Study details correlation between legalizing marijuana and increasing home values
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ALBUQUERQUE, N.M.- A new study shows New Mexico home values may go up following the legalization of recreational marijuana.
"Something interesting that we noted was that the type of legalization actually had a huge impact," said Michelle Delgado of Clever Real Estate. "So states that legalized recreational marijuana saw much bigger jumps in home values than states that only legalized medicinal marijuana or states that didn’t legalize it at all."
From 2017 to 2021, Colorado’s home values went up $89,377. Arizona’s increased $80,558. In Texas, where recreational marijuana is not legal, home values rose $40,457 in the same time span.
"We found that if marijuana had been legal during those year, home values would have likely risen almost $53,000," Delgado said.
Analysts found more marijuana tax revenue funded more state programs such as education and health care. It also brought in more tourists and more business opportunity.
"This may be good for people who already own a home, but as home values increase, it’ll be something to watch, to see if this continues to make housing unaffordable for others," Delgado stated.