Is That Parking Spot Worth $150,000?

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Do you know what’s not fun? Driving the streets of Baltimore, looking for a parking spot. No wonder people tend to pay more for real estate that includes parking — sometimes a whole lot more, it turns out.

Real estate website Zillow has thousands of listings on its site, which means it can do all sorts of fun data analysis about what makes a property value. Zillow’s data analysts found that a little more than a quarter of Baltimore listings mentioned parking, a smidge above the national average.

But what’s really shocking is the value that parking adds to a for-sale home. In Baltimore, the median list price on Zillow for a home that doesn’t mention parking is $249,900. With parking, it jumps to $399,900. Yep, that’s a difference of $150,000, or an added value of 60 percent. That’s significantly more than any other city on Zillow’s list, most of which get a mere single-digit price bump when parking is included. Guess it’s time to get started on building that backyard garage…

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