Historic Districts and Residential Property Values
FILE UNDER: Preservation
Click to enlarge.The Landmarks Preservation Commission's Web site
recently posted a study by the Independent Budget Office that
analyzed residential property values in the city's various historic
districts. The report is not new--it's dated 2003--but its
conclusions seem to back up preservationists' claims that historic
districts increase property values.
The I.B.O. looked at one-, two- and three-family houses in the
period between 1975 and 2002, and concluded that, "All else equal,
prices of houses in historic districts are higher than those of
similar houses outside historic districts." And it's not a chicken-
and-the-egg proposition: "
overall price appreciation from 1975
through 2002 was greater for houses inside historical districts."
More tidbits after the jump.
Historic districts act as "brand labels";
In two time periods studied--1975-1982 and 1997-2002--properties in
historic districts appreciated at a much higher rate than those
outside of historic districts;
In three periods--1982-1989, 1993-1997 and 2000-2002--property
prices in hisotric districts appreciated slightly faster than those
outside of historic districts;
In 2000-2002, the differences were statistically insignificant;
In 1989-1993, both types of properties declined in value, but those
within historic districts declined slightly more than those outside
of historic districts;
Over the 1975-2002 period, the average increase in value for
historic distric properties was 10.2 percent per year (5.3 percent
adjusted for inflation), with non-historic district properties at
9.0 percent (4.2 percent adjusted for inflation).
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