Abstract
The prevalence of neighborhoods with inadequate access to grocery stores, classified by the U.S. Department of Agriculture as “food deserts,” has become an issue of concern in recent years given that a growing body of research has shown that food deserts can have health-related consequences, such as heart disease, diabetes, and obesity. Despite this growing body of literature, no study to date has examined the consequences of food deserts on residential real estate prices. Using United States Census information from Shelby County, Tennessee, home to the Memphis metropolitan area, to determine whether access to a sufficient food source has an economic effect on housing prices and a dataset containing 3,298 residential real estate transactions, hedonic pricing models employing a large dataset of real estate transactions presented below in this study suggest that residential real estate prices are about 4% to 6% lower for houses located in food deserts than for their counterparts with adequate access to grocery stores.
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