PHILADELPHIA (CBS) — When you buy a house, you’re used to looking at the features inside, the neighborhood and nearby schools. But a new study uncovered something else you should look for.
The study found that Americans are less likely to pay more for a home if it’s near a bar or liquor store, but a brewery serving up craft beer, well now we’re talking.
Researchers from the University of Toledo found that those living close to a craft brewery enjoyed higher property values than those who did not live within walking distance of a brew pub.
In the study, Charlotte, North Carolina served as the basis for data collection, so Eyewitness News wanted to find out if the same holds true in Philadelphia.
“I picked my place based on — it’s right by Yard’s, Goose Island and Evil Genius, within walking distance,” one Philadelphia resident said.
With help from real estate website Redfin, we crunched some numbers, comparing the median list price of homes in a specific neighborhood with the median list price of 17 homes that are closest to their neighborhood brewery.
We started, of course, in Brewerytown. The median list price of a home there is $270,000. The median list price of the homes closest to Crime and Punishment Brewing Company? $350,000.
The median list price of a home in Fishtown is $359,000. But for the homes closest to Evil Genius Beer Company? $515,000.
In Old City, the median list price is $448,000. And again, homes closes to 2nd Story Brewing had a median list price of $749,000.
“Definitely around here, we love the vibe of like getting back to American roots, Sam Adams,” one resident said.
Experts in the study concluded that buyers see a brewery as an amenity, like they would a garage or park.
“If you love beer, you will love everything about being in a brewery,” another resident said.
Researchers added that breweries did not help to increase commercial property values.
Of course, in a city this size, there are many factors at play, including other alluring neighborhood businesses and real estate opportunities drawing people in. Some people Eyewitness News spoke with said they are struggling because of development and rising home prices.