Study: Legal cannabis boosts home values


Share post:

(The Center Square) – Home values got a boost in states that allow recreational cannabis use.

A new report from Clever Real Estate found states that had legalized recreational cannabis saw home prices increase at higher rates than states that didn’t.

“Between April 2017 and April 2021, property values rose $17,113 more in states where recreational marijuana is legal, compared to states where marijuana is illegal or limited to medicinal use,” according to the report.

Thirty-six states and Washington D.C. have legalized cannabis for recreational use or medicinal use.

“In the past four years, Illinois homeowners saw property values rise by an average value of $18,000,” said Michelle Delgado, a researcher with Clever. “Legalized marijuana also brought in $52.7 million in new tax revenue.”

That revenue was split to several different uses.

“Marijuana tax revenue in Illinois pays for the administrative costs associated with legalization,” Delgado said. “Leftover funds are then split between criminal justice reform programs, substance abuse programs as well as statewide and general tax funds.”

Illinois has 99 dispensaries, 94 of which sell recreational cannabis.

However, the last year saw property values rise in nearly every state in the nation. Delgado said they controlled for other factors like the recent home value spikes.

“Our study actually controlled for other factors such as population or past home values to isolate the impact of marijuana legalization,” she said.

Critics of recreational cannabis say it leads to more illicit drug use and increases crime but studies have shown both phenomena had yet to materialize in states that had legalized recreational marijuana early on.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related articles

Frankfort Square Area Under Boil Order Due to Water Main Break

FRANKFORT, Ill. - A substantial water main break in the Frankfort Square area has led to a boil...

BREAKING NEWS: Missing 15-Year-Old Found Safe in Buckley, Illinois

BUCKLEY, Ill. - After an extensive search, the 15-year-old female who was reported missing from Buckley, Illinois, has been...

Mystery at Nordstrom: $3000 Disappears from Customer’s Hands in Oak Brook

OAK BROOK, Ill. - In a bizarre incident, someone supposedly dropped $3000 cash inside Nordstrom's Men's Department at Oak...

Macomb House Party Tragedy: Multiple Injuries, One Fatality Reported

MACOMB, Ill. - A house party in Macomb, Illinois, took a deadly turn early Saturday morning, leaving one person...