If you’re like me, coffee is one the most important aspects of your morning, and like the other 78% of an Americans, it’s something you have almost every day. Coffee stands as the second most traded commodity internationally, and while it may be a valuable part of our morning, is it a value aspect to our property as well?
In a study done by Zillow, many metropolitan areas including Chicago, Boston, and DC, had homes which experienced fair growth in property values with the introduction of local Starbucks or Dunkin Donuts. Homes adjacent to the stores often times near doubled in value, while homes in the “down the street” vicinity rose 2/3 in property value.
Suburban homes too, experienced a growth rate in value, but not quite as much as their metropolitan counterparts. I, myself live near a newborn coffee shop, and it’s nice to know that it’s had an effect on the value of my home, even if only slightly.
Several other facilities also tend to raise property value, grocery stores and parks general take the spotlight of the most beneficial to property value. Coffee shops, however, have remained underrated as far as their effect on the property. It’s easy to take your local Starbucks for granted, with there being so many of them in raw number, but next time you grab your morning refreshment (or perhaps an upcoming pumpkin spice latte?), it’s nice to remember that it may be giving quite a bit back to you.