【未来能源研究所】保护区计划对附近房产价值的影响-2026.1

TheImpactofthe

ConservationReserve

ProgramonNearbyPropertyValues

MatthewWibbenmeyer,Yanjun(Penny)Liao,HannahDruckenmiller,andRichardIovanna

WorkingPaper26-02January2026

AbouttheAuthors

MatthewWibbenmeyerisafellowatResourcesfortheFuture(RFF).Wibbenmeyer’sresearchstudiesclimateimpactsandmitigationwithintheUSlandsector,with

aspecialemphasisonwildfireimpactsandmanagement.USwildfireactivityhasacceleratedinrecentyears,leadingtoincreasesinpropertydamages,carbon

emissions,andhealthimpactsduetosmoke.

Yanjun(Penny)LiaoisaneconomistandfellowatRFF.Liao’sresearchprimarily

focusesonissuesofnaturaldisasterriskmanagementandclimateadaptation.Shehasstudiedtheimpactsofdisastersonlocalgovernmentbudgets,housingmarkets,anddemographicchanges.Herongoingworkinvestigateshowdisasterinsuranceinteractswiththehousingandmortgagesector,aswellastheeconomicandfiscalimpactsof

adaptationpoliciesonlocalcommunities.LiaoearnedherPhDineconomicsfromUCSanDiegoandconductedherpostdoctoralresearchattheWhartonRiskCenteratUniversityofPennsylvania.

HannahDruckenmillerisanassistantprofessorofcconomicsandaWilliamH.HurtScholarattheCaliforniaInstituteofTechnology(Caltech).Druckenmillerisalsoa

universityfellowatRFF,researchfellowattheNationalBureauofEconomicResearch,andanafiliateofCaltech’sLindeCenterforScience,Society,andPolicy.ShereceivedherPhDinAgriculturalandResourceEconomicsfromUCBerkeley.Herresearchaimstoprovideempiricallybasedestimatesfortheenvironmentalbenefitsandeconomiccostsassociatedwithnaturalresourceprotection.

RichardIovannaisasenioragriculturaleconomistattheUSDepartmentofAgricultureFarmProductionandConservationBusinessCenter.Priortohiscurrentrole,hewasanEconomistattheUSEnviornmentalProtectionAgency.HeearnedhisMasterofPublicAfairsatPrincetonUniversity.Iovanna’sresearchfocusesoneficientconservation

programdesign,particularlyonpracticeadoption,setcompetitiveincentives,

ecologicalimpacts,andeconomicbenefitsoftheseprogramsforagriculturallands.

Disclaimer

ThefindingsandconclusionsinthisreportarethoseoftheauthorsandshouldnotbeconstruedtorepresentanyoficialUSDepartmentofAgricultureorUSGovernmentdeterminationorpolicy.

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Workingpapersareresearchmaterialscirculatedbytheirauthorsforpurposesof

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1

TheImpactoftheConservationReserveProgramon

NearbyPropertyValues*

MatthewWibbenmeyer

†

1,Yanjun(Penny)Liao1,HannahDruckenmiller2,

andRichIovanna3

1ResourcesfortheFuture,Washington,DC,USA

2CaliforniaInstituteofTechnology,Pasadena,California,USA

3USDAFarmProductionandConservation,Washington,DC,USA

January21,2026

Abstract

Conservationprogramsareoftenviewedascompetingwithlocaleconomicactivity,yettheymayalsogenerateenvironmentalamenitiesfornearbycommunities.Weesti-matehowlandenrolledintheConservationReserveProgram(CRP)—thelargestUSpayments-for-ecosystem-servicesprogram—afectsresidentialpropertyvalues.Usingnationwidefield-levelCRPdatafrom2012–2022linkedtohometransactions,weapplyarepeat-saleshedonicframeworktoidentifyhowchangesinnearbyCRPlandinflu-encetransactionpricesofthesameproperties.WefindthatCRPenrollmentproducesmeaningfulappreciationofhomevalues:a10-hectareincreaseinCRPlandwithin

1,000metersraiseshomevaluesbyroughly0.5percent,withespeciallystrongefectsforlandconvertedtotreecover.Placeboandrobustnesstestsconfirmthatresultsarenotdrivenbycounty-leveleconomictrendsordevelopmentpressure.Ourestimatesim-plythatCRPlandsincreaseUSresidentialpropertyvaluesby$48–68millionannually,highlightinglocalbenefitsbeyondpaymentstoparticipatinglandowners.

