Economic Study - Does "shelter" raise property values?
NOVEMBER 15, 2008On January 31, Project H.O.M.E formally released a new report, “Project H.O.M.E.’s Economic and Fiscal Impact on Philadelphia Neighborhoods,” which illustrates a link between neighborhoods in which Project H.O.M.E. is located and property price appreciation of 6.8 percent annually -- 1.8 percent better than the City's average. In an effort to ensure that the research was done with the utmost of integrity, Project H.O.M.E. enlisted Econsult Corporation to perform this analysis. Read the press release from this event!
In the same week's Philadelphia Business Journal, Editor Bernie Dagenais writes about the recent Econsult study that found a correlation between Project H.O.M.E. opening a residence in a neighborhood and better-than-average increases in home values. Read Bernie's editorial via the .pdf below.
In the January 7 Philadelphia Inquirer, columnist Dan Rubin covers the forthcoming release of a new study by Wharton real estate expert Kevin Gillen. Working with Econsult, Gillen finds that property values in Project H.O.M.E. neighborhoods accelerated by 1.8 percent more than the 5 percent annual city average (for a total of 6.8 percent in areas adjacent to facilities serving people who are or were homeless). To learn more, please read http://www.philly.com/inquirer/columnists/daniel_rubin/20080107_Daniel_Rubin___Project_HOME_confounds_property-value_naysayers.html
A similar analysis, conducted by Arthur Andersen in 2002 to examine the impact of supportive housing programs throughout the state of Connecticut, also found a beneficial impact of supportive housing programs on their surrounding communities. See http://www.csh.org/index.cfm?fuseaction=Page.viewPage&pageID=3244
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