Home values increase with proximity to baseball stadiums

Homes and baseball

The 2016 Major League Baseball season is set to get underway during the first week of April. Fans of all teams have renewed their hopes of seeing a World Series championship in their city.

As with the start of any new season, there are plenty of questions that surround every ball club. For the Kansas City Royals, they will have a target on their back as every opponent tries to dethrone them and deny them a chance at repeating.

Young teams that made the postseason in 2015, such as the Cubs and Astros, will also be closely watched to see if they can replicate the success of breakout years by many young players and rookies. No baseball projection is complete without closely examining the Yankees or Red Sox as well.

Interestingly enough, there is a strong correlation between home values and baseball venues. According to a study from Trulia, homes that are in close proximity to baseball stadiums are than the owners may have originally believed. For those looking to sell this upcoming spring or summer, this is music to their ears.

Different prices

To complete their study, Trulia examined homes that are within one mile of a stadium. In 18 of the 29 areas looked at, median income was higher than in other parts of the same city.

Additionally, houses located near newer stadiums tended to have higher values. Some notable examples of new ballparks include Target Field in Minneapolis, Minnesota, home of the Twins, and Nationals Park in Washington D.C.

But higher values aren't always a guarantee for properties within one mile of a ballpark. Trulia found that in Milwaukee, Wisconsin, and Miami, Florida, those homes actually had a value lower than the rest of the city. The stadiums in those cities are Miller Park and Marlins Park, respectively.

Even with a World Series title under their belts, the Royals can't raise home values. The homes situated around Kauffman Stadium are 51.6 percent lower than the rest of the K.C. metro area. Kauffman Stadium is not grouped with its Miami or Milwaukee counterparts because it is actually one of the oldest ballparks.

New York and San Francisco have some of the highest market values for homes, but this is not a surprise, given the current housing markets in those areas. Homes near Yankee Stadium are worth approximately 81.7 percent more than of the rest of the homes throughout NYC.

Following New York as the most expensive are areas in Houston, Boston, Cincinnati, Detroit and Pittsburgh. The cheapest areas are in Oakland, California, Milwaukee, Kansas City, Miami, and Tampa Bay, but this stadium is located in St. Petersburg.

Sellers who find themselves not far from a stadium will benefit by finding out what their home's value is. If it's high enough, a sale could be in line this upcoming season. With enough money, season tickets can be secured for the foreseeable future.