Classification:SocialSciences;Keywords:PaymentsforEcosystemServices,LandCon-servation,EnvironmentalAmenities,HedonicPricing

*ThefindingsandconclusionsinthisarticlearethoseoftheauthorsandshouldnotbeconstruedtorepresentanyofficialUSDAorU.S.Governmentdeterminationorpolicy.

tCorrespondingauthor,email:

wibbenmeyer@

2

1Introduction

Conservationisoftenperceivedtobeatoddswitheconomicactivity.Payments-for-ecosystem-services(PES)programshavebeenpromotedasawaytoeasethistensionbyprovidinglandownerswithfinancialcompensationforsettingasidelandoradoptingenvironmentallybeneficialpractices.Becauseparticipationisvoluntary,thosewhoenrolldosoonlyifitimproves—oratleastdoesnotreduce—theirownwelfare.However,PESprogramscanhavespilloverefectsbeyondthosewhoparticipatedirectly.Usinglandforconservationmayde-pressruraleconomiesbyreducingoutputs,employment,anddemandforsupportservicesfromagriculture,forestry,orotherland-basedindustries.Weighingagainstthesepotentiallydeleteriousspilloversisthepossibilityofdifuselocalbenefits,includingimprovedenviron-mentalquality,recreationalamenities,andlandscaperesiliencetoerosion,extremeweather,andecologicaldisturbances.WeestimatetheefectoftheConservationReserveProgram(CRP),thelargestandmostlongstandingUSPESprogram,onnearbypropertyvalues.WeshowthatCRPenrollmentsgeneratemeasurablefinancialbenefitsforthebroadercommu-nityandnotonlyparticipatinglandowners.

CRPpaysfarmersinecologicallysensitiveareastoremovelandfromproductionandreplacecropcoverwithnativevegetationfor10–15yearstoprovideenvironmentalbenefits.Sincetheprogramwasinauguratedin1985,ithasfacedconcernsthatsuchremovalmaynegativelyimpactruraleconomies.AreaswithhighCRPenrollmentmayhavereduceddemandforagriculturallaborandproductsandservicesfromfarm-relatedbusinesses,andemploymentcouldalsosufer.CRPcouldalsoleadtooutmigrationifenrollmentproducesanincreaseinabsenteelandownership.

Ontheotherhand,successfulPESprogramsmaygenerateecosystemservicesthaten-hanceagriculturalproductivityorlocalamenityvalues,whichcouldbenefitlocaleconomies.OneofCRP’sprimaryobjectivesistolimiterosiononmarginalcroplands.Alargescien-tificliteraturedemonstratesthattakingmarginal,degraded,orotherwiseenvironmentallysensitivecroplandoutofproductionandestablishingperennial,oftennative,vegetationinitsplaceincreasesahostofecosystemservices,includingreducedsedimentloss,runof,andflooddamagetocrops(

Benayasetal.

,

2009

;

Zhouetal.

,

2014

;

Lietal.

,

2017

;

Kim

,

3

2023

).Moreover,CRPcreatesorrestoreswildlifeandpollinatorhabitat,enhancinglocalrecreationalopportunities(

Fieldsetal.

,

2018

;

Riciglianoetal.

,

2019

;

Quinlanetal.

,

2021

).

