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James Layfield

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Spyglass Realty and Investments

The Realty Skinny

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Neighborhood Features That Reduce Home Values

April 7th, 2016

Some neighborhood features close to a home, for example power plants and cemeteries, can really undermine a home's value.® analyzed data and came up with a list of features that have the most effect on values.

To forecast,® evaluated home prices and appreciation rates in zip codes of the top 100 metro areas that had a certain "drag-me-down-feature" that was present.

The research team then determined the possible discount by comparing the median home price in that zip code with the "drag-me-down-feature" with the median price for all homes in that same county. 

They came up with these features that had the greatest negative effect on home values:

  1. Bad School: -22.2% (homes near a bad school received 22.2% less than an average home in the same county)
  2. Strip Club: -14.7%
  3. High renter concentration: -13.8%
  4. Homesless shelter: -12.7%
  5. Cemetery: -12.3%
  6. Funeral home: -6.5%
  7. Power plant: -5.3%
  8. Shooting range: -3.7%
  9. Hospital: -3.2%

Main article: "The Neighborhood Features That Drag Down Your Home Value - Ranked,"® (03/28/16)

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