Philadelphia Study Shows Increase In Residential Property Values Near HOPE VI Developments

摘要

A study of five HOPE VI revitalization projects in Philadelphia showed that residential property values in the surrounding neighborhoods had much larger increases from 1999 to 2004 than citywide housing prices. Commissioned by the Philadelphia Housing Authority (PHA), the study found that the median sales price of owner-occupied housing in the city rose 55 percent, from $55,000 to $85,000, while prices in neighborhoods around the HOPE VI projects rose 142 percent, from $60,000 to 145,000. The study was done by Applied Real Estate Analysis, Inc. (AREA) of Chicago AREA didn't claim that the PHA redevelopment has been the exclusive generator of housing price appreciation in surrounding neighborhoods, but the research firm concluded that it has had a significant impact. City tax bureau data were examined for the study, and multiple listing service (MLS) data were used to confirm trends and verify some information.