WhetherPESprogramlocalbenefitsoutweighanylocaleconomicharmsisultimatelyanempiricalquestion.WeseektoaddtotheevidenceonthisquestionforCRP;itsefectsonamenitiesandlocaleconomicactivitycouldhaveconsequencesforbothhomeandlandpricesandlocalwages(

Roback

,

1982

).Wespecificallyfocusonconsequencesfornearbyresidentialhomeprices,anoutcomethathasnotyetbeencarefullystudied.Inthehedonicframework,theseestimatescapturehowhouseholdsimplicitlyvaluetheenvironmentalamenities(anddisamenities)generatedbyCRPland,suchaschangesinlandscapeaesthetics,wildlifeabun-dance,orairquality,throughtheirwillingnesstopayforhousing.Weusecomprehensivenationaldataonresidentialhomesalescoupledwithadministrativedataonfield-levelCRPenrollmenttostudytheefectsofchangesinnearbyCRPlandonhomesalesprices.

MoststudiesquantifyingthecostsandbenefitsofCRPhavereliedonpubliclyavailablecounty-leveldataonenrollment.Field-levelCRPdataallowustoestimateregressionsattheindividualpropertylevel,enablingmorecrediblecausalidentificationoftheefects.Specifically,weusearepeat-salesframework,identifyingtheefectsofCRPlandonhomepricesbasedonpropertiesthatexperiencedchangesintheamountofnearbyCRPlandoverthestudyperiod(2012–2020).Cross-sectionalhedonicregressionscouldbebiasedduetocorrelationbetweenunobservedhomeattributesandCRPlandareanearby;therepeat-salesstrategyavoidssuchbiasbyidentifyingestimatedefectsbasedontherelationshipbetweenhomepricesandnearbyCRPlandwithinthesamepropertiesovertime.

WefindthatCRPlandhasasignificantpositiveefectonhomeprices.ForeachadditionalhectareofCRPlandwithina1kilometer(km)radiusofthehome,homepricesincreasebyapproximately5basispoints.ThisefectsizeroughlydoublesforincreasesinCRPlandwithin500meters(m).Weimplementseveralteststoexploretheinternalvalidityofourestimates.First,weincludetime-varyingcontrolsthatproxyfordevelopmentpressure,afactorthatcouldinfluencechangesinbothCRPenrollmentandhomevalues.Second,totestwhetherourestimatescouldbedrivenbyunobservedtime-varyingvariablescorrelatedwithCRPenrollment,suchaslocaleconomicconditions,weconstructaplacebotestinwhichwereassignCRPlandtopropertieswithinthesamecountythatarenotclosetoCRPlands.

4

CRPefectsestimatedfromtheseplaceboregressionsaresmallandstatisticallyinsignificant.Heterogeneityanalysesprovidefurtherevidenceoftheplausibilityofourestimates.CRPcontractsspecifywhatlandcovertypetoconvertenrolledlandto.Whenwedistinguishbylandcovertype,wefindthatthelargestincreaseinpropertyvaluesareassociatedwithCRPlandsthatarecontractedtobeconvertedtotreecover—highlyvisibleandknowntosignificantlyboostnearbypropertyvalues(

Kovacsetal.

,

2022

).OurestimatesimplythatoneacreofCRPlandincreasesnearbyhomevaluesby$1,000,onaverage.AcrosstheuniverseofUSproperties,weestimatethatCRPincreaseshomevaluesbyapproximately$3billion.

