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The data show that the rate of appreciation in the Holy · Due to new construction Rosary-Danish Church neighborhood mirrored the rate in and rehabilitation of Ihe United States has southeast quadrant of the city, while Fletcher Place not only formerly vacant or a wealth of historic significantly outperformed the southeast quadrant but largely nonresidential structures, paralleled the rate of value growth for the entire more households rented in residential and metropolitan region--including Indianapolis's booming Fletcher Place in 1990 commercial historic. suburbs..As in Elkhart, the statistics prove that both historic than in 1980. neighborhoods provide quality housing across a broad range districts that are not of price levels and are attracting a more economically, · The percentage of long- only providing a good socially, and educationally diverse population than is term renters and owners typically found in neighborhoods and subdivisions in the in Fletcher Place was investment for this Indianapolis market, significantly greater than generation, but Historic districts have promoted increased levels of for Indianapolis in homeownership. The investment protection provided by a local general, conserving man-made historic district may well be an overlooked catalyst for home cultural and physical ownership, an aspect of the American dream that has been a · Fletcher Place continues to long-standing priority of local, state, and national governments, be an affordable resources for the next In these almost identical Indianapolis neighborhoods, the 1980 neighborhood for both generation. ratio of homeowners to renters was dose~34 percent of the renters and owners as residents in Fletcher Place were owners and 29 percent in Holy compared with the overall Rusaty-Danish Church. By 1990, while homeownership Indianapolis market. increased to 38 percent in Holy Rosary-Danish Church, the ratio of owners to renters had nearly doubled in Fletcher Place, The United States has a wealth of historic residential and rising to 66 percent, commercial historic districts that are not only providing a Lest this be interpreted as more affluent homebuyers chasing good investment for this generation, but conserving man- out renters, however, three additional observations are made cultural and physical resources for the next generation. significant: Cities and towns would do well--for current citizens and posterity--to create preservation commissions where they do not exist and designate eligible areas as local historic Property Values: Two HistoriC Districts districts. Individual copies of Preservation & P~vperty Values in each to residents of other states. Contact: Historic Landmarks Foundation of Indiana, 340 W. Michigan St., Indianapolis, IN $70;U00 46202; 317-639-4534 or 800-450-4534; · Fletcher Place Historic Olstriet www.historidandmarks.org O Noiy Rosary-Danish Church $60i000 Historic Landmarks Foundation of Indiana, a private not- for-profit organization, is the largest statewide preservation group in the U.S. The foundation saves and protects buildings and places of architectural and historical significance. From its $50,,000 network of regional offices, Historic Landmarks leads and assists individuals, organizations, and communities in preserving and revitalizing endangered landmarks through . $40~000 education, advocacy, and financial support. Historic Landmarks seeks to enrich contemporary life and leave a legacy of landmarks. $30;000 $10~OOO ~ Cop~i~t ~1998 ~ ~e6mn P~ g~omdon, 122 S. Mi~i~ A~., S~,e 1600, P~pe~ values in the loc~y ~si~ted F~tcher P~e or ~ my ams, gertro~c or mMM, indu~g photoco~ing, ~t~. or by my H~tonc D~ct in I~ianapolk ou~ed those in the Ho0 ~,i~ pl~g ~a~omdon. Rosa~-Dan~h Church neighborhood, which is near0 P~at~d 0n rewded ~per, indu~g 50-70% rended ~ber i&n~cal in charact~ but h not a desisted hhw~c d~a. =t ~o~ p0,tc0n,u=~,u~. ~