It’s that time of year again: birds are chirping, the sun is out and baseball season is in full swing. Buying a home near a ballpark requires a bit of patience — especially with traffic — but may give way to higher home values than the surrounding metro, according to Trulia’s latest research.
Yankee Stadium, in particular, lifts home values 81.7 percent higher than the New York City metro area. The median home value in the New York City metro is $407,379, but within a mile of Yankee Stadium, homes cost a median of $740,106.
The median sales price in the Bronx overall is $375,000, according to Trulia’s data trends — almost half that of the immediate mile encompassing the famous ballpark.
Bronx’s heightened values near Yankee Stadium are largely due to the proximity to the Upper East Side, where the median sales price is $1,345,000.
With the exception of Toronto, areas near 18 of 29 MLB stadiums had higher median home values compared to their greater metro areas. Rents, too, increased near stadiums. The median rent in 18 neighborhoods was either higher or equal to those in the surrounding metro.
Yankee Stadium: 1923 versus now
The Yankees home base was built at 1 E. 161st St. in 2009 to replace the original Yankee Stadium, which was erected in 1923. The new Yankee Stadium cost $1.6 billion, the second most expensive sports arena in the nation behind MetLife Stadium, home to the New York Jets and Giants football teams in East Rutherford, N.J.
Trulia found that while newer stadiums tend to be built in pricier neighborhoods, older stadiums with lively local environments are also prone to high home values nearby. Six out of 11 stadiums built in or before 1999 had home values or rents at or above the median market rate.
Two of the oldest parks in baseball, Fenway Park in Boston and Wrigley Field in Chicago, trigger 66.3 percent and 22.3 percent home value boosts, respectively. In Boston, rents are 28.3 percent more expensive near Fenway than in the Boston metro. Chicago’s Wrigleyville has a median rent of $1,900, which is 11.8 percent higher than the metro rate of $1,700 per month.
In the case of Yankee Stadium, the new field is located just one block north of the original ballpark. It’s possible home values were high before – because of the historical building – and now, because of the new, energetic attraction.
Rents rise closer to the outfield
Although not as staggering as the differentiation in home values between ballpark proximity and the NYC metro, rents are considerably higher near Yankee Stadium, which is saying quite a bit given the already steep rates within the greater area.
Rents are $2,700 per month within a mile of the stadium compared to $2,300 in the NYC metro overall — a 17.4 percent variance.
The Houston Astros topped the list for most expensive rents nearest a ballpark, with a 31.3 percent difference in price from the metro, or $1,600 versus $2,100.
For some baseball fans, living near their favorite team is worth the higher expense, although lessees miss out on heightened home value returns. Keep in mind, though, sports infrastructure typically brings increased development, more amenities and sometimes, an improved quality of living for renters.