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Neighborhood Historic Preservation Status and Housing Values in Oklahoma County, Oklahoma

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  • Rickman, Dan S.

Abstract

Using county tax assessor data, this paper estimates the property value impacts of his-toric designation of neighborhoods for Oklahoma County, Oklahoma. Methodological contri-butions of the study include allowing for spatial and temporal variation of hedonic prices and historic district property values along with the use of finely-delineated spatial fixed effects. Neighborhood historic designation is found to be associated with significant relative apprecia-tion of housing values in most districts. Factors appearing to influence the rate of appreciation are the time span of neighborhood historic designation and the area crime rate. The variation in results across historic neighborhoods suggests that policy makers need to take into account the conditions under which historic designation most likely can succeed.

Suggested Citation

  • Rickman, Dan S., 2009. "Neighborhood Historic Preservation Status and Housing Values in Oklahoma County, Oklahoma," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 39(2), pages 1-10.
    • Handle: RePEc:ags:jrapmc:132429
    DOI: 10.22004/ag.econ.132429
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    1. Peter V. Schaeffer & Cecily Ahern Millerick, 1991. "The Impact of Historic District Designation on Property Values: An Empirical Study," Economic Development Quarterly, , vol. 5(4), pages 301-312, November.
    2. David E. Clark & William E. Herrin, 1997. "Historical Preservation Districts and Home Sale Prices: Evidence from the Sacramento Housing Market," The Review of Regional Studies, Southern Regional Science Association, vol. 27(1), pages 29-48, Summer.
    3. N. Edward Coulson & Michael L. Lahr, 2005. "Gracing the Land of Elvis and Beale Street: Historic Designation and Property Values in Memphis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(3), pages 487-507, September.
    4. Douglas S. Noonan, 2007. "Finding an Impact of Preservation Policies: Price Effects of Historic Landmarks on Attached Homes in Chicago, 1990-1999," Economic Development Quarterly, , vol. 21(1), pages 17-33, February.
    5. Philippe Cyrenne & Robert Fenton & Joseph Warbanski, 2006. "Historic Buildings and Rehabilitation Expenditures: A Panel Data Approach," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 349-380.
    6. 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 113-124, July.
    7. Redfearn, Christian L., 2009. "How informative are average effects? Hedonic regression and amenity capitalization in complex urban housing markets," Regional Science and Urban Economics, Elsevier, vol. 39(3), pages 297-306, May.
    8. Donald A. Coffin, 1989. "The Impact of Historical Districts on Residential Property Values," Eastern Economic Journal, Eastern Economic Association, vol. 15(3), pages 221-228, Jul-Sep.
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    Cited by:

    1. Sebastian Brandt & Wolfgang Maennig & Felix Richter, 2014. "Do Houses of Worship Affect Housing Prices? Evidence from Germany," Growth and Change, Wiley Blackwell, vol. 45(4), pages 549-570, December.
    2. Douglas S. Noonan, 2013. "Market effects of historic preservation," Chapters, in: Ilde Rizzo & Anna Mignosa (ed.), Handbook on the Economics of Cultural Heritage, chapter 17, pages i-i, Edward Elgar Publishing.
    3. Sebastian Brandt & Wolfgang Maennig & Felix Richter, 2013. "Do places of worship affect housing prices? Evidence from Germany," Working Papers 048, Chair for Economic Policy, University of Hamburg.
    4. Vicki Been & Ingrid Gould Ellen & Michael Gedal & Edward Glaeser & Brian J. McCabe, 2014. "Preserving History or Hindering Growth? The Heterogeneous Effects of Historic Districts on Local Housing Markets in New York City," NBER Working Papers 20446, National Bureau of Economic Research, Inc.

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