How Valuable is a Home's Garage?

Some home features are necessities and others are luxuries. For example, kitchens are a must. You're not going to find many homes for sale that don't have a kitchen. On the other hand, not all homes come with a garage.

While they might not be an absolute must, garages - depending on where you live - may be a luxury buyers are willing to pay more for.

Just how much do buyers value garages? According to one recent analysis by Redfin, homes with garages sell for about $23,000 more than homes without. This is an approximately 12 percent premium. However, where you live is a big factor in determining how valuable a garage might be. For example, homes with garages sell for 38 percent more than homes without them in Chicago, where the winters can be harsh and snowy.

In warmer areas like Los Angeles or Miami, garages aren't as desirable. In fact, in some cities, only around half the homes sold last year had a garage. This is quite a difference from Midwestern cities like Cleveland, where over 90 percent of homes had one.