ST. LOUIS, April 16, 2019 /PRNewswire/ — It’s high time the real estate industry started to talk about marijuana. A new study from Clever Real Estate reveals the true impact legalizing marijuana has on local housing markets.
Opponents of legalizing marijuana argue that legalization leads to elevated crime rates. In the real estate world, higher crime rates lead to lower property values and poor investments, so we needed to get to the bottom of this debate.
Does legalization lead to budding industry or stoned cold housing markets?
Here are the takeaways you need to know.
- Between 2014 and 2019, cities that allowed retail dispensaries saw home values increase $22,888 more than those where marijuana remains illegal
- Cato research supports these findings, suggesting homes close in proximity to marijuana retail dispensaries tend to increase in value
- For cities where only medicinal marijuana is legal, home values increased