The Impact of Historical Districts on Residential Property Values
AbstractInterest in promoting neighborhood revitalization has led local governments and community groups to propose the establishment of historic districts. By creating a historic district, and by imposing land use controls, they hope to foster increased demand for the properties. However, the restrictions may prove burdensome and the additional information may have no value. Using a hedonic pricing model for housing sales for Elgin and Aurora, Illinois, the authors test for the effect on sales prices of location in a historic district and find it positively, but weakly, related to sales price in Elgin and positively related to location in a low-income area in the historic district in Aurora.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 15 (1989)
Issue (Month): 3 (Jul-Sep)
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