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When Walmart comes to town, home prices go … up? – CNN MONEY / coral springs real estate jennyformiamihome / 마이애미 한인 부동산 jennyformiamihome

coral springs real estate jennyformiamihome / 마이애미 한인 부동산 jennyformiamihome

By May 30, 2012: 1:16 PM ET

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When Walmart comes to town, opponents often fret that the big box store could lower local wages, put smaller competitors out of business and depress home values.

But new research suggests new Walmart stores may actually drive nearby home prices higher.

In their research, economists Devin Pope at the University of Chicago and Jaren Pope at Brigham Young University studied more than 600,000 housing transactions near 159 new Walmart stores. Homes located within a half mile of a new store saw their prices rise between 2% to 3%, or an average of $7,000, in the two and a half years after a new Walmart store was built.

Homes that were between a half mile and one mile away, saw an increase of 1% to 2%, or roughly $4,000.  Any farther away and the increases were statistically insignificant, the report said.

The study looks at the years between 2001 and 2006, a time when most home prices were still rising. But regardless of the nationwide trend, the research revealed a positive correlation between Walmarts and home prices, relative to areas not located close to a Walmart.

coral springs real estate jennyformiamihome / 마이애미 한인 부동산 jennyformiamihome

“It was not until after the announcement and during the building process that we see homes close to the Walmart start to increase in value relative to homes that are slightly further away,” the authors said. “This suggests that it was the building of the Walmart itself that caused the change in housing values that we find, and that our results are not simply explained by Walmart building in areas that are experiencing housing price increases.”

Of course, the report has several caveats. The study found that Walmarts increase home values on average, but it is possible that in specific cases, a new store may do just the opposite. The report also didn’t include rural areas where housing data was unavailable.

Over the years, Walmart has become a hot topic for economic research, and it seems for every positive finding about the retail giant, there’s a negative study to counteract it.

Some studies show for example, that Walmart’s low prices often raise the household wealth of poor, and particularly, minority families considerably. Other studies show that new Walmart stores lower average wages and reduce the number of retail jobs in an area.

coral springs real estate jennyformiamihome / 마이애미 한인 부동산 jennyformiamihome

About jennyformiamihome

성심껏 도와드리겠습니다. 연락주시면 바로 상세히 답변드립니다. Jenny Shin / 신정미 부동산 (Broker's Real Estate) 남부 플로리다 마이애미 지역 한인 부동산 주택매매 렌트 싱글하우스 타운하우스 콘도 브라워드 카운티 마이애미 데이드 카운티 포트로더데일 웨스턴 코랄스프링 도랄 Rent or Buy single house, town house and Condo Miami Dade County / Broward County, fort lauderdale, coral springs, copper city, weston, doral 1398 SW 160TH AVE. SUITE 105 Weston, FL. 33326 Direct : 954-551-0236 Office : 954-384-1616 Fax : 954-697-0447 E-mail : jenny_shin62@hotmail.com

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JENNY SHIN PROFILE


Jenny Shin / 신정미 부동산
(Broker's Real Estate)
1398 SW 160TH AVE. SUITE 105
Weston FL 33326
Direct : 954-551-0236
Office : 954-384-1616
Fax : 954-697-0447
E-mail : jenny_shin62@hotmail.com

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