Want Higher Home Prices? Bring in Walmart

CNNMoney reports two economist have studied 600,000 housing transactions near 159 new Walmart stores and determined home prices rose 2-3 percent in the two and a half years following the opening of a new Walmart within half a mile. Economists Jaren Pope at Brigham Young University and Devin Pope at the University of Chicago say houses one half to a mile away saw increases of one to two percent. Homes farther away did not experience the same trend, according to this research which was done from 2001 to 2006 when home prices were still rising. The report says: “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. 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.” MHProNews.com has learned some past studies indicate Walmart pricing raises the household wealth of poor folks considerably, while other studies have shown a new Walmart tends to lower average wages and reduce retail jobs in the area.

(Photo credit: GettyImages/Spencer Platt)

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