|
Illinois is among 23 states and the District of Columbia that
have legalized recreational marijuana.
Researcher Matt Brannon with Clever Real Estate said the data
shows that from 2014 to 2023, home values increased an average
of almost $50,000 more in states with recreational cannabis
compared to states without it, but Illinois isn’t seeing as much
of an increase.
“It just happens that Illinois has not benefited as much as
other states, but there could be other reasons behind that,”
Brannon said. “We did a study recently that found that Illinois
is the state that most people are moving away from in the
country in the first six months of 2023.”
While homes have appreciated during that time period in Nevada
by 132%, home values in Illinois increased by only 58%.
The study, in collaboration with Leafly, found of the 10 states
with the largest increases in home values, seven have legalized
recreational cannabis. Meanwhile, of the 10 states with the
smallest increases in home values, including Illinois, the nine
others have not legalized recreational cannabis.
Brannon attributes the appreciation of home values and nearby
cannabis dispensaries to robust economic activity and thousands
of new jobs.
“When that many new jobs are being created, more people are
moving to new areas, businesses are hiring, and it's not just
cannabis businesses themselves that are hiring, it creates a
ripple effect,” Brannon said.
The study notes that the recreational cannabis market is
projected to generate about $25 billion in sales by the end of
2023, $2 billion alone in Illinois.
States with just medicinal cannabis have seen home values climb
$166,609 since 2014, $29,289 more than states without medicinal
cannabis.
|
|
