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The Effect of Sports Franchises on Property Values: The Role of Owners Versus Renters

In: The Economic Impact of Sports Facilities, Franchises, and Events

Author

Listed:
  • Katherine A. Kiel

    (College of the Holy Cross)

  • Victor A. Matheson

    (Department of Economics and Accounting, College of the Holy Cross)

  • Christopher Sullivan

    (Law Office of Chris Sullivan)

Abstract

This paper estimates the public benefits to homeowners in cities with NFL franchises by examining housing prices rather than housing rents. Similar to Carlino and Coulson (2004), we find that the presence of an NFL franchise has no effect on housing prices in the entire SMSA, but unlike their previous finding, the presence of an NFL franchise also has no effect on housing prices in the central city. Furthermore, we test whether the presence and size of the subsidy to the team for NFL stadium construction affects values and find some evidence that higher subsidies lead to lower house prices. This suggests that the benefits that homeowners receive from the presence of a team are negated by the increased tax burden due to the subsidies paid to the franchises.

Suggested Citation

  • Katherine A. Kiel & Victor A. Matheson & Christopher Sullivan, 2023. "The Effect of Sports Franchises on Property Values: The Role of Owners Versus Renters," Sports Economics, Management, and Policy, in: Victor A. Matheson & Robert Baumann (ed.), The Economic Impact of Sports Facilities, Franchises, and Events, pages 157-170, Springer.
    • Handle: RePEc:spr:semchp:978-3-031-39248-1_11
    DOI: 10.1007/978-3-031-39248-1_11
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    Citations

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    Cited by:

    1. Humphreys, Brad & Zhou, Li, 2013. "Sports Facilities, Agglomeration, and Urban Redevelopment," Working Papers 2013-4, University of Alberta, Department of Economics.
    2. Humphreys, Brad R. & Zhou, Li, 2015. "Sports facilities, agglomeration, and public subsidies," Regional Science and Urban Economics, Elsevier, vol. 54(C), pages 60-73.
    3. Gabriel M. Ahlfeldt & Georgios Kavetsos, 2012. "Outlook, Progress and Challenges of Stadium Evaluation," Chapters, in: Wolfgang Maennig & Andrew Zimbalist (ed.), International Handbook on the Economics of Mega Sporting Events, chapter 17, Edward Elgar Publishing.
    4. Ahlfeldt, Gabriel M. & Georgios, Kavetsos, 2010. "Form or Function? The Impact of New Football Stadia on Property Prices in London," MPRA Paper 25003, University Library of Munich, Germany.
    5. Gabriel M. Ahlfeldt & Georgios Kavetsos, 2013. "Should I wish on a stadium? Measuring the average effect on the treated," Chapters, in: Plácido Rodríguez & Stefan Késenne & Jaume García (ed.), The Econometrics of Sport, chapter 11, pages 189-201, Edward Elgar Publishing.
    6. Geoffrey Propheter, 2019. "Estimating the Effect of Sports Facilities on Local Area Commercial Rents: Evidence From Brooklyn’s Barclays Center," Journal of Sports Economics, , vol. 20(1), pages 91-114, January.

    More about this item

    Keywords

    Hedonic pricing; Sports economics; Economic impact; Property values;
    All these keywords.

    JEL classification:

    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock

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