THE EFFECT OF MARIJUANA DISPENSARY OPENINGS ON HOUSING PRICES

Jesse Burkhardt and Matthew Flyr

Contemporary Economic Policy, 2019, vol. 37, issue 3, 462-475

Abstract: We evaluate the effect of medical and recreational dispensary openings on housing prices in Denver, Colorado. Using an event study approach, we find that the introduction of a new dispensary within a half‐mile radius of a new home increases home prices by approximately 7.7% on average. The effect diminishes for homes further from new dispensaries but is consistent over time. Our results provide important and timely empirical evidence on the socioeconomic impacts of marijuana legalization. (JEL R32, R38, R5)

Date: 2019
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