This week, does marijuana legalization lead to higher housing prices? New research from the University of Oklahoma seems to suggest it. During the analysis, economists looked at online real estate listings on Zillow.com in Colorado and Washington state and found that neighborhoods where cannabis retailers set up shop saw a seven percent increase in home values. The findings are consistent with previous studies, like the 7.7 increase observed by Colorado State University researchers in 2018, as well as independent studies in 2017 and 2016 indicating 8 and 6 percent home value appreciations. The new data does establish some more specific indicators, however, such as a direct correlation between house price increases and distance to a dispensary. That fact alone seems to imply that cannabis retail locations are seen as an amenity by prospective residents, as opposed to the nuisance they are often painted as. While many speculate about potentially higher crime rates and impaired driving cases near marijuana stores, this research not only weakens those arguments as areas of concern for neighbors, but also highlights other, unexpected benefits of legalization, like higher property tax revenue and job opportunities. What do you think? Do dispensaries increase home value? Let us know online.
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