You already know that fracking helps boost the Colorado economy by contributing hundreds of millions in taxes and creating high-paying jobs. But what effect does oil and natural gas development have on economic factors close to home like property values?
A 2016 study found that there is no definitive evidence fracking negatively impacts property values in Colorado.
The study, which is the most comprehensive analysis of its kind ever done in Colorado, looked at seven counties—Garfield, Grand, La Plata, Larimer, Pitkin, Routt, and Weld—and the homes in each county that were within 1,000 feet of an oil or natural gas well. Researchers found there is no correlation between proximity to wells and the value of property in Colorado.
Of the counties that showed higher values closer to sites, their numbers were significant. Take Weld County, for example, where 67% of homes studied were within 1,000 feet of a well site. There, almost twice the number of homes that have a well within that distance sold for approximately $30,000 more than homes that were not close to a fracking site.
The study also looked at homes that were within 1,000 feet of a well and used public water and found the same inconsistencies in results across counties.
Many factors contribute to decreased property values, but proximity to fracking is not one of them.