How Much Does Parking Add To A Home’s Value

Q: We are looking for a home but we need a parking space. How much more does a parking space add to the cost of a home? Stacy, North Bergen, NJ

A: The premium you’ll have to pay for a home with parking will vary from place to place. The increase in value can vary depending on location and the type of parking. A single parking space can add between 5% and 20% to a home’s value. A garage will command a higher value than a driveway parking space and a multi-car garage will command a higher value than a one car garage. In urban areas, parking tends to be more valuable than in suburban and rural areas and that additional dollar value ebbs and flows in general with demand for housing in that area. Thanks for your question, Stacy.

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