Buying a home next to a music venue – especially outdoor music venues – comes with different circumstances, both financially and to your lifestyle. Despite the noise concern, venue proximity often improves walkability, creating a premium for nearby home prices.
- Homes in a one-mile radius of 20 outdoor venues nationwide posted an average 9 percent premium compared to their surrounding ZIP codes.
- Homes near the Greek Theatre in L.A. have a 63 percent premium compared to the rest of the surrounding ZIP.
- Ravinia in Highland Park, Illinois helps homes reach a 24 percent premium.
- Miami homes near Bayfront Park are 9 percent more expensive than the overall ZIP.