We’ll cheers to this. According to a recent study, having a local craft brewery in your neighborhood could improve the value of your home.
Researchers at The University of Toledo and the University of North Carolina at Charlotte looked at residential properties sold between 2002 and 2017 that were located within a half mile from a brewery. They found that after a brewery opened in a neighborhood, price premiums rose. For example, homes within a half-mile radius of a brewery in Charlotte, NC, increased in value by ten percent after the pub opened. Condos of the same measure increased by almost three percent.
So, what’s the draw? Many breweries have taprooms, beer gardens, or event spaces that provide a casual atmosphere to try a new drink with a friend or unwind with coworkers. Some even serve food or allow patrons to bring their own snacks. Breweries also draw out-of-town visitors by hosting educational brewery tours—which sometimes end in a free tasting.
“Being able to walk to a craft brewery in the evening or late afternoon on the weekend is considered a positive amenity that would—for some people—be attractive when looking at a house,” said Dr. Neil Reid, professor of geography and planning at The University of Toledo, in a news release. “There is a different attitude toward a craft brewery. It’s perceived differently than a liquor store or bar.”
If you don’t have a local taproom yet, don’t be surprised if you see one pop up soon. Within four years, a total of 225 craft breweries opened in Chicago, Denver, and Portland. By contrast, only 27 craft breweries closed in that same time period and locations.
Breweries also revitalize communities. Dr. Reid points out that breweries are often built in old, worn-down buildings that need a renovation.
“This new research shows that craft breweries contribute to increased property tax revenues for local governments, in addition to job creation and aiding neighborhood revitalization efforts,” Reid said. “However, the effects to residential property values may not be as significant in places with higher rates of vacancies and lower population growth, as well as in more established cities such as Chicago or New York.”
Whether you’re an IPA fan or a classic lager loyalist, it’s hard to argue with these findings. Hop over to your local craft brewery this weekend; it might just tap into your home’s value.
This post originally appeared on Better Homes & Gardens.