90210 (Beverly Hills, California), 11962 (Sagaponack, New York, AKA the Hamptons), and 10007 (Tribeca, New York City) are zip codes known for being home to some of the most expensive real estate in America. But get this: There's one feature of a home, condo, townhome or apartment that has nothing to do with the footprint of the property itself, or even what it looks like inside, that can actually make a massive difference in a home’s property value.
According to a report by the home warranty company, American Home Shield using Zillow data from February and March 2022, a home’s view can drastically impact how much it’s worth. Not all views move the needle the same amount, however.
Here are three styles that stand out—positively and negatively.
- Waterfront view: Increases property value by 78.1 percent, on average.
- Nature view: Increases property value by an average of 44.2 percent.
- City view: Increases property value by about 6 percent.
With more Americans working from home and reconsidering what “home” is due to the shake up that was (and is) the coronavirus pandemic, home prices hit record highs in March 2022. A December 2020 Gallup poll discovered that 48 percent of Americans would prefer to live outside of a large city, which is up 9 percent from 2018 figures. So it stands to reason that properties with views of bodies of water and the beauty of nature tend to rank higher on the value front than cityscapes.
Those higher home costs come with a bevy of health benefits. A May 2021 review in the International Journal of Environmental Research and Public Health found that exposure to nature is linked to healthier blood pressure, better sleep, more physical activity, as well as improved cognitive function and mental well-being.
Make that nature some body of water that’s within view of your abode, and that translates to nearly 80 percent more property value than a similar home without that awe-inspiring view. Many of the country's most desirable properties overlook the water, from massive Pebble Beach Châteaus to stunning Florida Beach homes to vast Southampton estates. And while the waterfront trend is true across nearly every state, this report found that residents of landlocked Wyoming should expect to pay the largest difference, or about three times as much, for a home with a lake or river in view than without one.
Article By: KARLA WALSH, Veranda
Check out Austin Luxury Group's current listings- The majority of which are waterfront or have nature views!