Cannabis Clubs Are Good For Property Values In Colorado And Washington, Finds Real Estate Site Trulia. Wild, Right?
After Colorado and Washington voted to legalize marijuana, there was a lot of speculation about what this would mean for the states, including some who thought it would end in nothing but trouble. But with the benefit of hindsight, the concern all seems very misplaced — in fact, according to real estate site Trulia, legal weed might even be good for the value of your home. According to their calculations, home values in parts of town that have a cannabis club (AKA a recreational marijuana dispensary) are higher than the average homeowner price. Is there nothing weed can't do?
I have to admit, this news surprises even me a little. As someone who both voted to legalize recreational marijuana in Colorado and was still living in the state when weed sales became legal, I never bought into the hype that it was going to cause the collapse of society as we know it — in fact, since a big chunk of the sales tax revenue was earmarked for schools, I was pretty sure it was going to do the state a lot of good in the long run, as did a lot of people. But I'm not sure anyone anticipated that it would actually be good for property values. I mean, when you think weed, you usually think more "there goes the neighborhood," rather than "homeowners' association approved."
Still, the numbers suggest otherwise.
It's worth pointing out, of course, that there's no way to say for sure that the cannabis clubs are what's causing the elevated home prices. It could just be that cannabis clubs are typically found in places where home prices are higher — or that they have a knack for popping up in places that are starting to become more expensive. Still, the map makes clear that on average, homes within a five mile radius of a cannabis club go for well above average, at least in these cities.
So as 4/20 approaches, if you live in Boulder, Denver, or Seattle you can tell people that actually, your trips to the local cannabis club might just be raising the value of their house. Something for you to contemplate the next time you get high.