SALT LAKE CITY — A recurring complaint from residents opposed to new apartments in their neighborhoods of single-family homes is that high-density housing brings down property values.
The opposite appears to be true.
Homes in Salt Lake County located within a half-mile of a newly constructed apartment building rose by 10% in median value per year between 2010 and 2019, University of Utah researchers have found.Those farther away rose by 8.6%.
Homes closer to multifamily housing also had an 8.8% higher median value per square foot than those beyond a half-mile away, even though the houses tended to be slightly smaller in size, about seven years older on average and had smaller lots, according to a new study by the U.’s Kem C. Gardner Policy Institute.
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