Zillow Report: Starbucks Boosts Chicago Home Values

TWL_2015_feb_blog20The urban legend that Starbucks is good for the neighborhood now has data to support the claim. According to Zillow’s Home Value Index, homes that were located within a quarter mile of Starbucks experienced a 96 percent increase in home value between 1997 and 2014. That’s nearly 30 percent higher than the U.S. average increase for all other home values during the same period. Chicago ranks 4th on the list of U.S. real estate markets that have experienced the greatest property value increases from being in close proximity to a Starbucks location. The article cites Chicago condo owner Julie Lerch who says she believes her condo sold for 53 percent more than she paid for it because Starbucks came to town. “It was a sign that the neighborhood was changing,” she said. “People who normally wouldn’t have chanced that neighborhood said, ‘Oh, that’s a Starbucks.’”

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Image Source: Marco Paköeningrat