Investigators assessed the relationship between cannabis legalization and regional home values. They identified “a large positive spillover effect on the housing market following legalization.” Specifically, they reported “a five percent appreciation in home prices following the passage of RML (recreational marijuana laws) and an 11 percent appreciation once sales of marijuana products begin.”
Authors concluded, “[The] results suggest that preferences for public services – derived from a new source of tax revenue – and dispensaries as a commercial amenity create largely positive effects following the legalization of recreational marijuana.”
Their findings are consistent with those of prior research papers, such as those here and here, which similarly report a link between the establishment of a legal marijuana marketplace and elevated home values.
Full text of the study, “Retail marijuana deregulation and housing prices,” appears online. Additional information is available from the NORML fact-shee, “Marijuana Regulation: Impact on Health, Safety, Economy.”