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The stigma of in-home death: Impact on housing prices and rents in the Tokyo Metropolitan Area

The stigma of in-home death: Impact on housing prices and rents in the Tokyo Metropolitan Area

SoSS Dean's Conference Room (LH 404, 4/F, Dr. Ricardo & Rosita Leong Hall)

28 Aug 2024 10:00 am - 28 Aug 2024 11:00 am

Dr. Naonari Yajima, an Assistant Professor at Seijo University, Japan, has an extensive background in environmental and urban economics, with a particular focus on the negative externalities associated with stigmatized properties and vacant housing in urban environments. Holding a B.A. in Economics from Takasaki-City University of Economics and an M.A. and Ph.D. in Economics from Waseda University, Dr. Yajima has previously held a position at Waseda University. His research is heavily oriented towards understanding the impacts of cultural perceptions of death on the housing market, particularly within the context of Japan.

In this paper, Dr. Yajima examines the influence of death incidents on property prices and rents in the Tokyo Metropolitan Area, employing a staggered difference-in-differences approach. The study reveals that in-home deaths lead to a significant 5% reduction in sale prices for properties within the same building, while the impact on rents is minimal. This differential outcome is attributed to buyers being more informed than renters about such incidents before entering into contracts. The study further explores the heterogeneity of this impact, noting that it intensifies in housing markets with low demand, high vacancy rates, and adverse conditions, such as high murder rates or during off-seasons. Deaths associated with murder, occurring during summer, or in older properties amplify this effect.

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September 25, 2024: go.ateneo.edu/HRepAteneoLaborOnsite

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