Photo (cc) by JeepersMedia
Some shoppers can be categorized based on whether they prefer Walmart or Target. But homebuyers also have a stake in the debate, according to a new analysis by RealtyTrac.
The housing data website examined home values, appreciation and property taxes for millions of properties located in ZIP codes with at least one Walmart store and no Target stores, and ZIP codes with at least one Target store and no Walmart stores.
The site then determined whether homeowners were financially better off living near one store or the other. The results were mixed. In general, RealtyTrac reports:
What we found is that homeowners near a Target have experienced better home value appreciation since their purchase, but also pay more and have higher property taxes on average.
In 2015, homes located near a Target:
- Had appreciated 27 percent since the home was purchased, which equated to an average price gain of $65,569
- Had a higher value on average: $307,286
- Had higher property taxes on average: $7,001
Those located near a Walmart:
- Had appreciated 16 percent since the home was purchased, which equated to an average price gain of $24,900
- Had a lower value on average: $178,249
- Had lower property taxes on average: $3,146
The average appreciation for all ZIP codes nationwide was 22 percent, and the average price gain was $40,626, according to RealtyTrac. The average value of homes was $215,921 and the average property tax was $4,283 across all ZIP codes nationwide.
What’s your take on RealtyTrac’s findings about how living near a Walmart or Target affects home values and property taxes? Sound off in our Forums. It’s the place where you can speak your mind, explore topics in-depth, and post questions and get answers.