gun

How would stricter gun laws affect property prices in the US?

Murders depress property prices. We’ve crunched the numbers to learn how tougher gun laws would affect the market.

We’ve already analyzed academic research and housing data to calculate the impact of murders on property and resell prices. With the topic of stricter gun laws very much on the political agenda, we thought it’d be interesting to go a step further to find out just how much gun-related murders affect property prices.

We already know the impact of all murders on property prices in the US. The FBI breaks down data state by state showing when firearms are used in murders. So we can use those percentages to calculate the overall impact of eliminating gun-related murders entirely.

Of course, this is a best-case scenario. Some gun-related murders would still occur even with tighter laws, while other murders could be committed using a knife or other weapon. However, in most states the majority of murders involve firearms.

Our infographic shows the potential overall increase in property value for each state if all gun-related murders were eliminated.

Our full list of states is below. We don’t have data for DC, Florida, Kansas, Maine or Wyoming. However, the potential increase in value is more than $1.5 billion nationally.

StateMedian home valueMarket value loss due to murderGun-related murder ratePotential gain
Alabama$121,300$45,900100%$45,900
Alaska$255,200$92,07654%$49,407
Arizona$188,600$14,986,91059%$8,887,586
Arkansas$111,200$3,767,45672%$2,715,504
California$431,200$566,664,41269%$390,353,976
Colorado$256,200$7,054,51861%$4,308,464
Connecticut$237,100$53,165,59761%$32,668,017
Delaware$202,300$19,995,65672%$14,441,307
Georgia$137,800$46,492,61877%$35,816,535
Hawaii$526,100$1,875,02020%$375,004
Idaho$165,500$349,53650%$174,768
Illinois$155,300$55,567,58287%$48,167,227
Indiana$110,700$23,010,63374%$17,084,818
Iowa$126,800$1,472,90949%$723,064
Kentucky$124,400$8,582,60570%$6,007,823
Louisiana$142,200$22,918,65878%$17,963,273
Maryland$253,200$168,682,85367%$113,547,034
Massachusetts$322,700$133,923,08262%$82,807,402
Michigan$117,000$43,737,40864%$28,169,856
Minnesota$179,100$3,877,15751%$1,985,861
Mississippi$112,500$4,303,53076%$3,261,060
Missouri$128,500$18,183,26478%$14,202,848
Montana$182,400$130,01563%$81,861
Nebraska$131,000$587,92863%$368,896
Nevada$191,300$3,129,51556%$1,740,677
New Hampshire$217,200$1,582,60650%$791,303
New Jersey$284,100$406,940,52272%$293,431,890
New Mexico$166,200$982,84055%$542,610
New York$253,100$234,835,49456%$131,783,703
North Carolina$145,300$53,371,71268%$36,188,069
North Dakota$190,100$117,10243%$50,186
Ohio$114,800$55,058,08064%$34,979,560
Oklahoma$109,200$3,851,52862%$2,398,556
Oregon$238,700$2,606,79553%$1,392,671
Pennsylvania$150,300$99,880,48274%$74,295,334
Rhode Island$220,200$21,702,91248%$10,417,398
South Carolina$132,100$24,843,36073%$18,075,402
South Dakota$152,900$100,91440%$40,366
Tennessee$126,700$28,052,39466%$18,651,051
Texas$138,200$52,730,26567%$35,353,771
Utah$207,900$1,339,20959%$790,353
Vermont$219,100$674,82860%$404,897
Virginia$229,500$57,851,44268%$39,139,848
Washington$262,400$17,475,42055%$9,550,520
West Virginia$94,200$1,901,63426%$490,744
Wisconsin$152,600$10,396,57774%$7,698,731

Using a credit card to buy a gun
Photo courtesy of Shutterstock.

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