Have you ever noticed how some neighborhoods seem to flourish around certain stores? We got curious about whether living near a popular retailer like Whole Foods might actually affect how much homes cost in the area. After all, Whole Foods isn’t just any grocery store—it’s a symbol of upscale shopping.
So, we at Ovid decided to dig into this idea. We picked 100 cities that have Whole Foods and looked at the most recent home values from Zillow. By comparing the average home prices in these cities to the prices in the specific zip codes where Whole Foods stores are located, we wanted to see if there’s a real premium on living near one. In this blog, we’ll share what we discovered and explore whether being neighbors with Whole Foods affects your home’s price tag.
Key Takeaways
- Across 100 cities analyzed, homes located near Whole Foods are, on average, priced 41% higher than the average home value within the city.
- In Detroit, MI, the difference is most pronounced, with homes near Whole Foods costing nearly six times more than the city’s average home value.
- In 16 cities out of the 50 studied, it actually costs less to live near Whole Foods. Reno, NV, tops this list, where homes near Whole Foods average 25% less than the city’s average home value.
The Whole Foods Premium: Where Does It Impact Home Prices the Most?
Our analysis revealed that living near Whole Foods can significantly impact home prices—in some cities more dramatically than others. Below, we highlight the top five cities where homes near Whole Foods are priced the highest compared to the city’s average home value, as well as the top five cities where it’s actually cheaper to live near this popular retailer.
Top 5 Cities with the Largest Whole Foods Premium
- Detroit, MI
- Average City Home Value: $75,041
- Home Value Near Whole Foods: $444,434
- It costs nearly 6 times more to live near Whole Foods in Detroit than the city average.
- Birmingham, AL
- Average City Home Value: $127,365
- Home Value Near Whole Foods: $532,331
- Homes near Whole Foods cost over 4 times more than the city average.
- Dayton, OH
- Average City Home Value: $149,406
- Home Value Near Whole Foods: $396,978
- Living near Whole Foods is more than 2.5 times more expensive than the city average.
- Dallas, TX
- Average City Home Value: $313,158
- Home Value Near Whole Foods: $750,116
- Homes cost over double near Whole Foods compared to the city average.
- Milwaukee, WI
- Average City Home Value: $206,053
- Home Value Near Whole Foods: $466,681
- Expect to pay more than twice as much to live near Whole Foods.
Top 5 Cities Where It Costs Less to Live Near Whole Foods
- Reno, NV
- Average City Home Value: $550,448
- Home Value Near Whole Foods: $414,739
- Homes near Whole Foods cost nearly 25% less than the city average.
- Scottsdale, AZ
- Average City Home Value: $826,901
- Home Value Near Whole Foods: $637,074
- Living near Whole Foods is almost 23% cheaper than the city average.
- Arlington, TX
- Average City Home Value: $317,398
- Home Value Near Whole Foods: $246,693
- Expect to pay over 22% less near Whole Foods.
- Lexington, KY
- Average City Home Value: $302,558
- Home Value Near Whole Foods: $236,004
- Homes are 22% cheaper near Whole Foods compared to the city average.
- Savannah, GA
- Average City Home Value: $320,328
- Home Value Near Whole Foods: $252,251
- Living near Whole Foods saves you over 21% on home costs.
Closing Thoughts
Whole Foods is often associated with premium living, which can translate to higher housing costs in many cities. However, that’s not always the case—cities like Reno and Scottsdale offer more affordable housing near these stores.
This phenomenon highlights the broader impact that certain assets and amenities have on our financial landscapes. Understanding these effects can be crucial when making decisions about buying or selling a home, as well as managing other important assets.
Similarly, your life insurance policy is an asset that might hold unexpected value. At Ovid, we believe in the importance of being informed about all your financial options. Whether you’re considering a life settlement or simply exploring your options, we’re here to determine if you are eligible to sell your life insurance policy.
Methodology
To assess the impact of living near Whole Foods on home values, we conducted an analysis of 100 U.S. cities that have at least one Whole Foods location. These cities were selected based on their population size and the presence of the store to ensure a diverse and representative sample. Utilizing the most recent home value data from Zillow (October 2024), we calculated the average home value for each city. We then pinpointed the specific zip codes of the Whole Foods locations within these cities and gathered the average home values for these neighborhoods, representing the immediate areas surrounding the stores.
By comparing the average home values of these Whole Foods neighborhoods to the overall city averages, we calculated the percentage difference in home prices. This comparison allowed us to determine whether homes near Whole Foods are priced higher or lower than the city average, effectively highlighting the extent of the “Whole Foods premium” across different urban areas.
