Study: Having a craft brewery nearby hops up property values
izusek/iStock(NEW YORK) — If you have a craft brewery in your neighborhood, drink up — your property value may just have gotten a boost, according to University of Toledo researchers.
Craft brewery operations are springing up everywhere. In fact, the Brewers Association reported that in 2017, the craft brewery industry poured more than $76.2 billion into the economy, and led to more than a half million new jobs across the country.
In the city of Charlotte, North Carolina alone, 21 craft breweries opened between March 2009 and October 2016, prompting the Toledo-based scientists to look into how it affected the area.
They noted a 3 percent increase in home sales value after a brewery opened a half a mile away or closer to a particular residence. The bump was 10 percent for single-family homes in center-city neighborhoods that were also home to a new brewery.
“Being able to walk to a craft brewery in the evening or late afternoon on the weekend is considered a positive amenity that would — for some people — be attractive when looking at a house,” explains lead author Dr. Neil Reid, a professor of geography and planning at the University of Toledo. “There is a different attitude toward a craft brewery. It’s perceived differently than a liquor store or bar.”
The researchers cautioned that in cities where real estate values are already sky high, like New York City or Chicago, the brewery boost is far more muted.
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