If you think coffee is only good for getting you moving in the morning, this new study will wake you up. Apparently, it can also provide a jolt nearby home values.
That’s according to Zillow CEO Spencer Rascoff and Chief Economist Stan Humphries. In their New York Times bestseller, Zillow Talk: The New Rules of Real Estate, they crunched the numbers and found that houses located within a quarter mile of a Starbucks location appreciated more quickly than houses overall.
Rascoff and Humphries knew the traditional guideline for finding real estate that would appreciate the most – good schools, easy access to major job centers, or a quick drive to the grocery store. They wanted to dig deeper.
“We were looking for other markers that could tell us where home values would appreciate the most, and in doing the research, we found that if you live near a coffee shop, chances are your house outperforms other houses further away,” Humphries said. “When we dug even deeper, we found that living close to a specific coffee shop – Starbucks – was the best indicator your house would out-perform other houses in the area.”
This trend held true nationwide, although results varied by region. In North Texas, there was a 7.2 percent difference during the time measured.