O
klahoma's rural housing prices have skyrocketed since medical marijuana was legalized, with a 20-25% increase in housing values over five years in counties with high numbers of marijuana grows. Researchers attribute this surge to marijuana growers buying up properties, driving up prices and impacting affordability for local residents. The study found that counties with the highest number of marijuana grows per capita saw significant increases in housing values, exceeding those in neighboring states where marijuana is not legal.

    The researchers began by holding a community meeting in Okemah, where participants expressed concerns about property being purchased by "outside speculators" and driving up local prices. While most focus group participants were supportive of the industry, they also shared stories of cash offers for properties that weren't even for sale.

    An analysis of county-level property value data showed that counties with high numbers of marijuana grows had a 20-25% increase in housing values over five years, while counties with high numbers of dispensaries did not show a similar trend. The upward trend in housing values began about 20 months after voters approved medical marijuana legalization and was driven by a surge in growers coming into the state.

    Okemah Mayor Ron Gott said that buyers seeking land for marijuana grows often paid far more than market value, leading to increased housing and land prices. This has made it difficult for some residents to purchase property, with properties selling for up to $10,000 an acre when they should have sold for around $3,000.

    However, not all real estate agents agree that the marijuana industry is solely responsible for the increase in housing prices. Carl Alls, a longtime Okemah real estate agent, said that other factors such as high lumber and building material prices likely played a role in increased home prices as well.