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Preservation raises US property value

May 16, 2012 Leave a comment

A recent article in the Hartford Courant (Connecticut, USA) publicized two studies done by economist and historic preservationist Donovan Rypkema, studying the effects of historic district designation and property values. The first study evaluated the economic benefits of Connecticut’s historic tax credit incentive program, while the second specifically evaluated property values. The conclusion of both studies is that preservation “makes good economic sense” not only creating jobs but increasing property values. Similar results have emerged from additional studies, including one released by the Alabama State Historic Preservation Office in 2002.

The reports concluded that property values within designated historic districts rose faster than neighboring areas or metropolitan averages. The Connecticut study also noted that historic district designation did not, in any of the districts studied, reduce property values – a fact that should relieve the fears of some homeowners worried that potential restrictions may make it more challenging for them to sell their home. In reality, these studies showed that the restrictions sometimes instituted by local historic commissions are in fact the key factor in the rise in value noting, “character of the neighborhood is important, and the assurance that character will be maintained has an economic value.” Read more…

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