study: Colorado homes near oil wells face lower values

Neighborhood stock
Posted at 11:16 AM, Dec 09, 2019
and last updated 2019-12-09 13:16:09-05

A new study finds that oil and gas wells decrease the value of nearby homes by about $3,000 when the well is visible.

The Denver Post reports that the study was conducted by professor Heather Stephens of West Virginia University, and Amanda Weinstein of Akron University in Ohio.

The two studied home sales between 2006 to 2014 in Weld, Larimer, Morgan, Adams, Boulder, Jefferson, Broomfield and Arapahoe counties to determine what difference drilling made on home values.

Still, the surge in shale drilling in northeastern Colorado and the resulting population growth have driven up land values and home prices overall.