TITLE:
The Making of a Historic District and the Economic Impact upon Housing Value: An Empirical Analysis of the Tree Streets Neighborhood in Johnson City, Tennessee
AUTHORS:
Ke Chen
KEYWORDS:
Historic Preservation; Revitalization; Property Value
JOURNAL NAME:
Modern Economy,
Vol.4 No.12,
December
17,
2013
ABSTRACT:
Many urban communities in the United States faced deteriorating
physical infrastructure and social environment in the second half of the 20th century. To restore such inner city neighborhoods, many neighborhoods have
adopted historic preservation as a means to both aesthetically and fiscally
improve the condition. This paper studies a historic district in the Tree Streets
neighborhood, Johnson City, Tennessee in regard to its road toward historical
preservation and neighborhood restoration. We find that through decades of a
local civic organization’s efforts and government planning initiatives, the
community has successfully turned from a university slum into a livable
neighborhood. We also find that the benefits are not strictly nostalgic but
there is a positive economic impact of historic preservation designation on
property values. The making of the historic district in the Tree Streets
neighborhood both socially and economically has provided a great example of
smart growth for Johnson city and other American cities to revitalize urban
residential neighborhoods in central cities.