ThebenefitswereportlikelyrepresentonlyasubsetoftheenvironmentalbenefitsofCRP:localamenityvaluesthatarecapitalizedintonearbypropertyvalues.Forexample,locallyimprovedviewsandrecreationalbenefitsfromenhancedbiodiversityaremorelikelytocapitalizeintohomevaluesthandownstreambenefits,suchasimprovedwaterquality.TounderstandthenetimpactofCRPonruralcommunities,increasedamenitiesmustbeweighedagainstanypotentialnegativeconsequencesforwages.Itisalsonecessarytoaccountforbothbenefitsandcostsatbroaderspatialscales,asCRPlandsmaygenerateecosystemserviceswithbroaderbenefits,suchaswildlifehabitat,waterquality,airquality,andcarbonstorage,andanyreductionsineconomicactivityduetoCRPmaysimplybedisplacedtootherareas.Ratherthanconductingacomprehensivebenefit–costanalysisforCRP,weseektoprovideonecriticalinputintosuchananalysis—ameasureofthelocalamenityvaluegeneratedbyCRPlands.

MuchoftheliteratureoneconomicconsequencesofPESprogramshasfocusedontheirpotentialtoalleviatepovertybycreatingmarketsforenvironmentalservices(e.g.,IIED2002)

1

andparticularlyonimpactsforparticipatinghouseholds.Incomparison,evidenceonindirectorspilloverconsequencesremainsrelativelyscarce.Forproduction,CRPisanimportantexception,withextensiveworkdatingtoearlyinitshistorystudyingitscon-sequencesforagriculturalsectorproduction,employment,andpopulationsinparticipatingcommunities.Earlyinput–outputmodelingtendedtofindthateconomicactivityinagricul-1However,aninherenttrade-ofbetweenpovertyreductionandenvironmentalgoalshasbeennoted.Forexample,seeJayachandran(2022)Alix-Garciaetal.

5

turalcountieswithhighCRPenrollmentwoulddecline(e.g.,

Hybergetal.

,

1991

;

Mortensen

etal.

,

1990

).Howevermorerecenteconometricstudieshavefoundmoremixedresults,withefectsvaryingbyindustryandnegativelocaleconomicefectsdissipatingovertime(

Liand

Ando

,

2023

;

Sullivanetal.

,

2004

).China’sSlopingLandConversionProgram,

2

anotherlargelandretirementPESprogram,hasalsobeenwidelystudied,withlimitedevidenceofitseco-nomicconsequencesatregionalscales(

Liuetal.

,

2021

)andefectsonof-farmemployment(e.g.,

Liuetal.

,

2018

).

DespiteanextensiveliteratureonspilloverenvironmentalbenefitsofPESprograms,posthocmonetaryvaluationsofthespilloverbenefitsofPESprogramsarerare.

3

AfewstudieshaveevaluatedCRP’sconsequencesforlandvalues(e.g.,

Shoemaker

,

1989

;

WuandLin

,

2010

),buttheyhavetendedtoemphasizecapitalizationofoptionofCRPparticipationintoagriculturallandvaluesratherthanthevalueofamenitiestonearbyhomes.Studieshavealsousedcounty-leveldataforbothlandvaluesandCRPenrollment,whichmayattenuateestimates.Ourstudyalsorelatestothebroaderliteraturevaluinglandconservationandespeciallytoworkusinghedonicmethodstomeasureconservationbenefits,whichincludesstudiesfocusingonthevalueoftreecover(see

Siriwardenaetal.

,

2016

,forareview),openspace(see

McConnelletal.

,

2005

),androleofdevelopmentrights(e.g.,

Chambleeetal.

,

2011

).

2Background

CRPwasestablishedbytheFoodSecurityActof1985(the“FarmBill”)toassistcroplandownersandoperatorsinconservingsoilandwaterresourcesontheirlands.Inexchangeforarentalpayment—whichtodayaveragesabout$72peracrenationwide(

USDAFSA

,

2025

)—thelandownerswouldenterinto10–15-yearcontractsinwhichtheywouldagreetoforgoagriculturalproduction,harvesting,andgrazingonthelandandestablishanapprovedvegetativecover,specifiedwithineachcontractbya“practicenumber.”Tobeeligible,fieldsmusthavebeenplantedinatleastfouroftheprevioussixcropyearsandbe“environmentally

2Itisalsoknownasthe“GrainforGreenProgram.”

