Yelp Reviews Helping Home Prices?

Posted To: MND NewsWireWill appraisals soon need to indicate a home’s driving distance to the nearest cold-brew drive-through? Could be. According to a new study by the Harvard Business School, when an outlet for Starbucks opens in a community, home prices in that ZIP code rise by 0.5 percent within one year. The information emerged from a larger study on gentrification which was conducted using census data as well as data from Yelp . The study’s authors say that Yelp may be a potential new tool for policymakers to monitor gentrification, the process of rebuilding homes and businesses in an area followed by an influx of more affluent residents. As this is often at the expense of earlier, often less well-off residents, it tends to be a volatile subject. The researchers say one big issue is the lack of consistent data…(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.

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Michael Ayoub, Author NMLS ID 6631