Do Apartment Buildings Affect the Property Values of Nearby Homes?
Some think that apartment projects reduce the value of surrounding property, while others don’t. Knowledge of the impact of multifamily housing on surrounding property values is limited, hence the two contrasting opinions. The average cost of single-family residential homes was actually highest in communities with apartments in comparison with neighborhoods with only single-family homes. Studies done on the impact of mixed-income housing developments found that home prices of the single-family home were not adversely affected by the presence of mixed-income development. When looking to buy a home, remember to look beyond the attractiveness of the house because physical structure depreciates over time.
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