Dollar Amount Put on Cost of Blight to Neighbors

Former abandoned train depot

That foreclosed house on your street with the chipped paint and boarded-up windows — it’s ugly, sure, but how much does it cost? The answer is surprisingly complex, drawing from municipal budgets as well as the private market, and it’s the topic of a new report led by urban economist Aaron Klein. Bottom line: The vacant house next door is a financial burden on its neighbors, whose housing values drop as it stays unoccupied, and often on the coffers of local police and fire departments as well.

Click here to read the full article on Next City.