Hey, mon, you wanna see your home values get high? Then make sure your home is near a retail marijuana dispensary.
According to a report in the Colorado Springs Independent
, a report titled “Contact High” by researchers with the University of Wisconsin and California State University studied the connection between legalized marijuana and housing prices in Denver between 2013 and 2014, with a comparison of valuations on homes within 0.1 mile of dispensary and those farther away.
However, the report warned that credit for this surge in home values may not belong solely to the wacky weed.
“Potential explanations include, but are not limited to: A surge in housing demand spurred by marijuana-related employment growth, lower crime rates, and additional amenities locating in close proximity to retail conversions,” the report stated, referring to former medical dispensaries that became recreational marijuana retail outlets. “Our results indicate that retail conversion has a large positive impact on neighboring property values after controlling for property attributes and neighborhood characteristics.”