There are plenty of marijuana NIMBYs out there, but a new study found that cannabis legalization and the presence of dispensaries actually increases home property values.<\/p>\n
The research from Clever Real Estate draws on data from Zillow, the U.S. Census and other sources. A main takeaway is that from 2017 to 2019, \u201chome values increased $6,338 more in states where marijuana is legal in some form, compared to states that haven\u2019t legalized marijuana.\u201d<\/p>\n
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Part of the reason for the increased value is that legalizing and regulating cannabis means tax revenue for states. And that revenue translates into \u201cnew investment in things such as public services and infrastructure,\u201d the company found, driving up property value.<\/p>\n
For every $1 million in additional tax revenue from marijuana sales, home values increase by $470, according to the study.<\/p>\n
Take Illinois as a case in point. Last year, the state sold about $670 million in cannabis and took in $205.4 million in tax revenue<\/a>. And that revenue has gone towards a wide range of causes such as supporting organizations that work to decrease street violence<\/a>. If successful, reducing violence in a given community would be one simple way to increase property value.<\/p>\n The Clever Real Estate study also found that states that legalize for adult use see the greatest gains in home value.<\/p>\n \u201cBetween April 2017 and April 2021, property values rose $17,113 more in states where recreational marijuana is legal, compared to states where marijuana is illegal or limited to medicinal use,\u201d it said. And for the states that have enacted legalization but where sales have yet to start, \u201chome values are predicted to increase by an average of $61,343.\u201d<\/p>\n !function(e,i,n,s){var t=”InfogramEmbeds”,d=e.getElementsByTagName(“script”)[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(“script”);o.async=1,o.id=n,o.src=”https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js”,d.parentNode.insertBefore(o,d)}}(document,0,”infogram-async”);<\/p>\n The presence of cannabis dispensaries nearby also seems to be correlated with an increase in home value.<\/p>\n \u201cHome values increased $22,090 more in cities with recreational dispensaries, compared to home values in cities where recreational marijuana is legal but dispensaries are not available,\u201d the study<\/a> says. \u201cWith each new dispensary a city adds, property values increase by $519.\u201d<\/p>\n \u201cWhen we controlled for other factors, we found that home values in areas that have legalized recreational marijuana leapt by $17,113 more than places where marijuana is illegal or only allowed for medicinal use. Even when we limited the comparison to recreational versus medicinal legalization, this disparity persisted. Places that legalize recreational marijuana saw home values increase by $15,129 more than those that only legalized medicinal use.\u201d<\/p>\n Last year, a separate analysis from economists at the University of Oklahoma similarly found that states that legalize marijuana actually see a boost in housing prices<\/a>, with the effect most pronounced once nearby retail outlets open for business.<\/p>\n \u201cThis demonstrates that [it is] not simply the benefits of increased tax revenue, but also the existence of the dispensaries themselves, that is driving the price increases,\u201d the researchers found. \u201cThe dispensaries act as commercial amenities that the public puts a premium on being nearby.\u201d<\/p>\n Missouri Marijuana Activists File Legalization Initiatives For 2022 As Other Groups Prepare Separate Measures<\/a><\/p>\n<\/blockquote>\n\n Photo courtesy of WeedPornDaily<\/a>.<\/em><\/p>\n The post Marijuana Legalization Increases Home Property Values, New Study Finds<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n
There are plenty of marijuana NIMBYs out there, but a new study found that cannabis legalization and the presence of dispensaries actually increases home property values. The research from Clever Real Estate draws on data from Zillow, the U.S. Census and other sources. A main takeaway is that from 2017Continue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1335],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/48932"}],"collection":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/users\/458"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=48932"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/48932\/revisions"}],"predecessor-version":[{"id":48933,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/48932\/revisions\/48933"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=48932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=48932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=48932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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