Religious Value Halos: The Effect of a Jewish Orthodox Campus on Residential Property Values
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Robert A. Simons, Youngme Seo
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International Real Estate Review
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.
Hedonic regression model; Spatial lag model; Residential property values; Positive externality; Religiou