Opinion: Regarding historic districts and property values

Having previously written about the benefits to the overall community and the importance of legacy, let’s get practical and focus on the direct personal economic benefits of historic districts, especially in this part of the world:

1. Property Value: Research has shown that property values in historic districts often rise faster than in other areas. In other words, if the time comes when you want to sell your house, you will receive a premium on your investment.
2. Investment Attraction: Historic districts can also attract investment by signaling a community's commitment to preserving its cultural heritage and character. This can make the area more appealing to attractive businesses or residential developers, which can spur further economic activity. Consider how attractive Padanaram has become in recent years.
3. Sustainability: Historic preservation is often a more sustainable choice than new construction. It saves materials and reduces the energy use associated with demolition and new building. It can also make use of existing infrastructure, reducing costs and impacts associated with new construction.
4. Job Creation: Restoration and renovation projects within historic districts typically require more labor than new construction, creating jobs for local tradespeople. These jobs often pay well and contribute to local economic stability.
5. Small Business Development: The unique atmosphere and charm of historic districts can provide an ideal environment for small businesses, particularly in sectors like hospitality, retail, and arts and crafts. These districts can become a draw for local residents and visitors alike, fostering a thriving local economy and stronger tax base to be invested back into the community.
6. Preservation Grants and Tax Incentives: Many state, and federal programs offer financial incentives for preserving historic properties. These can include tax credits, grants, or low-interest loans. Such funding can stimulate local economic activity and job creation during the restoration process and beyond.
7. Sense of Community: The unique character of a historic district can increase the desirability of a town, leading to increased residential demand and higher property values. A vibrant, thriving historic district can contribute to a positive feedback loop of investment and growth.

In short and as recognized in Marion’s 2017 Strategic Plan, preserving and maintaining historic districts can be a crucial part of small-town economic strategies, particularly in a region like ours with a rich historical heritage.

Sincerely,

William N. Tifft

Chair, Marion Historic District Study Committee