However, it also identified some underlying factors that may have increased property values in vicinities closest to dispensaries, including lower crime rates, additional amenities nearby and a surge in housing demand because of Denver's growing marijuana sector. The average property-value increase for homes within 0.1 miles of a dispensary was $27,000 higher after legalization, according to the study. It’s an important piece of the puzzle as more and more voters and policy-makers look for evidence about the effects of legalizing recreational marijuana." “This suggests that in addition to the sales and business taxes generated from the retail marijuana industry, municipalities may experience an increase in property taxes. “The presence of retail marijuana establishments clearly had a short-term positive impact on nearby properties in Denver,” says Diop, an assistant professor of real estate and urban land economics at UW Madison. Homes in Colorado municipalities that had legalized retail sales saw a 6 percent increase in the same time frame. By comparing Denver home prices from 2013 with home prices in 2014, the first year of retail pot sales, researcher Moussa Diop and her team determined that single-family homes within 0.1 miles of a dispensary saw an 8.4 percent increase in price. Researchers from the University of Wisconsin Madison found that Denver home prices in the immediate vicinity of a recreational marijuana dispensary have risen at a fast pace since retail sales were legalized. Pot has been accused for the rise in population, the rise in homelessness and the rise in housing costs.and now one study believes it has found a solid connection to the increased cost of homes.
Colorado's decision to legalize recreational cannabis has taken the blame for several changes to the state's rapidly changing landscape, specifically in Denver.
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