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Historic Preservation and Residential Property Values: An Analysis of Texas Cities

Center for Urban Policy Research, Rutgers, The State University of New Jersey, 33 Livingston Avenue, Suite 400, New Brunswick, NJ 08901, USA, rleichen{at}rci.rutgers.edu

N. Edward Coulson

Department of Economics, Penn State University, 604 Kern Building, University Park, PA 16802-2206, USA, fyj{at}psu.edu

David Listokin

Center for Urban Policy Research, Rutgers, The State University of New Jersey, 33 Livingston Avenue, Suite 400, New Brunswick, NJ 08901, USA, listokin{at}rci.rutgers.edu

Designation of historic districts is increasingly used as a tool to revive or halt the deterioration of central-city neighbourhoods. While historic designation is generally thought to have a positive impact on property values, evidence on this issue is mixed. One limitation of previous research is that it typically focuses on historic neighbourhoods in one city and thus bases its conclusions on a very limited sample. This study expands upon previous work by examining the effects of designation on property values across a larger set of cities. The study employs hedonic regression models to estimate housing prices in historic districts and comparable neighbourhoods in nine Texas cities. Results suggest that, in most cases, historic designation is associated with higher property values.

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