Specialty Grocer Smackdown
Being located near a Trader Joe's or Whole Foods Market is a definite plus, but is one better for property values than the other?
According to RealtyTrac, homeowners in the same ZIP code as Trader Joe’s stores see their home values increase an average of 40 percent. That’s 6 percent more than the home appreciation national average, 34 percent, which is the same as what being near a Whole Foods will net you. The only downside? Property taxes near Trader Joe's also tend to be higher.
Austin residents rejoiced when Trader Joe’s announced plans to come to town. (How did we ever survive without easy access to Speculoos cookie butter and olive oil popcorn?)
There are now three Trader Joe's locations in Austin — and three lucky ZIP codes that reap the benefits of cult-favorite products and higher home values. Trader Joe's has stores in 78746, 78759 and 78701 (its new downtown locale).
The study looked at 2.3 million homes and compared the average of current home values to the average of home values at the time the home was last purchased in 242 ZIP codes with at least one Trader Joe’s store. Devotees of cookie butter might argue that the higher property taxes are worth it.