Increased Property Values

Mormon temples boost property values
Home values often rise near LDS sites
by Chelsea Schneider - Jan. 8, 2009
The Arizona Republic

Homeowners near the proposed site of a Church of Jesus Christ of Latter-day Saints temple in Gilbert could see their property values increase, even in this depressed real-estate market.

As the focal point of the Mormon faith, a new temple tends to raise property values because church members like to live nearby. And for those outside the faith, temples have a reputation of being good neighbors and can anchor the long-term quality of an area.

The newest LDS temple in the U.S. opened in August in Twin Falls, Idaho. As has happened elsewhere, lots around the temple are now bringing higher prices than other places in the city.

Twin Falls' experience
When the site of the Twin Falls temple was announced, property values of houses across the street doubled overnight, Idaho developer Ken Edmunds said. This "temple effect" on a real-estate market is typical, Edmunds said.

Temples are considered houses of the Lord, and many of the Mormon faithful like to live in the shadows of their most sacred religious buildings.

In addition to raising home values, the temple has attracted three new major chain hotels in the area and plans for a fourth. About 160,000 people came to Twin Falls for a two-week public open house of the temple before it was dedicated. Now, 500 Mormons visit the temple every day, and weddings are held almost every weekend.

Twin Falls' previous claim to fame was being the site of Evel Knievel's unsuccessful 1974 motorcycle jump across the Snake River Canyon.