Lead Pipes and Property Values: The Impact of Lead Pipe Replacement on Property Values in Cincinnati

The 36,000 homes in Cincinnati with lead pipes make it possible that the drinking water crisis in Flint, MI could happen in Cincinnati. Despite this threat, only 50 percent of the homeowners contacted by Greater Cincinnati Water Works (GCWW) agree to replace their lead pipes, even though GCWW pays for the entire cost of the replacement. This study found another potential “incentive” for homeowners to replace their lead pipes: properties that had their lead pipes replaced from 2016 to 2021 and had sales before and after replacement (n = 66) saw a 4.6 percent increase in sale price ($10,600 on average) compared to similar homes (n = 2,230) in the three years after replacement. These results imply that Cincinnati customers value a “lead free” home, and that local and state-level outreach efforts should increase to make the presence of lead pipes widely-known to all homebuyers and residents.