3Ontheotherhand,statedpreferencestudieshavefrequentlyestimatedprospectivemonetaryvaluesofhypotheticalPESprograms.

6

vulnerable.”

4

WhenCRPwasfirstestablished,itfocusedonerosioncontrolbyestablishingperennialcover(e.g.,“EstablishmentofPermanentIntroducedGrasses&Legumes”and“EstablishmentofPermanentNativeGrasses”).Laterfarmbillsapprovedpracticesrelatedtoestablishingriparianbufers,wetlandconservation,andwildlifehabitatconservation.ThemostcommonconservationpracticesonCRPlandduringthestudyperiodaresummarizedinTable

A.1

.Thetopthreerelatetoestablishinggrassesandforbs.

AnextensiveliteraturehasuncoveredavarietyofecosystembenefitscreatedbyCRP.Forone,itreducessoilerosionasannualtillageceasesandbaregroundiscovered.

US

DepartmentofAgriculture

(

2025

)reportsthatCRPreducessedimentlossby142milliontonsperacreannually.Relatedly,soilhealthimprovesasnewlyestablishedgrasses,forbs,andtreesserveasaconduitforreplenishingorganiccarbonstocksonthesefields(

Liet

al.

,

2017

).Additionalof-sitebenefitsincludeloweringsedimentandnutrientrunofandinterceptinglossesfromuplandcroppedfields,whichreducesnutrientloadingstosurfacewaters.

Zhouetal.

(

2014

),forexample,findthatCRP-supported“prairiestrips”reducetotalnitrogenandtotalphosphorusconcentrationsby73and82percent,respectively,inrunoffromtreatedfields.Otherwater-relatedecosystemservicesincludeaquiferrechargeandflooddamageattenuation,althoughthemagnitudeofthesebenefitsisnotwellestablished(

Kim

,

2023

).Furthermore,CRPcreatesorrestoreswildlifeandpollinatorhabitat.Supportforpopulationsofducks,pheasants,turkey,bobwhitequail,prairiechickens,grasshoppersparrows,andmanyothergrasslandbirdsandwaterfowlhasbeenwelldocumented.

Fields

etal.

(

2018

)projectedthat8.6percentofthetotalpopulationofgrasslandbirdsintheNorthernGreatPlainswouldbelostifallCRPlandswerereturnedtocropproduction.Withrespecttopollinatorhabitat,CRPhasbeenfoundtobolsterhoneybeecolonypopulationsandsurvivalpotential(

Riciglianoetal.

,

2019

).CRPalsoresultsingreaterdiversityinfloralforageresourcesand,consequently,nativebees,accordingto

Quinlanetal.

(

2021

).

LandownerscanenterintoCRPcontractsinthreeways:theGeneralSign-Up,Continu-ousSign-Up,orGrasslandSign-Up.Thefirst,whichisheldannually,operatesasareverseauction.Landownerssubmitminimumrentalpaymentbids,andtheirlandisassignedan4SuchlandeitherscoreseightormoreonUSDA’sErodibilityIndexorliesinadesignatedconservationpriorityarea,suchasthePrairiePotholewaterfowlregionacrossmostoftheMidwest(

Stubbs

,

2022

).

7

EnvironmentalBenefitsIndexscore,aweightedmeasurethatintegratesintoasingleordinalscorethecostandtheenvironmentalbenefits(includingerosioncontrol,waterquality,andwildlifebenefits)ofenrollingthelandinCRP.Bidsarerankedbythatscore,andthoseaboveacutofdeterminedbyavailableacreagecapacityareaccepted(

Hellerstein

,

2017

).TheGen-eralSign-Upwastheearliestenrollmentmechanism,thoughitsstructurehaschangedasprogramgoalshaveevolved.The1996farmbillestablishedtheContinuousSign-Up.UnliketheGeneralSign-Up,landcanbeenrolledatanypointintime.TheContinuousSign-Upisnoncompetitive,buteligibilityismorestringent,anditfocusesonspecifichigh-prioritypractices,suchasriparianbufers,grassedwaterways,filterstrips,andwetlandrestoration.TheGrasslandSign-Upisthemostrecentmechanism.Itfocusesonconservingexistingnativegrasslands;becausenolandcoverchangeisrequired,weomititslandfromthisstudy.AlthoughtheGeneralSign-Upisthelongest-runningmechanism,landsenrolledviatheothertwohavegrownovertime,andthesplitisnowroughlyevenacrossthethreeoptions.

