Whole Foods, Trader Joe's drive property value

Posted at 1:23 AM, Jan 26, 2016
and last updated 2016-01-27 12:13:12-05

If you live near a Trader Joe's or a Whole Foods store, you're in luck.

Property values go up faster in neighborhoods that have these stores, according to Zillow.

The site crunched the numbers between 1997 and 2014 and by the end of that year, homes within one mile of either store were worth twice as much as the median price for that city.

What's not clear is whether the stores are responsible for the jump, or if the stores just pick more affluent locations to begin with.

"It was surprising to us in how good these stores are at picking locations," said Zillow Chief Economist, Svenja Gudell. "You can find a location that's underperforming compared to the rest of the city and then a Whole Foods or Trader Joe's opens and they tend to overperform afterwards. So they really do have quite the pull."