Ski Megapasses and Local Housing Values

Abstract Epic and Ikon megapasses bundle access to geographically dispersed ski resorts under a single pass. This paper studies how expansion of these networks affects local housing markets. I combine resort affiliation histories with monthly Zillow Home Value Index data at the ZIP-code level and exploit the variation in the timing of network entry between 2008 and 2018 using staggered difference-in-differences. Among resorts joining Epic in 2010–17, entry is associated with a 5% increase in nearby home values over the subsequent three years. The estimates remain positive and generally similar in magnitude across alternative treatment dates, geographic definitions, sample restrictions, and control groups. Later Epic entrants show smaller positive estimates, while the 2008 Epic and 2018 Ikon cohorts show no clear effect. Resort-specific synthetic control exercises reveal substantial heterogeneity: Park City, Stowe, and Mammoth Mountain show the clearest positive capitalization patterns, while results for other resorts are more mixed. The estimates capture the combined consequences of network entry, including any accompanying changes in ownership or resort operations. The findings suggest that firms’ decisions about bundled recreational access can have consequences for local housing values. These results may inform resort operators’ real estate investments and workforce planning, as well as local governments’ assessments of housing affordability pressures and potential fiscal benefits. JEL Codes: L11, L83, R31, R11, C23