When you go to buy a home, a new study shows you’ll pay substantially more for that home if it has access to very fast Internet.
What’s been called ‘the digital divide’ is actually boosting or shrinking the price of people’s homes. It’s almost on par with how what school district you’re in can greatly impact the value of a home.
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Fast Internet is the new desirable home feature
There was a crazy story about a man who bought in Washington State and lived where Comcast said they could get high-speed Internet. This guy worked from home. Then Comcast basically said, ‘Just kidding, we can’t put in that connection for you.’ They never budged. So the guy was looking at selling the house because he runs a business out of his home.
Believe it or not, he had to be rescued by a local community that ran its own little Internet service that came in and provided Internet to him. So ultimately he was able to keep the house. (Comcast still never budged on the issue, even after it became a hot story.)
It’s amazing how core and key the Internet has become to everything we do. Now the latest wrinkle is that Google Fiber neighborhoods are being considered more desirable for people to live because of the connectivity issue.
The Wall Street Journal now says that having fast a Internet connection will boost the cost of an entry level home by $5,500. Simply by having a high-speed Internet connection!
In a few years, fast connections will be a common feature thanks to Google Fiber and the pressure they’re putting on monopoly cable and phone companies. Competition will tame the marketplace.
When you’re looking for a home, I know it’s a crazy additional thing to think about, but having access to an ultra high-speed connection could boost the value of the home you’re buying over time.
Read more: Free Internet speed test available online