By Ann Lee, Board member, La Grange Park Library
It’s well-accepted that good schools directly affect home prices, but whether good libraries have an impact on housing values is not often considered. We were reminded of this when, much to our delight, La Grange Park was listed in Forbes.com’s “20 Most Stable Housing Markets”. The Forbes article states that while home prices have declined by 2% in the third quarter nationally, there are bright real estate spots scattered across the country. Using data from Zillow.com, Forbes identified cities or towns where home values have appreciated for at least three straight quarters, the rate of home sales is healthy, and foreclosure rates are relatively low. “Home values in La Grange Park are up only slightly in 2010, but they compare favorably to the overall Chicago metro area, where values have declined each quarter this year.” (see http://www.forbes.com/2010/12/08/healthy-housing-prices-business-washington-home-cities.html)
Could a strong public library be one of the factors that helps keep housing prices stable? Out of curiosity, we looked up Zillow data for several neighboring communities that are all in the Lyons Township High School District, some with libraries and some without. While such a small sample is not conclusive, it does suggest that a community library could be one contributor to stable property values.
How can public libraries possibly help maintain stable home prices? Good libraries produce a stronger economy, a better-educated populace, and, by extension, higher property values. A new report from the Urban Libraries Council and the Gates Foundation concludes that public libraries help create a more sustainable environment by building technology skills, boosting entrepreneurial activity, and fostering a more stable community. The report, Opportunity for All: How the American Public Benefits from Internet Access at U.S. Libraries, is based on the first large-scale study of library patrons and how open access to materials and technology affects their lives. It was conducted by the University of Washington Information School and funded by the Bill & Melinda Gates Foundation and the Institute of Museum and Library Services. As the economy stumbled, our residents used the library to search for employment and to improve skills more than ever. The library continues to provide affordable access to books, movies, and programs even when, as in the past two years, many families must tightly control their expenses.
Local realtors support the notion that the library is one factor affecting home values. Library Trustee Cathy Foster, of Charles Rutenberg Realtors, says, “Historically, strong home prices have been dependent on a strong school system and the town’s infrastructure. Two major components of this infrastructure are a public library and a park (recreation) district. The more features and benefits you can add to an item, such as a house, the greater its value will be. Conversely, take away any features and you have diminished the value. This translates into lower home prices. La Grange Park still maintains strong housing values relative to the economy, in part, due to our highly regarded library, top-rated school system, and an active park district.” That is, even if you don’t use the library, if you’re a home-owner in La Grange Park, you benefit from our strong library. And, of course, if you do use the library, the benefit is even greater.
