Living in close proximity to a Trader Joe's has its obvious perks — what busy foodie can resist these go-to grocery staples? But the biggest bonus is one you probably had no idea about.
A new study by RealtyTrac uncovered how it can also boost your property value — by a lot. After searching through data pulled from over 1.7 million homes in 188 zip codes, homeowners who share a zip code with a Trader Joe's have benefitted from a 40 percent increase in their home value from the time the store opened. In comparison, homeowners who welcome a Whole Foods into the neighborhood only saw a 34 percent rise in their property value.
The study also points out that homes near a Trader Joe's have a higher value on average: $592,339, five percent more than the $561,840 average value for homes near a Whole Foods. The only downside? Homeowners near a Trader Joe's pay an average of $8,536 in property taxes each year, 59 percent more than the $5,382 average for homeowners near a Whole Foods.