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Pet-friendly neighborhoods can indeed increase home values. Here's how:

  1. Higher Demand: 73% of homebuyers report having at least one pet, up from 64% in 2020[2]. This increased demand for pet-friendly homes can drive up prices.
  2. Premium Pricing: In Manhattan, pet-friendly co-ops and condos generally have higher asking prices than those in buildings that don't allow pets[1].
  3. Faster Sales: Homes with pet-friendly features like fenced yards sold five times faster than expected[2].
  4. Neighborhood Appeal: 29% of young millennial buyers chose their neighborhood with their pet in mind[2]. Pet-friendly areas are seen as more desirable, potentially increasing overall property values.
  5. Park Proximity: Excellent parks, including dog parks, can add up to 15% to a home's value, depending on proximity[4].
  6. Community Cohesion: Dog parks and pet-friendly features bring neighbors together, enhancing community appeal and potentially increasing property values[4].
  7. Amenity Perception: For some buyers, pet-friendly features are viewed as amenities, potentially increasing their willingness to pay more[1].

While the impact varies, these factors suggest that pet-friendly neighborhoods can positively influence home values by attracting more buyers and commanding higher prices.

Citations: [1] https://www.brickunderground.com/blog/2015/09/in_case_you_missed_it_pet_friendly_premium [2] https://www.westandmain.co/blog/4-major-ways-pets-are-influencing-home-buying-decisions [3] https://www.linkedin.com/pulse/do-pets-affect-value-your-property-jervis-isaiah-ng [4] https://debrawellins.com/dog-parks-can-increase-home-values/ [5] https://eyeonhousing.org/2023/12/paws-and-property-unleashing-the-impact-of-pets-on-home-buying-decisions/ [6] https://dashly.com/magazine/got-pets-here-are-some-unexpected-ways-pets-impact-your-home-and-your-mortgage [7] https://www.managemyproperty.com/articles/the-effects-of-pets-animals-on-property-value-135 [8] https://www.moneysense.ca/spend/real-estate/selling/how-pets-can-reduce-the-value-of-your-home/