Gun

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

Information verified correct on January 22nd, 2017

Murders depress property prices, so just how much difference would it make to the market if tougher gun laws reduced the murder rate? We’ve crunched the numbers.

finder.com has previously calculated the impact of murders on property prices, using academic research and house price data to identify just how much impact a murder has when a property is resold. With the topic of stricter gun laws very much on the agenda in 2016, we thought it would be interesting to go one step further and calculate just how much impact gun-related murders have on property prices.

We already know the impact of all murders on property prices in the USA. The FBI has state-by-state data showing when firearms are used in murders, so we can take that percentage and calculate the overall impact if gun-related murders are eliminated entirely.

Of course, this very much represents a best-case scenario, since some gun-related murders would still occur even with tighter laws and some murders might happen with a different weapon if guns were less readily available. However, in most states the majority of murders involve firearms, and it’s instructive to see what difference it would make if that wasn’t a factor.

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

You can see the full list of states in the table below. (We don’t have data for DC, Florida, Kansas, Maine and Wyoming.) Nationally, the potential increase in value is more than $1.5 billion.

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

Picture: Shutterstock

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