Living Close to a Starbucks Increases Your Home's Value
If you live close to a Starbucks, you already know that it can increase your quality of life via easy access to sweet, sweet Pumpkin Spice Lattes. But -- according to research from Zillow.com -- proximity to a Sbux location means your home's value is higher, too. What's more, data has shown that when a Starbucks moves into a neighborhood, houses appreciate in price at double the standard rate. And faster than neighborhoods with a Dunkin' Donuts.
In 1997, a house that wasn't near a Starbucks would have been worth around $102,000, while one that was would have been worth, on average, around $137,000. In 2014 -- which is post-housing bust -- the non-Starbucks home would have appreciated to around $168,000, or 65%. However, the Sbuxhome would be close to $269,000, or a 96% increase. That's almost twice the value! And think of the abundance of lattes!
The "Starbucks Effect" is real, and it even outpaces the "Dunkin' Donuts Effect," which has increased home values around 80% since 1997. Starbucks attributes this to its part-science, part-art approach to choosing neighborhoods in which to place new locations.
So if you're looking to buy property somewhere, look around and see if you could envision a Starbucks opening up within a quarter-mile. Chances are it'll be worth your while in the long run.