The value of your house can depend on how close you live to a Starbucks.
In fact, in addition to factors like square footage, school districts and neighborhoods, the price of your home can increase if it is close to popular retail stores like Starbucks, Whole Foods and Trader Joe’s.
Between 1997 and 2013, the property value of homes within a quarter mile of a Starbucks rose 96%, according to Zillow. That’s compared to a 65% increase in property values on average for all U.S. homes during that time frame.
After Whole Foods opened in Detroit in mid-2013, property values in the area saw an increase of $19,000 in 2009 to $80,000 in 2015.
And according to a 2015 study from RealtyTrac, the value of homes that shared a zip code with a Trader Joe’s location grew 40% since they were purchased. That’s more than the national average of 34%.
However, the exact correlation between property value and proximity to these retailers isn’t clear. While home values may increase because of demand to live near these stores, it’s also likely that retailers are choosing these particular areas for a reason.