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Do You Have a Home Field Advantage?

October 4th, 2019 3:00 PM by Jackie A. Graves, President

Are you ready for some football? Many fans will tell you that football is more than just a game, and they aren't exaggerating! While you may associate football season with tailgates, timeless rivalries and tradition, on a national scale an NFL stadium can have a major impact on the local economy and real estate market.

Over the past decade, the price tag for a new stadium has breached the billion-dollar mark. In 2020, both the Raiders $1.9 billion Las Vegas stadium and the Rams and Chargers $5 billion Inglewood stadium are scheduled to open just in time for the NFL season. Stadiums are expensive—so how are they potentially impacting the value of your home?

Research from Trulia looked at the current value of real estate and comparable rentals within a 2-mile radius around existing NFL stadiums and evaluated how much home values near the stadium differed from average home values in the region. While they did not find a definitive cause-and-effect relationship between stadiums and home values, they did find that of the 31 neighborhoods around the nation's pro football stadiums (MetLife Stadium is currently home to both the Jets and Giants), nearly two thirds have higher home values, on average, than houses in non-stadium metro neighborhoods. For example, home values around Lincoln Field in Philadelphia are around 44% higher than average home values for the region and rents are on average 8.9% higher.

According to the report, these are the top 10 NFL stadiums where local neighborhoods are enjoying the strongest price appreciation. How does your team rank against the rest?

Stadium

Location

Team

*Stadium neighborhood premium for home values

*Stadium neighborhood premium for rent

Lincoln Field

Philadelphia, PA

Eagles

+44.3%

+8.9%

First Energy Stadium

Cleveland, OH

Browns

+31.2%

+12.9%

NRG Stadium

Houston, TX

Texans

+28.8%

+20.4%

M&T Bank Stadium

Baltimore, MD

Ravens

+26.2%

+10.5%

Ford Field

Detroit, IL

Lions

+24.2%

0.0%

TIAA Bank Field

Jacksonville, FL

Jaguars

+12.5%

+3.9%

Nissan Stadium

Nashville, TN

Titans

+9.1%

+5.4%

Bank of America Stadium

Charlotte, NC

Panthers

+8.3%

+4.2%

Mercedes-Benz Superdome

New Orleans, LA

Saints

+6.9%

+4.8%

MetLife Stadium

East Rutherford, NJ

Giants/Jets

+6.7%

+0.0%

*Source: Trulia Research: "Field Position: Does An NFL Stadium Boost Your Home Value?"

Source: To view the original article click here

Posted by Jackie A. Graves, President on October 4th, 2019 3:00 PM

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