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Study: Cannabis Dispensaries Increase Neighborhood Home Prices

Even in states where legal recreational cannabis is popular there still exists NIMBY attitudes.

The phrase “not in my back yard” has derailed more than a few government initiatives at the local level

Take Maine for instance.

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The Pine Tree State was early to the recreational cannabis party, legalizing the drug in November 2016,

Even still, the state was forced to offer towns money to approve dispensaries in their neighborhoods. The state said 93% of its towns don’t have dispensaries.

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So Maine set aside up to $20,000 per municipality that chooses to opt into Maine’s Adult Use Cannabis Program.

“The reality is, no matter if a town has opted in or not there is cannabis being bought, sold, and consumed there,” said Erik Gundersen, director of Maine’s Office of Cannabis Policy.

But there’s an even deeper benefit to having cannabis dispensaries in your neighborhood, according to a new study from Rutgers.

Dispensaries Effect on Housing Market

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There’s a positive association between the decision to allow cannabis-related businesses in a neighborhood and that neighborhood’s home prices, according to a study authored by Rutgers Associate Professor Michael Hayes and Ph.D. student Prakash Kandel.

The study found that the average home sale price increased by 1.6% in municipalities that allowed cannabis-related businesses. That increase is equivalent to a $6,366 increase for the average property in the study data.

New Jersey cities that were most likely to allow cannabis-related businesses in their jurisdictions are those with larger populations, lower property values per capita, less affluent residents, and more liberal residents, according to the study.

Study: Cannabis Dispensaries Increase Neighborhood Home Prices

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