If you’ve been to see a property on your search for a new home and you discover it’s near a hospital., is this a good or a bad thing and should you buy it? There are a number of pros and cons of living near a hospital, which is why it’s important to consider carefully before you buy a house near a hospital.
Properties near hospitals are a good buy as they are always in high demand for doctors, nurses and ancillary staff who work at the hospital to either rent or buy. Property values near hospitals are always higher than in areas with no hospital due to demand, especially if it’s a large hospital.
Average home price (a) and rent (b) based on hospital size – Data study of US homes and courtesy of Journal of Big Data
Does a hospital nearby increase property value?
Having a hospital nearby does increase property values, especially if it is a high-ranking hospital large hospital. For example, homes near hospitals with 500+ doctors in 2016 were worth on average $50,000 more.
As can be seen from the graph above from a study of US homes, the average price of homes and rents near larger hospitals is higher than areas with no hospital. It’s interesting to note that homes near hospitals with less than 500 doctors, the homes are worth less than areas with no hospitals at all.
Having said that, according to Realtor.com, homeowners who sold in 2015 near a hospital generally got 3% less than an average home in the same county would get, based on their sales deed records and hospital location data from data.medical.gov.
Pros and cons of living near a hospital
As with anything, there are always pros and cons to consider. As far as buying a house near a hospital the pros and cons include.
What are the advantages to living near a hospital?
Property near hospitals tend to be worth more than similar properties further away due to demand by doctors, nurses and property investors looking to let property to hospital staff.
Great if you work at the hospital for getting to work quickly.
Good if you need to visit the hospital for an emergency or for regular check-ups, especially if you don’t drive.
Homes near hospitals are less likely to have electricity outages or rolling blackouts, as hospitals are exempted from excessive load shedding practices where the power can be turned off.
Good for the elderly if you need to visit the hospital regularly and can walk.
If there’s a power outage due to storm damage, houses near hospitals benefit from having the power restored as a priority for the hospital.
In the winter the roads and streets near hospitals will be the first to be cleared of snow and will always be gritted.
The infrastructure near hospitals is normally to a high standard.
Transport links like busses are often good near hospitals.
What are the disadvantages to living near a hospital?
Parking may be a problem on the streets near a hospital, as there’s not always enough parking for staff and patients at the hospital itself and it can be expensive to park there (okay if the house has off-road parking).
If the hospital has an Emergency and Accident or A&E (or ER) department you may be disturb by the sirens from ambulances – this will be 24/7, but ambulance drives will turn-off the siren close to a hospital to avoid disturbing patients in the hospital and nearby residents.
You may be disturbed by helicopters bringing in emergencies if the hospital has this facility.
Property will normally be more expensive.
There may be a lot of buy-to-let houses in the neighbourhood with tenants.
Hospitals tend to be built near main roads, so you may have other traffic noise too.
If you work from home the noise from sirens may interrupt phone calls and video-conference meetings.
Houses near hospitals tend to be more expensive so may be more difficult for first time buyers to afford.
Is it bad to live near a hospital?
The only bad points about living near a hospital is if it has an A&E department so there will be noisy ambulances departing and arriving 24/7 and parking in the streets can be problematic, unless there are resident parking permits in use.
Is it noisy living next to a hospital?
It can be noisy living next to a hospital, particularly from the noise of ambulance sirens if it has an A&E (ER) department, which can be at any time of the day and night. An ambulance siren is between 120-130 decibels, which is the same level as a jet plane taking off from an airport.
Are houses near hospitals cheaper?
Houses near hospitals are not cheaper than similar houses further away. This is because hospitals have a large number of staff which creates demand for houses near the hospital from doctors and nurses who prefer to live nearby.
Why is it important to live near a hospital?
It could be argued it is important to live near a hospital if you work there as a doctor or nurse and if you need to get there quickly for an important operation. Also, if you need to visit the hospital on a regular basis and you cannot drive, living nearby would also be important.
Is it safe to live near a hospital?
It is generally safe to live near a hospital, as hospitals attract doctors and other high earning professionals to live nearby, so they make good neighbours.
What to check before buying a house near a hospital
Before you buy a house near a hospital, check the following things first:
If you have done your checks into the area and if the hospital isn’t in plain sight, as hospitals are generally not the best looking buildings, there’s no reason not to buy a house near a hospital. Houses near hospitals will always be in demand, so will tend to be worth more than similar houses further away from the hospital.
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Should You Buy A House Near Hospital: Pros & Cons & Is It Safe
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Article written by Russell Bowyer who has been investing in property since purchasing his first commercial property in the 1990's for his own Chartered Accountancy business. But his first property investment project was to turn an old dilapidated restaurant into a large 5-bed home, which he purchased for £117,500 and sold for £450,000 (to see an "after" photo of the house before it was sold see here: About). Russell owns a number of investment properties, which includes houses, flats and HMO's. More recently he has turned his creative side to investing in property using lease options. His largest lease option deal to date was to acquire 12 properties worth over £2 million for just £12, which means he paid just £1 to acquire each property!