5

Evenatitsinception,CRPfacedconcernsregardingimpactstotheeconomiesandpopu-lationsofruralcommunities;tominimizetheseimpacts,theprogramrequiresthatnomorethan25percentoftotalcroplandisenrolledinacountyatanygiventime.Thisrestrictionisusuallynotbinding;atthebeginningof2025,just29countieshadmorethan20percentofcroplandenrolled(

U.S.DepartmentofAgriculture,FarmServiceAgency

,

2024

).

CRPparticipationtendstobehighestinareaswherecroplandismarginalandthereturnsaremorefavorablethancropping.Figure

1

plotstheaveragepercentageofcountyareaenrolled2012–2022.ThecountieswithhighestsharesofCRPlandareconcentratedintheGreatPlains,especiallyinthesouthernPlainsregionandDakotas(panelAofFigure

1

).Iowa,Missouri,Minnesota,andeasternWashingtonalsohavehighparticipation.Enrollmenthasvariedovertime,duetochangesinprogramcapsandcropprices.Nationally,itpeakedin2007,when36.7millionacreswereincludedwithinthecontiguousUnitedStates(Figure

A.1

).Acombinationofrisingcroppricesanddecreasedenrollmentcaps

6

ledtoadeclinethroughthe2010s—mostoftheyearsofthisstudy.Sincereachingalowof18.3millionacresin

5AsofJune2025,7.8,8.4,and9.7millionacreswereenrolledviatheGeneralSign-Up,ContinuousSign-Up,andGrasslandSign-Up,respectively(

USDepartmentofAgriculture,FarmServicesAgency

,

2025

).

6The2008farmbillreducedtheenrollmentcapto32millionacres,andthe2014farmbillreduceditto24millionacres(

CongressionalResearchService

,

2019

).

8

2021,

7

ithasrecoveredslightly,perhapsinpartduetomodestincreasesinincentives.

3Data

WeobtainedgeospatialdataofallCRPparcelsthroughcollaborationwithUSDA.FilescontaintheboundariesofallCommonLandUnits—individualcontiguousfarmingparcelsdelineatedbytheFarmServiceAgency—activelyenrolledinCRPnationwideeachyearfrom2012to2022.Attributesforeachobservationincludecontractnumber,expirationdate,andpracticenumber,whichdescribesthespecifiedconservationpracticeagreedtowithineachcontract.WedroppedparcelsintheGrasslandCRPprogrambecauseitdoesnotchangelandcover.Fordatafromeachenrollmentyear,wealsodroppedparcelsthatwereduplicated,hadexpirationdatesmorethan15yearsintothefuture,orhadexpirationdatesearlierthanOctober1ofthepreviousyear.Figure

2

illustratesthefield-levelCRPdata.WhereasmostempiricalstudiesofCRPusedcounty-leveldata(e.g.,Figure

1

),PanelAofFigure

2

showstransactionsofresidentialpropertiesandsubcountygeographicvariationinthelocationsofenrolledfields(asof2018).PanelBzoomsintoaportionofthecountytoshowthefield-levelpolygondata,whichindicatepreciselywhichareaswereenrolledinagivenyear.

WithinCRP,specificlandmanagementpracticesareassignedtoeachcontractinaccor-dancewithenvironmentalgoalsandoutcomes.WeuseinformationfromtheCRPdataonthelandmanagementpractice(“practicenumber”)associatedwiththecontracttoidentifythelandcoveroutcomeofeachparcel.Weclassifiedeachpracticeintograss,trees,wetland,and“various,”

8

basedonthemostcommonresultinglandcover.

