Analysis: Home Values Rise Faster Near Trader Joe's, Whole Foods
SEATTLE (CBS) -- Trader Joe's and Whole Foods make great neighbors, according to a Zillow report.
The real estate website said Monday that its analysis shows homes near either supermarket chain grow more rapidly than others.
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Zillow found that homes within a mile of one store or the other were valued at double the median home in the rest of the U.S. at the end of 2014.
Home values 2x higher than average if they're near Trader Joe's or Whole Foods. -- @ZillowGroup CEO @spencerrascoff pic.twitter.com/VBXwHbFHy6
— CBS Mornings (@CBSMornings) January 25, 2016
"Like Starbucks, the stores have become an amenity in their own right – a signal to the home-buying public that the neighborhood they're locating in is desirable, perhaps up-and-coming, and definitely improving," a Zillow economist says.
It's not clear if Trader Joe's and Whole Foods are good at selecting up-and-coming neighborhoods to move into, or if the supermarkets are causing the growth by themselves, Zillow notes.