In the recent election, New Jersey, Arizona, Montana, South Dakota, and Mississippi all passed cannabis legalization, leaving only a handful of states who have not passed some form of cannabis. When it comes to legalizing marijuana, particularly for adult-use, people are concerned about rising crime rates, unsightly grow facilities, and a decline in property values as a result. However, in reality, the opposite is true. Statistics show that crime decreased in legal cannabis states. Likewise, the numbers show property values go up instead of down. While it may be intuitive that low-crime areas have higher property values and high-crime areas lower values, a study at Florida State concluded that robberies specifically can exert a demonstrable impact on housing prices. States where cannabis is legal to have higher home values. A recent study investigated the impacts, both medical and adult-use, legalization have on housing markets compared to states where cannabis remains illegal. By collecting data from Zillion and the 2018 U.S. Census population estimates, their findings showed cannabis legalization significantly increased property values.
Tony Gallo, Cannabis Business Executive – Cannabis and Marijuana industry news, 12/07/2020 21:27:00
Open article: https://www.cannabisbusinessexecutive.com/2020/12/legal-cannabis-affects-property-values/