WecombineddataonenrolledCRPlandwithdataonresidentialpropertytransactions2012–2022.FromCoreLogic,Inc.,weobtainedpropertytransactionandcountyassessors’dataforindividualparcelsacrosstheUnitedStates.Beforeanalysis,wefilteredtheownertransferdatasettoretainonlyresidentialpropertytransactionsandmergedtheownertrans-ferandassessors’datasetsusingapropertyidentifier.

9

Wethencleanedthemergeddatasetto

7ThisfiguredoesnotincludeacresenrolledintheGrasslandCRPprogram.

8Practicenumbersassociatedwithlegacypracticesthatinvolvedfewenrollmentsanddeminimisacreageatthefieldlevel,suchaserosioncontrolstructures,weredroppedfromanalysesthatcategorizeCRPlandbyoutcomelandcover.

9Theownertransferdatasetincludestransaction-levelrecordsforrealestatesales;thepropertycharac-

9

removetransactionswithunusualoroutliersalespricesorpricechanges.First,weremovedanytransactionsofagivenpropertyoccurringbeforerecordsofanysignificantpropertychanges(i.e.,newconstructionornewbuildings).Second,toeliminatespeculation-driventransactions,weremovedanyrecordsthatoccurredwithin365daysofanothertransactionrecordforthesameproperty.Third,weremovedsetsoftransactionswithaveragejumpsinpriceperyearofmorethan50percent.Finally,weremovedtransactionswithsalepricesinthetopandbottom1percentwithineachstate.

Foreachtransaction,wethencalculatedaseriesofvariablesdescribingchangesinCRPenrollmentandlandcovernearby.FirstwecalculatedtotalenrolledCRPwithin500mand1,000musingversionsoftheannualCRPdatasetsrasterizedata50mresolutiontoimprovecomputationalspeed.WealsocalculatedCRPwithineachtransaction’scountyineachyear.Next,weclassifiedCRPparcelsbasedontheoutcomelandcoverclassspecifiedbyeachcontract’sconservationpracticecode,andwemeasuredCRPlandwithin500mand1,000mcontractedtobeconvertedtograssland,trees,wetland,andvarious.

10

Finally,tomeasurebroaderlandcoverchangesbeyondCRPparcels,weusedtheUSDACroplandDataLayerdataset(

USDANationalAgriculturalStatisticsService

,

2022

)tocalculatelandareainthreebroadlandcoverclasses(agricultural,natural,anddeveloped)within500mand1,000mofeachpropertyineachtransactionyear.

SummarystatisticsforpropertytransactionsbytheamountofCRPlandwithin1,000marepresentedinTable

1

.ThefirstcolumnlistspropertieswithnoCRPlandwithin1,000m.ThenextfourcolumnsarebyquartileofCRPlandnearby,definedoverpropertieswithanyCRPlandnearby.SalespricesarelowerandlotsizesgreateramongpropertieswithnearbyCRPland,likelybecausetheyaremorelikelytobeinruralareas.ThespatialdistributionoftransactedpropertieswithenrolledCRPnearbyisshowninPanelBofFigure

1

.WhereasCRPlandismostconcentratedinthewesternGreatPlainsregion,ourtransactionsof

teristicsdatasetcontainsdetailedparcelattributes,includinggeographiccoordinates,structuraldetails,andassessedvalues.Tocreateacomprehensivedataset,wefirstfilteredtheownertransferdatatoretainonlyarm’s-lengthresidentialtransactions,identifiedusingpropertyclassificationcodes.WemergedtheserecordswiththepropertycharacteristicsdataatthecountylevelusingaCoreLogicproprietarypropertyidentifier,ensuringthateachtransactionwaslinkedto