Homes Values Increase After Blight Removal
Researched has found that the homes within 500 feet of a demolished structure see an increase on property value.
A report shows residents in Detroit are seeing an increase in home values as more blighted homes are demolished. The report was conducted by Dynamo Metrics, Rock Ventures, and the Skillman Foundation. The study finds that homes within 500 feet of a demolition have an immediate four percent increase in value.
Deb Dansby is the Vice President for Rock Ventures. She says homes are generally worth more in neighborhoods without blight.
“When those structures are removed those properties can be used for more positive purposes,” Dansby says. “So from an economic perspective it could have a new home built on it, it can be sued as a garden next to someone’s home. So those things immediately turn into positive economic activity.”
Dansby says blighted homes also attract crime and other activities, which can bring neighboring home values down.
