The vast majority of Americans believe legal cannabis is good for the economy.
That’s just one of several findings in a new report from the real estate publication Real Estate Witch. The online publication is owned by Clever Real Estate, Benzinga reported.
What were some of the report’s insights? About 91% of the survey’s respondents supported some type of weed legalization. Medical legalization received 84% support, recreational weed received 70%, and full-on, balls-out decriminalization received 67% support.
But things get interesting when it comes to home pricing and the home’s proximity to a cannabis business.
As Benzinga notes, 70% would pay the market rate or higher for property located near a dispensary or weed lounge. Nearly one out of four Americans, or 22%, said they would pay more than the property’s market value. And well over half of respondents said they would be perfectly fine living next door to a pot shop because, well, who wouldn’t?
That means 30% of respondents never smoked weed once in their lives, and they still believe legalization can improve the economy.
The survey included 1,000 participants. Since the respondents volunteered their answers in a niche publication -- for real estate -- this cannot be considered a random sample. However, the sample is large enough to give us some valid clues into how most home-owning Americans or prospective home owners feel about legal weed and the economy.
Previous analyses have shown that legalizing marijuana at the state level leads to population surges in those states. With more people moving into a state, land and property values will also rise. States with legal weed have seen property values soar, as well, which is good for homeowners, but not-so-great for those looking to buy a new home (or to renew their rental leases).
Of course, weed alone cannot be blamed for America’s housing crisis. It’s only a symptom, if anything. The true culprits behind homelessness and skyrocketing rents are corporations and hedge funds buying up homes at record rates, the glut of short-term homestay services such as AirBnB, a lack of rising rent caps, and lack of reforms for tenant rights.
As for the economy as a whole, legal cannabis has proven itself there, too. The nascent industry is responsible for creating roughly 250,000 jobs since it started. And a recent market report from Grandview Research said the global cannabis industry would reach over $100 billion in the next few years.
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