Quality schools, nice parks and a Whole Foods grocery store can do a lot for home values in a neighborhood.
Even better? A Trader Joe's.
According to new data from RealtyTrac that compared home value appreciation for homes near Trader Joe's versus those near Whole Foods, homeowners near a Trader Joe's have seen an average 40 percent increase in home value since they purchased, compared to 34 percent appreciation for homeowners near a Whole Foods.
Homes near a Trader Joe's also have a higher value on average. According to RealtyTrac, average home value near a Trader Joe's is $592,339, which is 5 percent more than the $561,840 average value for homes near a Whole Foods.
On the flip side, homeowners near a Trader Joe's pay an average of $8,536 in property taxes each year, which is 59 percent more than the $5,382 average for homeowners near a Whole Foods.
RealtyTrac's analysis looked at home values and property taxes for 1.7 million homes, condos and co-ops in 188 zip codes with at least one Whole Foods store (and no Trader Joe's stores) and 2.3 million homes, condos and co-ops in 242 zip codes with at least one Trader Joe's store (and no Whole Foods stores).
Zip codes included a range of those across the Portland metro region, Oregon, California, Washington, Colorado and several states in the South, the Midwest and on the East Coast.
For the analysis, RealtyTrac compared the average of current home values to the average of home values at the time the home was last purchased.
The Portland Business Journal is a KGW News partner.
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