Here’s a news flash sure to give you a jolt: If you live near a Starbucks, the benefits might be greater than a short walk to your morning caffeine fix. It might mean better housing values, as well.
That’s according to a Zillow study that found that the value of homes located within a quarter mile of a Starbucks rises faster than those in areas that aren’t near to the coffee shop. The study measured home values between 1997 and 2014; in that time frame, properties closer to a Starbucks rose in value by 96%, compared to 65% for all U.S. homes.
Can this really be due to the simple lure of a caffeine buzz?
“Here’s what we can tell you,” Zillow’s CEO Spencer Rascoff and chief economist Stan Humphries wrote in their new book, Zillow Talk: The New Rules of Real Estate. “Starbucks equates with venti-sized home-value appreciation. Moreover, Starbucks seems to be fueling — not following — these higher home values.”
Some aren’t so sure about that last point. “Companies like Starbucks study where the growth trends are and then place their stores there to be ahead of that growth,” one realtor told the San Jose Mercury News. “The growth is not there because there’s a Starbucks — the Starbucks is there because they’re anticipating the growth.”
Still, it’s interesting to note that Starbucks isn’t the only food-related housing trend. Zillow also reported that homes near a Dunkin’ Donuts rise faster in value than others.
We might have guessed.