MAP: How Much Do Murders Decrease Home Values?
We know that in New York City, living next to the deceased does little to earn you a discount on your rent or a price chop on a condo. But when it comes to murders, the story is quite different. Finder.com recently culled data from University of Technology Sydney (UTS) and popular real estate websites to find out just how much a murder that occurred on a property can affect the value of a home.
What they found was that prices fall about 4.4 percent when a home is located within 0.2 miles of a murder that occurred in the past year. They add that in generating the figures seen in the map: “We applied that percentage to the housing market in each state, looking at the number of murders and the typical housing density as of 2014. That let us calculate the typical impact on a property price, as well as the overall impact in each state.”
The findings aren’t all that surprising—as violent activity is usually a signal of a neighborhood’s safety and crime rate. There’s also a stigma associated with living in a house someone died in. What is surprising is the money that’s lost, which by Finder’s account, equates to an annual $2.3 billion loss for the U.S. property market.
The site also ranked the top 10 states affected the most, as seen here:
You can explore every state and their figures using their interactive map here >>
[Via Finder.com]
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