Successful, Local Businesses Could Increase Home Value: Study

Before moving toward home renovations to increase value, ""Independent We Stand"":http://www.independentwestand.org/, a national small business organization, has another suggestion: Support local, independently-owned businesses in the neighborhood.

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""Independent business truly is the lifeblood of the American economy,"" Bill Brunelle, of Independent We Stand, said in a release.

A recent study conducted by American Express OPEN reported that home values in neighborhoods with strong, independent retail districts grew at a much

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faster rate over a 14-year period than those without.

From this information, Independent We Stand created a home value calculator online to help homeowners determine the value increase of their homes if they were located next to successful, locally owned, independent businesses.

""In Detroit, a city particularly hard-hit by the economic recession, the average home value would have increased 47 percent from 1997 to 2011 if it had been located near a successful independent business district,"" Brunelle said. ""Studies continue to prove that buying local whenever possible improves the economy ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô from the neighborhood level up.""

The calculator works in conjunction with Independent We Stand's economic impact calculator that simulates the impact of a family that spends at least $10 a month on a locally owned business instead of a national chain. Both are a part of the organization's campaign to educate the population about the benefits of owning and supporting local businesses.

They also support local business by offering free online advertising to independent business owners, as well as resources to find local businesses in the area.

Independent We Stand is based in Virginia and sponsored by STIHL Inc.