[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Papadopoulos to ditch plea deal? Analyzing Mueller’s Sentencing memo

Maura Sullivan for Congress: Classroom (NH primary - gun bans)

Drug War Addicted Cops Attack Innocent Man for Rolling a Joint in a State With LEGAL Weed

65 Years Ago Today, the CIA Conspired with the UK to Overthrow Iran on Behalf of Big Oil

Trump would deport Melania if she divorced him

In a party dominated by Trumpism, growing ranks of forgotten Republicans sound warning

Muslim couple denied Swiss citizenship over handshake refusal

So I Broke into your house

Bruce Ohr May Have Broken More Than The Law By Pushing His Wife’s Opposition Research To The FBI

Trump admin files formal complaint against Facebook for 'discriminatory' policy

Mozilla / Firefox goes all in for EVIL… Pushes corporate news collusion to silence independent media

LOOK WHAT STATUE JUST WENT UP IN ARKANSAS

Trump Is a 'Russian Asset' Owned by the Mafia

Federal courts now accepting cryptocurrency for bail

Stop Calling Us "Mormons"

Over-looked BS: WOW: Sheriff Joe Arpaio Releases New Information on President Obama's Birth Certificate (FNN)

Fear and Loathing in the Land of Political Retards

Police Raided Their Home and Business, Seized Their Money, and Nearly Ruined Their Lives Over Some Weed

Deep State Conspiracy Revealed - Bruce Ohr's CIA Russia Expert Wife Worked with Fusion GPS

Bruce & Nellie Ohr. 302s, Fusion GPS-Simpson, Christopher Steele

Satanic Temple statue unveiled at the Arkansas State Capitol

40 ESPN president Jimmy Pitaro: Network won't show national anthem on 'Monday Night Football'

Afghanistan Has Become Trump’s ‘Failed Narco State’

476 Made Sick From Eating McDonald's Salads - Drinking Lemomade From Kids' Stands, Zero

Steve Martin Stays Away from Trump Jokes for a Reason: ‘We’re Not Here To Preach’

Seymour Hersh and the Disappearing Iconoclast He won a Pulitzer for My Lai and cracked Abu Ghraib wide open. But this reporter is still a lonely breed.

Trump's military parade has been delayed to at least 2019

2015 United Nations Paper Proposed Government Licensing To “Supervise Content” Online

Los Angeles Is First In US To Install Intrusive Subway Security - All Riders Will 'Volunteer'

Syria - Pentagon Plants High ISIS Numbers To Justify Occupation

A California cop feared for his life when a child's dog came to the door, so he opened fire and his bullet hit an 11-year-old boy.

Friday News

BREAKING: Bruce Ohr Texts, Emails Reveal Steele’s Deep Ties to Obama DOJ, FBI

Bleeding-Heart Liberals Bike Through Tajikistan to Prove “Evil Is a Make-Believe Concept” — Are Stabbed Dead By ISIS

Aretha Franklin, the legendary Queen of Soul, is dead at 76

Psychedelics Are Showing Real Promise for Treating Mental Disorders

The Internet Is Crowdfunding the Release of 4,358 Secret CIA Mind Control Documents

Report Shows FDA Manipulating and Ignoring Science on Kratom

Facebook Bans Infowars As Rapper Who Posted Child Porn to Instagram Keeps His Account

Deaf 76-year-old Woman Knocked Unconscious and Arrested Over Alleged Jaywalking

Nancy Pelosi: Maxine Waters ‘Strikes Fear in the Heart’ of Trump

The 73rd Anniversary of the Bombing of Nagasaki (Unwelcome Truths for Church and State)

These TSA Reject Dogs Are Too Good for the Government Anyway

"Rock & Roll Judges"

No, Pope Francis Is Not Changing the Lord's Prayer

Colorado Is Going After Jack Phillips of Masterpiece Cakeshop Again

Arizona father beats, kills man who followed his daughter into bathroom stall, police say

Cubans cheer as internet goes nationwide for a day

Two (or Three) Kinds of Honesty - Trump is hyper-intensely himself.

