The legalization of recreational marijuana has created a lot of debate and controversy. The number of marijuana users has fallen since the beginning of marijuana legalization, but there are still a lot of people who believe it is a huge step backwards. The legalization of recreational marijuana has led to a huge increase in the value of homes in Arizona.

The Arizona legislature just passed a bill that makes it legal for adults 21 and over to possess and use marijuana recreationally. As a result, prospective home buyers might want to take note.

Arizona’s cannabis industry is booming, and it is no secret. Along with this growth comes an increase in property values throughout the state. Much of it has been attributed to the “4 out of 5 adults have used marijuana within the last year” statistic, and many people are trying to capitalize on the new market. Arizona is a state with a low median home value of $85,700 and a high population of people living in poverty.. Read more about arizona legalization 2020 and let us know what you think.

AZ Housing

According to a recent research, house values rise when recreational marijuana is legalized.

Clever Real Estate’s Michelle Delgado told KOB4 News, “Something surprising that we noticed was that the kind of legalization really had a significant effect.” “As a result, states that legalized recreational marijuana experienced much higher increases in house prices than those that just authorized medical marijuana or did not legalize it at all.”

Between 2017 and 2021, the value of a house in Colorado increased by $89,377. The state of Arizona’s rose by $80,558. Home values in Texas, where recreational marijuana is illegal, rose by $40,457 during the same time period.

“We discovered that if marijuana had been legal during that time period, house values would have likely increased by almost $53,000,” Delgado said.

Cannabis tax income financed more state initiatives including education and health care, according to researchers. It also resulted in an increase in visitors and commercial possibilities.

“This may be beneficial for individuals who already own a house,” Delgado said, “but as home prices rise, it will be interesting to see whether this continues to make housing expensive for others.”

As Arizona becomes the first state to fully legalize recreational marijuana, home prices have skyrocketed in the state, as the prices of homes in the most popular areas for marijuana dispensaries have gone up by an average of $161,000 since the announcement of recreational marijuana’s passing in 2017. Not surprisingly, the trend has drawn a lot of attention, and as a result, the price of legal marijuana has gone up by $203,000 over the past year in Arizona.. Read more about house bill 12 and let us know what you think.

This article broadly covered the following related topics:

  • do dispensaries lower property value
  • federal legalization 2021
  • n.m. marijuana legalization
  • new mexico legalization 2021
  • house bill 12
You May Also Like

Can Cannabis Buyers Make the Industry More Equitable and Sustainable?

Some of the most interesting conflicts in the cannabis industry are between…

Connecticut Prepares To Launch Recreational Cannabis Market in 2022

The legalization of recreational cannabis in the state of Connecticut is set…

Small cannabis entrepreneurs say they can’t compete against ‘Walmart of weed’’

The “Walmart of weed,” a Canadian medical marijuana dispensary called MedReleaf, is…

String of Bay Area high-profile retail robberies brings calls for action

In a string of Bay Area high-profile retail robberies, Activist and law…