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‘Yes’ in my backyard? Study shows new Salt Lake County apartments actually boost neighbors’ home values.

University of Utah research reaffirms that higher density not only increases housing affordability but also brings more amenities and more “buzz” to communities.
Salt Lake City Apartments
Posted at 5:49 AM, Feb 23, 2021
and last updated 2021-02-23 07:49:03-05

SALT LAKE CITY — A recurring complaint from residents opposed to new apartments in their neighborhoods of single-family homes is that high-density housing brings down property values.

The opposite appears to be true.

Homes in Salt Lake County located within a half-mile of a newly constructed apartment building rose by 10% in median value per year between 2010 and 2019, University of Utah researchers have found. Those farther away rose by 8.6%.

Homes closer to multifamily housing also had an 8.8% higher median value per square foot than those beyond a half-mile away, even though the houses tended to be slightly smaller in size, about seven years older on average and had smaller lots, according to a new study by the U.’s Kem C. Gardner Policy Institute.

Click here to read the full story from The Salt Lake Tribune.