Everyone’s talking about the economy and recession. Along with that comes plenty of opinions about what can fix local economies.
It turns out the majority of Americans (71%) believe legalizing cannabis improves states’ economies, according to a new report from Real Estate Witch.
What can we say? Puff, puff, pass.
Americans’ Feelings on Cannabis Legalization
No one thinks legalizing weed will fix everything. According to the report, just 8% of those surveyed consider it the most pressing social issue in the country. For most, it’s not a critical issue.
But with elections happening soon, people in five states do have something to think about. Arkansas, Missouri, North Dakota, South Dakota, and Maryland all have recreational cannabis legalization on the ballots this November.
Based on Real Estate Witch’s report, 70% of American surveyed would vote for recreational cannabis legalization, while 84% would vote for medical cannabis legalization.
Cannabis and the Real Estate Market
So, how does the legalization of marijuana—recreational or medical—affect the real estate market?
From 2014 to 2019, home values increased by $22,888 more in cities with legal retail dispensaries than in cities where recreational cannabis was illegal.
While most respondents believe legalization helps states’ economies, 60% also believe it impacts the real estate market.
And most have no issue living near a cannabis dispensary or weed lounge:
- 52% of those surveyed would consider buying a home next door to a cannabis dispensary
- 69% would buy within a 1-mile radius of a dispensary
- 70% of those surveyed would pay at market rate or more for a house near a cannabis-related amenity
- 22% would pay above market rate
Even with all that is happening in today’s economy, legalizing cannabis still causes a heated discussion in some markets. But as far as real estate goes, it looks like the majority of Americans have no problem buying a home near businesses that grow and sell weed.