IRVINE, CA—ReatlyTrac recently conducted an analysis of how homes with proximity to a Trader Joe's store compare to those with proximity to a Whole Foods Market store.
“Two of our most basic needs as humans are food and shelter, so we thought it might be enlightening to run an analysis combining the two elements,” said ReatlyTrac VP Daren Blomquist. “For this analysis, RealtyTrac looked at home values, appreciation and property taxes in US zip codes with a Whole Foods or a Trader Joe's to determine the best combination of food and shelter when it comes to these two iconic grocery store chains with cult followings.”
The online real estate platform company discovered a few things:
· Homeowners near a Trader Joe's have seen an average 40% increase in home value since they purchased, compared to 34% appreciation for homeowners near a Whole Foods.
o Average appreciation for all zip codes nationwide is also 34 percent.
· Homes near a Trader Joe's also have a higher value on average: $592,339, 5 percent more than the $561,840 average value for homes near a Whole Foods.
o The average value of homes was $262,068 across all zip codes nationwide.
· 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.
o The average property tax across all zip codes nationwide was $3,239.
RealtyTrac expressed the data in a whimsical infographic, as the firm does on occassion to demonstrate the breath of its reserch capabilities.
Methodology
For this analysis RealtyTrac 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). The firm compared the average of current home values to the average of home values at the time the home was last purchased. Home value and property tax data are from RealtyTrac's sales deed and tax assessor databases; grocery store locations are from the USDA.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
