(WFXR)– Experts say increasing gun violence, based on the area you live in, can have an impact on your pockets– especially home values.
According to recent data, higher levels of gun violence can be associated with lower home prices, credit scores, and homeownership rates.
President of “Brady United Against Gun Violence,” Kris Brown explains how much gun violence can depreciate the value of your home.
“A study from the urban institute found surges in gunshots decreased the home value just by four percent,” said Brown.
Brown understands this may not sound like a lot, but when you have a home that is worth 500,000 dollars your value drops by 20,000 dollars making it harder to re-sell. It also affects businesses.
“The same study also found that gun violence reduced local business growth by four percent as well,” said Brown.
She says because of this, the results may end in businesses leaving specific areas.
Local realtor with Mountain View Real Estate, Bradley Thomas explains how this could happen.
“When we have people that see crime continuing to happen through websites, statistics, or whatever maybe they may not want to move to certain areas, which obviously has an impact on demand,” said Thomas.
He also has some tips for homeowners who want to sell.
“Make sure the condition is good and any improvements you make ahead of time, also you want to make sure you are pricing the property appropriately, and more important than anything get with a local agent to help you sell it,” said Thomas.
When it comes to the discussion of decreasing gun violence, Brown says it takes everyone, community members, law enforcement, school counselors, educators, and you.
She shared to solve the problem is to acknowledge that there is a problem.
“It’s a problem that impacts some communities far more than others. That means children, that means African Americans in this country, that means Hispanics. The reality is now it’s all of us,” said Brown.
Brown says we lose more than 45,000 Americans a year to gun violence, and 80,000 more than that are shot and have to live with the consequences of being victims of gun violence for the rest of their lives.
She says it takes five minutes a day to make a difference.
You can learn more about how to help Brady United Against Gun Violence here.
