Photo: sylvar via Flickr
Think street names don’t matter?They do, and living on a poshly named street can significantly increase the value of your home, according to the Wall Street Journal (via Curbed).
Two researchers from the University of Georgia sought to determine the value a street name adds to a house, and found that any street with the word “country” in it adds 4.2% to the worth of a home in the eyes of buyers.
And a street with the words “country club” adds an eye-popping 9.3% to a home’s value, the researchers found.
What’s the reasoning behind this phenomenon?
According to the WSJ:
The premium, [researchers] Zahirovic-Herbert and Chatterjee found, comes from a certain “snob value” that is valued mostly by wealthier consumers who want to look like hotshots in everything they buy.
“The reason is that it captures the prestige associated with living in a particular neighbourhood or subdivision and, therefore, represents conspicuous consumption,” the report says.
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