Walmart increases nearby home values
The Atlantic reports on a University of Chicago working paper (subscription req.) that having a Walmart nearby noticeably affects housing prices:
Home values within a half mile of a new store got a 2 and 3 percent boost. Within a mile, the store pushed up values 1 to 2 percent. That translated to a $7,000 average bump for nearby homes and $4,000 for houses a little further away.
Unfortunately, I don’t have a subscription and thus cannot look at the paper directly, but I have a few questions:
1. Do other big-box retailers (e.g., Target) similarly boost nearby housing prices?
1a. Is Walmart’s boost larger?
2. Is there a corresponding drop in housing prices if/when a particular Walmart closes (often only to reopen at a new location a few miles away)?
2a. If yes, is the drop greater than the boost?