The Impact of Historical Districts on Residential Property Values
Interest 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.
Volume (Year): 15 (1989)
Issue (Month): 3 (Jul-Sep)
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- Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
- O'Byrne, Patricia Habuda & Nelson, Jon P. & Seneca, Joseph J., 1985. "Housing values, census estimates, disequilibrium, and the environmental cost of airport noise: A case study of Atlanta," Journal of Environmental Economics and Management, Elsevier, vol. 12(2), pages 169-178, June.
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