In the wake of COVID-19, more people than ever before want to work, learn and access telehealth applications from home. Modern lifestyles require modern internet powered by a fiber network—and homebuyers know it.
In fact, a 2015 study showed that fiber-delivered internet access could increase a home’s value by up to 3.1%, and that was before a pandemic increased the demand for fast, reliable home internet.
What’s the Data Saying?
The 2015 study, conducted by experts from the University of Colorado and Carnegie Mellon University, was based on national real estate market data collected between 2011 and 2013. It found that fiber internet could boost the value of the average American home by as much as $5,500 – a payout on par with adding a brand-new fireplace.
Beyond that, there is an ever-growing body of research linking the investment in broadband networks with accelerated economic performance. Communities with fast and reliable fiber networks often exhibit higher rates of per capita GDP.
The Online Superhighway
Because cable internet can be significantly slower and far less reliable than fiber, remote workers who depend on a fast, reliable connection are looking for fiber internet.
Cable internet speeds typically range from 10-250 Mbps for downloads and 5-50 Mbps for uploads. Fiber internet, however, can provide 250-1,000 Mbps each for download and upload – a critical benefit for those looking to use video conferencing tools at home.
The 2015 study found that in homes where 1,000 Mbps (equivalent to 1 Gbps) broadband was available, real estate sale prices were over 7% higher than homes with available speeds of 25 Mbps or less.
The Future of Fiber
Again, it’s worth noting the time frame of this study, which was conducted almost ten years ago now. Over the past decade, residential internet access has only become more critical and considerably more valuable.
With more than half of Americans working remotely as of January 2021, fast, secure and reliable internet has become an invaluable asset. Not only is the internet a prime source of communication and entertainment, but it’s also essential for the American white-collar workforce.
Even those who don’t work from home are more likely to want high-speed internet for telehealth applications than they were ten years ago. Data show that utilization of online medical services is now a staggering 38 times higher than it was at the beginning of the pandemic.
The Bottom Line
Ultimately, better broadband internet equals more opportunities for remote work and the delivery of digital services. Those opportunities lead to more innovation, job creation and business growth.
Fiber brings massive benefits to communities, so it’s no wonder it increases individual home values, too! To learn more about fiber availability at your home, contact Medina Fiber today. We’d love to get you connected.