There are countless lists that detail what buyers are looking for in a neighborhood. Good schools, nearby parks and walking trails often top them. “But hey,” notes Realtor.com, “life—and real estate—isn’t all rainbows and unicorns.” What about those features that send buyers running in the other direction?
Recently, Realtor.com took a closer look at that issue, finding 9 features that are major turnoffs to buyers. To compile the list, the website analyzed home prices and appreciation rates in U.S. zip codes in the 100 largest metropolitan areas. It pinpointed those areas that included a “drag-me-down facility”—structures such as a power plant or homeless shelter, for example. Then, it compared the median prices of those homes with the median home price for all homes in the same county.
Here are the features that took a bite out of prices, in order of their impact:
Bad schools: lowered the home price by 22.2%
Strip club: 14.7%
High renter concentration: 13.8%
Homeless shelter: 12.7%
Funeral home: 6.5%
Power plant: 5.3%
Shooting range: 3.7%