Buying near a Starbucks has benefits beyond easy access to your
double-tall, non-fat, bone-dry cappuccino.
Between 1997 and 2014, homes within a quarter-mile of a Starbucks increased in value by 96 percent, on average, compared with 65 percent for all U.S. homes, based on a comparison of Zillow Home Value Index data with a database of Starbucks locations.
Some areas brew even frothier returns, as Julie Lerch can attest.
A little over a year after she moved in, a Starbucks opened less than two blocks from her Chicago condo. Three years later, she sold the 2-bedroom unit for $100,000 — or 53 percent — more than she paid for it.
“Everybody was all excited, because our property values did go up,” she said. “It was a sign that the neighborhood was changing, and people who normally wouldn’t have chanced that neighborhood said, ‘Oh, that’s a Starbucks.'”
Lest you think all java purveyors have the same effect, the data showed that homes near Dunkin’ Donuts locations appreciated 80 percent, on average, during the same 17-year period.
... excerpted from an article posted on the Zillow blog.