The Effects of Historic District Designation on Residential Property Values in Mid-sized Texas Cities
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The purpose of this research is to explore the effects that residential historic district designations have on residential property values in mid-sized Texas cities. A review of the literature indicates that generally historic districts increase the value of properties within the historic district and can increase the property value of homes in close proximity to the historic district. As supported by the literature, three characteristics of historic districts, (1) type of historic designation, (2) proximity to the central business district, and (3) age of the homes, were also examined independently to determine whether they have an effect on residential property values.
This study uses quantitative analysis of aggregate neighborhood data to examine twenty historic districts spread across ten mid-sized cities in Texas. Property data was collected from the National Register of Historic Places, as well as various county tax appraisal offices and city planning departments.
The data reveals that homes in historic districts have higher property values than the city median residential property value; however, there was no increased value observed for homes bordering the historic district. Additionally, the results demonstrate that districts with homes built in 1940 or before have higher property values and districts located 0.2 miles or farther away from the central business district have higher property values. By following the recommendation presented, local governments can maximize the benefits experienced by historic districting.