Investigative Journalist Found Dead in D.C. Hotel Room Weeks After Reporting Bill Clinton to FBI & DHS for Allegedly Raping Boy


Status: Not Logged In; Sign In

United States News
See other United States News Articles

Title: Legalizing Pot Sales Means...Higher Home Values?
Source: Forbes
URL Source: https://www.forbes.com/sites/artcar ... gher-home-values/#255a1dbc7e8f
Published: Jul 17, 2018
Author: Art Carden
Post Date: 2018-07-19 12:44:16 by Deckard
Keywords: None
Views: 83
Comments: 3

The last decade has seen a slow move toward nationwide marijuana legalization. The Pew Research Center reported at the beginning of January that 61% of Americans support marijuana legalization. An April Quinnipiac University poll put the number at 63%. There’s clear and unprecedented support for legal pot.

But what will happen to our communities and our quality of life if marijuana is legalized? Moreover, talk is cheap: people might say they want pot legalized, but do they walk the talk, so to speak, with where they choose to live?

Apparently, they do. According to new research published in the July 2018 issue of Economic Inquiry, legalizing retail sales of marijuana in Colorado increased housing values by about 6%—or an average of $15,600 per house.

Using data on home sales from 2010 through 2015, economists Cheng Cheng and Walter J. Mayer from the University of Mississippi and FNC, Inc. Director of research Yanling Mayer compared the increases in home prices in Colorado municipalities that legalized retail marijuana sales to home prices in Colorado municipalities that did not and found that there was a bigger jump in home prices in municipalities that legalized retail marijuana sales. Legalizing pot stores, it seems, increased home values.

So how does this happen? One of the cool things about real estate prices is that they reflect a lot more than just walls, roofs, and lawns. They also reflect the value of local amenities (like a nearby park) and local disamenities (like a nearby landfill).

When people decide where to live, they “vote” with their feet and their money for different bundles of local public policies (here’s the Wikipedia page for the Tiebout model). Real estate prices reflect--not always perfectly--people’s willingness to pay for different bundles of public policies and local amenities. Real estate prices reflect whether people think a policy makes a place a more attractive or less attractive place to live.

The researchers’ evidence suggests that legalizing retail marijuana sales is more like a park than a landfill. As judged by the effect on real estate prices, legal retail marijuana sales make a town a place where more people want to live and fewer people want to leave.

Theoretically, this could go either way. Perhaps people don’t want to live near a marijuana store. Maybe pot shops attract a bad element. Maybe pot is an input into other crimes, like intoxicated driving or what have you.

If these costs exceeded the benefits in the minds of potential home buyers, then we would expect to see prices fall. But we don’t: the researchers’ evidence suggests that people are willing to pay more to live in places where retail marijuana sales are legal. As they note, the timing of the jump in home prices is coincident with the legalization of retail marijuana sales. This suggests there’s a causal effect.

This is closer to the first word than the last word on the local effects of marijuana legalization. I expect we will see a series of follow-up studies using data from other states that have legalized retail marijuana sales and different methods to identify the effect of marijuana legalization and the legalization of retail marijuana sales on home prices. These will give us a much clearer picture. For now, though, the evidence suggests that homebuyers think pot shops are good neighbors—or, at least, not bad ones.

Art Carden is a Research Fellow at the Independent Institute and an Associate Professor of Economics at Samford University’s Brock School of Business.

Post Comment   Private Reply   Ignore Thread  


TopPage UpFull ThreadPage DownBottom/Latest

#1. To: Deckard (#0)

According to new research published in the July 2018 issue of Economic Inquiry, legalizing retail sales of marijuana in Colorado increased housing values by about 6%—or an average of $15,600 per house.

Look at what the presence of legal pot has done to housing values in California.

nolu chan  posted on  2018-07-19   13:16:01 ET  Reply   Trace   Private Reply  


#2. To: Deckard (#0)

legalizing retail sales of marijuana in Colorado increased housing values by about 6%—

Wow. I know pot cures all ills, but I never realized it was the sole influence of home values.

misterwhite  posted on  2018-07-19   13:37:58 ET  Reply   Trace   Private Reply  


#3. To: misterwhite, deckard (#2)

but I never realized it was the sole influence of home values.

If everybody sat on their couch and smoked dope... then how long would it take the almighty Velocity of Money, worshiped by the Marx Banksters, to drop to ZERO?

VxH  posted on  2018-07-19   13:55:13 ET  Reply   Trace   Private Reply  


TopPage UpFull ThreadPage DownBottom/Latest

[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Please report web page problems, questions and comments to webmaster@libertysflame.com