|Houston Texans' NRG Stadium raises home values||Houston Texans' NRG Stadium raises home values||https://www.recenter.tamu.edu/news/newstalk-texas/?Item=11843||2016-01-27T06:00:00Z|
HOUSTON - Home values around the Houston Texans’ stadium are higher than the metropolitan average, according to a new report.
Trulia released a national study that looked at the effects of National Football League stadiums on area housing values and found that most neighborhoods benefit from having a professional football stadium nearby. The company used a statistical model that controlled for home and lot size, age and ZIP codes of properties.
In Houston, Trulia found that home prices and rents within a 2-mile radius of NRG Stadium are 29 percent and 20 percent higher, respectively, than the metro average.
In fact, Houston ranked third in the country for the difference in home values between the stadium neighborhood and metro average.
Nationally, nearly two-thirds of the 31 NFL stadium neighborhoods saw higher home values than their metropolitan averages.
However, new stadiums that were built in the past decade have generally failed to lift housing values in nearby neighborhoods.
In fact, homes around AT&T Stadium in Arlington, where the Dallas Cowboys play, have actually lost value compared to the metropolitan area since it opened in 2009. Home prices and rents near the stadium are 5 percent and 3 percent lower, respectively, than the Arlington average.
As a result, stadiums do not cause home values to increase or decrease, rather there is a strong relationship between stadiums and home values.
Houston’s NRG Stadium, formerly called Reliant Stadium, opened in 2002. The 71,000-seat stadium, the first NFL stadium to have a retractable roof, cost $352 million to build.
NRG Stadium will host the Super Bowl in 2017.
|Houston Business Journal||Houston-The Woodlands-Sugar Land||Housing|| http://www.bizjournals.com/houston/morning_call/2016/01/how-houston-s-nrg-stadium-affects-area-home-values.html|
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