A new study suggests that proximity to an older NFL stadium tends to boost home values and rents in most cities, including in Charlotte.
Home values and rent for residences within a 2-mile radius around Bank of America Stadium are 8.3 percent and 4.2 percent higher, respectively, than homes in the Charlotte metro area on average, according to figures released Wednesday from Trulia, a residential real estate data provider.
That radius includes rapidly-growing neighborhoods like South End, Dilworth and uptown Charlotte.
Trulia found that stadiums built within the last decade have yet to have a significant impact on home values for nearby neighborhoods. The Carolinas Panthers’ home stadium was built in 1996, however, putting it into the “older” category of stadiums that correlate with higher property values.
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Trulia says its research suggests the neighborhood surrounding the stadium, rather than the stadium itself, is the determining factor of living costs. In other words, buyers and renters pay more to live near some stadiums.
That would make sense for Bank of America Stadium – it’s walkable to uptown offices, restaurants, bars, the light rail and more.
Of the 31 neighborhoods close to the NFL stadiums that Trulia examined, nearly two-thirds have higher housing values on average compared with non-stadium neighborhoods.
Trulia’s research suggests that the neighborhoods surrounding the St. Louis Rams’ stadium, the Edward Jones Dome, which was built in 1995, could stand to lose a lot when the Rams move to Los Angeles: homes and rents near the stadium are 16.7 percent and 5.1 percent higher, respectively, than the rest of the St. Louis metro area on average.