Study: Michigan Home Values Rise with Cannabis Sales

If you thought that the legalization of recreational marijuana use and sales in Michigan would destroy neighborhoods and bring down your property value, put down the pitchfork and take a long look at Zillow. States with legal weed, like Michigan, have seen home values blaze past states that don't light up.

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And I'm not just blowing smoke. A new study from Clever Offers reveals that from 2009 to 2024, homes in recreational cannabis states saw an average value increase of $222,959, while states that continue to ban pot grew just $162,631. That's a difference of $60,327. That's a lot of green—and not the kind you keep in a mason jar under your car seat..

How Much Have Michigan Home Values Increased?

Michigan legalized recreational marijuana in 2018, and since then, our home values have been higher than Snoop Dogg at a Willie Nelson bonfire. The median sale price, according to the US Census Bureau, was $155,700.

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What’s Behind the Property Value Surge?

Fast forward to 2024, and Clever Offers' study reveals Michigan home values have fired up to $254,562. Does all of that have to do with legal weed? Of course not. But, increased tax revenue that gets funneled into things like roads, schools, and infrastructure has played a part.

How Legal Weed States Compare to Holdouts

Nationally, nine of the ten states with the highest (see what I did there?) home value increases have legalized marijuana. Meanwhile, nine of the ten lowest-performing states are still clutching their pearls, worried that marijuana will lead to jazz music and opinions.

RELATED: Michigan's First Lifetime Ban In Cannabis Industry Explained

Is this new study perfect? Absolutely not. But, it is interesting to see the differences between the states with and without weed billboards every mile.

Dispensaries, Home Equity, and Neighborhood Vibes

Next time someone whines about the dispensary down the road being the beginning of the end, just smile, sip your CBD seltzer, and casually mention your equity has higher returns than their 401(k).