The real winners on any given Sunday may be the homeowners near an NFL stadium, especially if the stadium has been there for a while.
A new Trulia analysis of home values and rental rates finds that nearly two-thirds of neighborhoods near NFL stadiums are more expensive than homes in non-stadium neighborhoods. However, stadiums built in the past decade haven’t boosted values in the surrounding areas.
“In other words, owning a home near a stadium is nice, but if they build one down the street, don’t get your hopes up,” the report states.
The correlation between higher prices and a nearby stadium could hurt homeowners in St. Louis near the current Rams’ stadium, the Edward Jones Dome, where house prices are worth 16.7 percent more than the average home in St. Louis and rents are 5 percent higher.
NFL owners voted last week to move the Rams back to Los Angeles. They’ll play in a new stadium in Inglewood, Calif., where home prices are 8.9 percent less than the average in Los Angeles.
Homeowners living near the Philadelphia Eagles’ Lincoln Field enjoy the biggest home price advantage, with houses there going for 44.3 percent more than the average Philly home and landlords charging 8.9 percent more for rent.
Of the five new pro football stadiums built in the past decade, none has lifted home values within two miles. Home prices have fallen in Arlington, Texas, near the Dallas Cowboys’ AT&T Stadium, and appreciation is lagging in Indianapolis, near the Colts’ Lucas Oil Stadium.