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When Walmart Comes to Town: Always Low Housing Prices? Always?

  • Devin G. Pope
  • Jaren C. Pope

Walmart often faces strong local opposition when trying to build a new store. Opponents often claim that Walmart lowers nearby housing prices. In this study we use over one million housing transactions located near 159 Walmarts that opened between 2000 and 2006 to test if the opening of a Walmart does indeed lower housing prices. Using a difference-in-differences specification, our estimates suggest that a new Walmart store actually increases housing prices by between 2 and 3 percent for houses located within 0.5 miles of the store and by 1 to 2 percent for houses located between 0.5 and 1 mile.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18111.

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Date of creation: May 2012
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Handle: RePEc:nbr:nberwo:18111
Note: LS PE
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  1. Emek Basker, 2007. "The Causes and Consequences of Wal-Mart's Growth," Journal of Economic Perspectives, American Economic Association, vol. 21(3), pages 177-198, Summer.
  2. Sandra E. Black, 1997. "Do better schools matter? Parental valuation of elementary education," Research Paper 9729, Federal Reserve Bank of New York.
  3. Kenneth Y. Chay & Michael Greenstone, 1998. "Does Air Quality Matter? Evidence from the Housing Market," NBER Working Papers 6826, National Bureau of Economic Research, Inc.
  4. Art Carden & Charles Courtemanche, 2009. "Wal-Mart, Leisure, And Culture," Contemporary Economic Policy, Western Economic Association International, vol. 27(4), pages 450-461, October.
  5. Noel, Michael & Basker, Emek, 2007. "The Evolving Food Chain: Competitive Effects of Wal-Mart's Entry Into The Supermarket Industry," University of California at San Diego, Economics Working Paper Series qt4nq8d4sm, Department of Economics, UC San Diego.
  6. Emek Basker, 2002. "Job Creation or Destruction? Labor-Market Effects of Wal-Mart Expansion," Working Papers 0215, Department of Economics, University of Missouri, revised 14 Jan 2004.
  7. Carden, Art & Courtemanche, Charles & Meiners, Jeremy, 2008. "Painting the Town Red? Wal-Mart and Values," Working Papers 09-5, University of North Carolina at Greensboro, Department of Economics, revised 01 Apr 2009.
  8. Art Carden & Charles Courtemanche & Jeremy Meiners, 2009. "Does Wal-Mart reduce social capital?," Public Choice, Springer, vol. 138(1), pages 109-136, January.
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