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Religious Value Halos: The Effect of a Jewish Orthodox Campus on Residential Property Values

Author

Listed:
  • Robert A. Simons

    (Levin College of Urban Affairs; Cleveland State University; Cleveland, Ohio 44115)

  • Youngme Seo

    (Ph.D., Financial Analyst; Joss Data)

Abstract

Ten years ago, there was a controversial expansion of an Orthodox Jewish religious campus in the suburb of a large Midwestern US city. This research takes a before and after approach to addressing the effects of this project on residential property values, especially within walking distance of the campus. Separate regression analyses have been run for 1997 and 2006, and the findings indicate that the campus has increased property values and prompted additional building permits. The findings show that the completion of the Jewish Orthodox campus increases residential property values between 17 percent and 20 percent within a quarter mile in the city where the facility is located.

Suggested Citation

  • Robert A. Simons & Youngme Seo, 2011. "Religious Value Halos: The Effect of a Jewish Orthodox Campus on Residential Property Values," International Real Estate Review, Global Social Science Institute, vol. 14(3), pages 330-353.
    • Handle: RePEc:ire:issued:v:14:n:03:2011:p:330-353
    as

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    References listed on IDEAS

    as
    1. 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.
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    6. Robin M. Leichenko & N. Edward Coulson & David Listokin, 2001. "Historic Preservation and Residential Property Values: An Analysis of Texas Cities," Urban Studies, Urban Studies Journal Limited, vol. 38(11), pages 1973-1987, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Hedonic regression model; Spatial lag model; Residential property values; Positive externality; Religious;
    All these keywords.

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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