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Religious Value Halos: The Effect of a Jewish Orthodox Campus on Residential Property Values

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Author Info

  • Robert A. Simons

    ()
    (Levin College of Urban Affairs; Cleveland State University; Cleveland, Ohio 44115)

  • Youngme Seo

    ()
    (Ph.D., Financial Analyst; Joss Data)

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    Abstract

    Ten years ago, there was a controversial expansion of an Orthodox Jewish religious campus in the suburb of a large Midwestern US city. This research takes a before and after approach to addressing the effects of this project on residential property values, especially within walking distance of the campus. Separate regression analyses have been run for 1997 and 2006, and the findings indicate that the campus has increased property values and prompted additional building permits. The findings show that the completion of the Jewish Orthodox campus increases residential property values between 17 percent and 20 percent within a quarter mile in the city where the facility is located.

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    Bibliographic Info

    Article provided by Asian Real Estate Society in its journal International Real Estate Review.

    Volume (Year): 14 (2011)
    Issue (Month): 3 ()
    Pages: 330-353

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    Handle: RePEc:ire:issued:v:14:n:03:2011:p:330-353

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    Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    Web page: http://www.asres.org/

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    Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    1. Coulson, N Edward & Leichenko, Robin M, 2001. "The Internal and External Impact of Historical Designation on Property Values," The Journal of Real Estate Finance and Economics, Springer, vol. 23(1), pages 113-24, July.
    2. Carroll, Thomas M & Clauretie, Terrence M & Jensen, Jeff, 1996. "Living Next to Godliness: Residential Property Values and Churches," The Journal of Real Estate Finance and Economics, Springer, vol. 12(3), pages 319-30, May.
    3. Basu, Sabyasachi & Thibodeau, Thomas G, 1998. "Analysis of Spatial Autocorrelation in House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 61-85, July.
    4. Robert A. Simons & Jesse D. Saginor, 2006. "A Meta-Analysis of the Effect of Environmental Contamination and Positive Amenities on Residential Real Estate Values," Journal of Real Estate Research, American Real Estate Society, vol. 28(1), pages 71-104.
    5. Do, A Quang & Wilbur, Robert W & Short, James L, 1994. "An Empirical Examination of the Externalities of Neighborhood Churches on Housing Values," The Journal of Real Estate Finance and Economics, Springer, vol. 9(2), pages 127-36, September.
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