Ep:011 Marijuana-friendly cities see uptick in home values with Annette Davis

Just Take Action with Joe McCabe

Homeowners who live in cities where recreational marijuana is legal can breathe a sigh of relief: Home values in those area have grown by $6,337 more than in towns where it remains illegal, according to a Clever Real Estate study.

The study, which utilized housing data from Zillow, analyzed home values in cities where marijuana has been legalized. While homes values in cities with legalized marijuana grew by $6,337 between 2017 and 2019, cities within close access to legal dispensaries saw the largest growth of all — an average of $22,888, or 8.4 percent, more per home between 2014 and 2019.

Meanwhile, cities that only allow medical marijuana use saw the same growth as cities where all marijuana use remains illegal. While marijuana is illegal on a federal level, many states have taken steps to legalize the drug since 2012.

Currently, marijuana is legal in Colorado, Washington, Oregon, California, Nevada, Alaska, Michigan, Vermont, Massachusetts, Maine and the District of Columbia. Fourteen other states have decriminalized marijuana, which means that possessing small amounts is treated like a civil violation.

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