Fiber Internet Increases Home Values
Move over kitchens and bathrooms–fiber has moved up on the must-have list for homebuyers. Now more than ever before, people want to work, learn, and access telehealth applications from home. Modern lifestyles require modern internet powered by a fiber network.
In fact, a 2023 study showed that fiber-delivered internet access could increase a home’s value by almost 5%. On average, U.S. consumers would require a 4.9% decrease in price for a non-fiber home, a 3.2% decrease for a non-fiber condo, and a 12.8% decrease for a non-fiber apartment.
What’s the Data Saying?
The Fiber Broadband Association’s (FBA) 2023 consumer research study highlights that fiber is no longer just a bonus–it’s a necessity. U.S. consumers rated high-quality broadband as the second most important amenity in a home, just after a laundry room.
Nearly two-thirds of all consumers consider fiber to be the best internet service delivery method in terms of speed and reliability.
Beyond that, there is an increasing body of research linking investment in broadband networks with accelerated economic performance. Communities with fast and reliable fiber networks often exhibit higher rates of per capita GDP.
Fast and Reliable Internet for Remote Workers
Not only is the internet a prime source of communication and entertainment, but it’s also essential for the American white-collar workforce. With over 40% of Americans working remotely full-time or part-time as of June 2023, fast, secure, and reliable internet has become an invaluable asset.
Remote workers favor fiber internet because cable internet can be significantly slower and far less reliable than fiber.
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 for both downloads and uploads—a critical benefit for those looking to use video conferencing tools at home.
The Future of Fiber
Even those who don’t work from home are more likely to want high-speed internet for telehealth applications than they were a few years ago. Five times more patients utilize telehealth services now than before the COVID-19 pandemic, and that number is expected to increase.
Thankfully, the National Telecommunications and Information Administration’s (NTIA) $42 billion Broadband Equity, Access, and Deployment (BEAD) program is working to catch up to consumers’ needs. According to the FBA, the amount of fiber deployed over the next five years will nearly match the total amount of fiber that has been deployed throughout history.
The Bottom Line
Ultimately, better broadband equals increased property values, more opportunities for remote work, and enhanced access to digital services like telehealth and streaming. And, of course, better opportunities yield innovation.
Increased access to fiber promotes job creation, upward mobility, entrepreneurship, expanding local businesses, and attracting new ones.
Fiber brings massive benefits to communities, so it’s no wonder fiber increases individual home values too! To learn more about fiber availability at your home, contact Geneseo Communications today. We’d love to get you connected.