In the market for a new home? Finding the right fit has gotten so much more complicated than just making sure you’re in the right school district!
The New York Post reports there’s an additional indicator for home value you should look at: the nearest gourmet grocery store! Homes have greater appreciation when they are located by a Trader Joe’s than by a Whole Foods, according to new numbers from RealtyTrac.
How the numbers stack up
Homeowners who live in the same zip code as a Trader Joe’s saw a 40% increase in home value over their initial purchase price. Meanwhile, those living in the same zip as a Whole Foods only saw a 34% increase, which is on par with national averages.
The average home value in a Trader Joe’s zip code is $592,339. That’s about 2.2 times higher than the average price of a home in the U.S. Meanwhile, the average home value in a Whole Foods neighborhood is $561,840.
In addition, those living near Whole Foods paid an average of $5,282 in property taxes. Meanwhile, those living near a Trader Joe’s paid 59% more or $8,536 in property taxes.
To arrive at their findings, RealtyTrac says they ‘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). We compared the average of current home values to the average of home values at the time the home was last purchased.’
Both Trader Joe’s and Whole Foods are arch rivals, so this latest study is sure to fan the flames of competition between the two companies!
Trader Joe’s is so hot right now. They’re a real magnet. They go into affluent areas and then create more affluence where they go. So in addition to checking schools when house hunting, you might to cross reference against this metric. And if a Trader Joe’s wants to open in your area, that’s going to be money in your pocket eventually!