Craft Breweries Boost Local Property Values
A new study from the University of Toledo found local craft breweries boost nearby property values. In Charlotte, N.C., alone, 21 craft breweries opened between March 2009 and October 2016, a surprising find which prompted the Toledo-based researchers to investigate how the new breweries impacted the area.
Craft breweries are springing up across the country. In fact, a 2017 report from the Brewers Association found the craft brewery industry poured more than $76.2 billion into the economy and resulted in roughly 500,000 new jobs.
As a result of investigating the impact of craft breweries on Charlotte, N.C., home prices, the researchers found if a brewery opened within a half mile, there was a 3 percent increase in home sales. The increase was 10 percent for single-family homes in city-center neighborhoods. However, the researchers also noted in cities where real estate values are already very high, the effects of breweries on home prices are far more muted.
“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,” explained Dr. Neil Reid, lead author of the study and 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.”
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