Do you live in a legal adult-use city? Are homes crazy expensive? There may be a correlation!
According to a study by Clever.com, homes in cities with access to dispensaries rose an average of 8.4% since 2014.
What impact does legal cannabis have on real estate markets? Is cannabis actually good for the hood? What might the dawn of legal cannabis in America mean for urban areas already dealing with the effects of gentrification?
It’s logical. As migration to states where cannabis is legal increases and people purchase homes near dispensaries, more buyers translates to more competition and higher prices. Good for sellers, not so much for the buyers. As more states legalize cannabis usage, the need to relocate will lessen and I see this trend eventually flattening out. What are you seeing in your communities right now?
In the past a new Home Depot or Lowes in an emerging neighborhood was a sign of housing growth and related rising prices - now you can seemingly follow the state legislation for recreational marijuana use - (The new default guide on where to invest in rental property)!
In 2013, Colorado saw a large influx of parents, seeking help for their children with chronic illnesses like epilepsy, looking for safe and legal access to cannabis for their children. They called them marijuana refugees. I imagine that motivation and need still continues.
