Report: Adult Use Legalization Associated With Increased Home Values

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From 2017 to 2019, cities where recreational marijuana is legal saw home values increase $6,337 more than cities where marijuana is illegal” after controlling for potential confounders. Full text of the study, “How Legalizing Recreational Marijuana Impacts Home Values,” appears online here. The study determined: “States that legalize recreational cannabis see an immediate bump in home values following legalization, even without retail dispensaries opening up. The passage of statewide adult use marijuana laws is associated with an immediate uptick in housing prices, according to an assessment published by the online service Clever Real Estate. Cities that regulated retail marijuana facilities experienced an even greater increase in overall home prices.

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The passage of statewide adult use marijuana laws is associated with an immediate uptick in housing prices, according to an assessment published by the online service Clever Real Estate.

The study determined: “States that legalize recreational cannabis see an immediate bump in home values following legalization, even without retail dispensaries opening up. From 2017 to 2019, cities where recreational marijuana is legal saw home values increase $6,337 more than cities where marijuana is illegal” after controlling for potential confounders.

Cities that regulated retail marijuana facilities experienced an even greater increase in overall home prices.

By contrast, the study did not identify a similar significant increase in home prices in cities where only medical cannabis was legally regulated.

Regarding crime rates following the passage of legalization, the study failed to identify any overall trends in legal states that significantly differed from the...

Read the full article @ Norml