Owning A Single Family Home Near An Apartment Helps Property Value, Study Finds
Living close to an apartment complex is good for the property value of single family homes, according to a report by economists at the Kem C. Gardner Policy Institute. Economists studied property values of single family homes inside a half mile radius of apartment buildings and home values outside that half mile. They found houses closer to apartments went up in value by almost 2%.
Senior research fellow with Kem C. Gardner Policy Institute Dejan Eskic says more activity in an area can create a new demand for the area. Apartments bring in a lot of new residents to an area, so it raises property values due to the increased activity and population.
Eskic says other factors like traffic, school, classroom size, resource consumption, water and open space were indirectly considered in the study.