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Living Next to Godliness: Residential Property Values and Churches

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  • Carroll, Thomas M
  • Clauretie, Terrence M
  • Jensen, Jeff

Abstract

This article extends the analysis concerning the impact of neighborhood churches on residential property values by investigating nearly 5,000 residential property transactions in Henderson, Nevada, between January 1986 and December 1990. We find that real property values decrease, at a decreasing rate, as distance from a neighborhood church increases. This result is the opposite of that reported by Do, Wilbur, and Short in a previous edition of this journal. We bolster our findings by showing that distance from the site of a future church has little or no impact on residential property values, whereas distance from an existing church is associated with lower property values. Our evidence indicates that neighborhood churches are amenities that enhance the value of neighborhood residential property, we demonstrate that larger churches (as measured by square foot of lot size) tend to have a greater impact on residential property values. Copyright 1996 by Kluwer Academic Publishers

Suggested Citation

  • 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 319-330, May.
  • Handle: RePEc:kap:jrefec:v:12:y:1996:i:3:p:319-30
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    Cited by:

    1. Gabriel Ahlfeldt & Wolfgang Maennig, 2010. "Impact of sports arenas on land values: evidence from Berlin," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 44(2), pages 205-227, April.
    2. Gabriel Ahlfeldt, 2007. "If Alonso Was Right: Accessibility as Determinant for Attractiveness of Urban Location," Working Papers 012, Chair for Economic Policy, University of Hamburg.
    3. Dennis Kaufman & Norman Cloutier, 2006. "The Impact of Small Brownfields and Greenspaces on Residential Property Values," The Journal of Real Estate Finance and Economics, Springer, vol. 33(1), pages 19-30, August.
    4. repec:ris:apltrx:0323 is not listed on IDEAS
    5. 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.
    6. Robert A. Simons & Youngme Seo, 2011. "Religious Value Halos: The Effect of a Jewish Orthodox Campus on Residential Property Values," International Real Estate Review, Asian Real Estate Society, vol. 14(3), pages 330-353.
    7. Jacob Macdonald & Sofia Franco, 2015. "The Effects of Tangible Immovable Cultural Heritage on Residential Property Values: Evidence from Lisbon, Portugal," ERSA conference papers ersa15p657, European Regional Science Association.
    8. Gabriel Ahlfeldt & Wolfgang Maennig, 2008. "Award-Winning Architecture and Urban Revitalization: The Case of “Olympic Arenas” in Berlin-Prenzlauer Berg," Working Papers 0814, International Association of Sports Economists;North American Association of Sports Economists.
    9. Lazrak, F. & Nijkamp, P. & Rietveld, P. & Rouwendal, J., 2009. "Cultural heritage and creative cities: an economic evaluation perspective," Serie Research Memoranda 0036, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    10. 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.
    11. Gabriel M. Ahlfeldt, 2010. "Architektur, Ökonomie - Architekturökonomie," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 11(4), pages 340-355, November.

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