A new report from the Fiber to the Home Council states that having access to fast, reliable Internet is likely to increase home values. The report comes as more and more communities across the country are building municipally-owned fiber optic networks.
Recently, Covenant board members Ann Boon, Kim Eggleston, and Manager Bill Overton attended a national conference in Anaheim for fiber-to-the-home communities and met with contractors, service providers, and equipment manufactures from all over the country.
“It was pretty eye opening. There is an entire industry developing around a new way that data networks are built, owned, and developed that wasn’t possible just a few years ago. This industry is focused on helping communities maximize the benefits of new technology and we are excited to be at the forefront of that movement,” said Board President Ann Boon.
Currently, the Rancho Santa Fe Board of Directors has undertaken a plan that would make Rancho Santa Fe one of a growing number of communities nationwide that takes charge of its own network infrastructure destiny. A community-owned network would result in Rancho Santa Fe homes having some of the fastest broadband Internet speeds in the country, which would service residents, small businesses, and emergency services.
Supporters of the initiative have pointed to the project’s impact on home prices. They argue that fast Internet speeds would go further than just providing good service; they would actually raise values of properties served by the network. And the Fiber to the Home Council’s recent study supports that argument.
According to the research, having access to a one-gigabit-per-second Internet connection (the same speed proposed in the Rancho Santa Fe fiber project) can raise the value of a median home by roughly 3.1%. When considering an average home, the value increase is equivalent to adding a half bathroom or fireplace to the average home.
When considering that the average price of a home in the Covenant is almost $2 million, the recent study suggests that home values may increase by as much as $50,000 to $60,000. And with Internet speeds and technology only becoming more and more important, that added value is likely to continue to rise.
The current Rancho Santa Fe Association Board is very enthusiastic about pursuing a fiber optic network. The board is currently working with consultants and legal advisers who are completing in-depth financial and legal models for due diligence.