# RECORD 8965e19cc07a82548ccce5e2fba1b9f697ca577c
# TITLE: Craft breweries and residential property values
# YEAR: 2024.0  VENUE: Growth and Change  DOI: 10.1111/grow.12710
# AUTHORS: Yang Zhou; Neil Reid; Michael C. Carroll
# PAGES: 22  CANDIDATE TABLE PAGES (1-based): [11, 12, 13, 14, 16, 17, 18, 19]
# ABSTRACT: This paper studies the effect of craft breweries on residential property values. Using a hedonic Difference‐in‐Differences (DID) approach and about 250 thousand housing transactions in Denver, Colorado from 1990 to 2016, we investigate the impact of proximity to a craft brewery on residential property values. We consider three types of residence (single‐family home, row house, and condominiums), three types of brewery (all craft breweries, microbreweries, and brewpubs/taprooms), and two measurements of distance (Euclidian and walk‐time). Our most robust results are found for single‐family homes, whose values enjoy a premium of up to 20.4% for being in proximity to a brewpub/taproom several years after, with the average annual maximum premium around 3%. As expected, premiums decline as distance from breweries increase. Beyond a distance of 0.5 km or a 10‐min walk‐time, the premium for a regional/microbrewery is greater than that for a brewpub/taproom. For single family homes within 4 km or 40‐min walk‐time, the annualized premium ranges between 0.41% and 3.01%. These findings support the narrative that craft breweries are a neighborhood asset.


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1Department of Economics & Economics 
Research Group, University of North Texas, 
Denton, Texas, USA
2Department of Geography and Planning, 
The University of Toledo, Toledo, Ohio, USA
Correspondence
Neil Reid.
Email: neil.reid@utoledo.edu
Abstract
This paper studies the effect of craft breweries on residential 
property values. Using a hedonic Difference-in-Differences 
(DID) approach and about 250 thousand housing transac-
tions in Denver, Colorado from 1990 to 2016, we investigate 
the impact of proximity to a craft brewery on residential 
property values. We consider three types of residence 
(single-family home, row house, and condominiums), three 
types of brewery (all craft breweries, microbreweries, and 
brewpubs/taprooms), and two measurements of distance 
(Euclidian and walk-time). Our most robust results are 
found for single-family homes, whose values enjoy a 
premium of up to 20.4% for being in proximity to a brew-
pub/taproom several years after, with the average annual 
maximum premium around 3%. As expected, premiums 
decline as distance from breweries increase. Beyond a 
distance of 0.5 km or a 10-min walk-time, the premium for 
a regional/microbrewery is greater than that for a brewpub/
taproom. For single family homes within 4 km or 40-min 
walk-time, the annualized premium ranges between 0.41% 
and 3.01%. These findings support the narrative that craft 
breweries are a neighborhood asset.
K E Y W O R D S
brewery, housing market, hedonic model, local policy, Zoning
O R I G I N A L  A R T I C L E
Craft breweries and residential property values
Yang Zhou1  |  Neil Reid2    |  Michael C. Carroll1
DOI: 10.1111/grow.12710
Received: 20 June 2023        Revised: 4 January 2024        Accepted: 17 January 2024
This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and 
distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made.
© 2024 The Authors. Growth and Change published by Wiley Periodicals LLC.
Growth Change. 2024;e12710. 
https://doi.org/10.1111/grow.12710
wileyonlinelibrary.com/journal/grow
1 of 22


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ZHOU et al.
11 statistically significant price premiums for row houses and condominiums respectively (Tables 4 
and 5). As a result, the remainder of our discussion will focus on single-family homes.
Figure 4 shows how distance from a craft brewery affects the price premiums for single-family homes. 
Generally, the size of these price premiums exhibit distance decay, decreasing with increasing distance 
from a craft brewery. A single-family home within 0.5 km of a craft brewery enjoys a price premium of 
17.3%, with that premium being higher for brewpubs/taprooms (19.0%) than regional/microbreweries 
(16.3%). 8 At a distance of between 1.0 and 1.5 km from a craft brewery the price premium falls to 8.8%, 
7.3%, and 8.5% for all craft breweries, brewpubs/taprooms, and regional/microbreweries, respectively. 
Beyond 1.5 km, a larger gap emerges between brewpubs/taprooms and regional/microbreweries, with the 
latter having a larger impact on single-family home price premiums. For example, at a distance of between 
3.5 and 4 km the price premium is 9.4% for regional/microbreweries and 3.3% for brewpubs/taprooms.
11 of 22
All craft breweries
Brewpubs/taprooms 
only
Regional/
microbreweries only
logSQFT
0.6321*** (0.0274)
0.6321*** (0.0275)
0.6309*** (0.0277)
bedrooms
−0.0188*** (0.0039)
−0.0188*** (0.0039)
−0.0187*** (0.0040)
fullBaths
0.0848*** (0.0057)
0.0850*** (0.0057)
0.0845*** (0.0058)
halfBaths
0.0580*** (0.0066)
0.0584*** (0.0065)
0.0589*** (0.0066)
distanceCBD
−0.0307* (0.0130)
−0.0282* (0.0130)
−0.0362** (0.0137)
house
0.0080 (0.0448)
−0.0270 (0.0461)
−0.0804 (0.0571)
rowhouse
0.1527*** (0.0300)
0.1516*** (0.0300)
0.1522*** (0.0318)
i.distBrew_0to0.5km
0.0001 (0.0232)
−0.0005 (0.0273)
−0.0551* (0.0237)
i.distBrew_0.5to1km
−0.0266+ (0.0150)
0.0000 (0.0143)
−0.0010 (0.0309)
i.distBrew_1to1.5km
−0.0044 (0.0157)
−0.0011 (0.0165)
−0.0218 (0.0144)
i.distBrew_1.5to2km
−0.0020 (0.0217)
−0.0015 (0.0199)
0.0004 (0.0161)
i.distBrew_2to2.5km
0.0145 (0.0312)
0.0127 (0.0166)
−0.0032 (0.0189)
i.distBrew_2.5to3km
−0.0610+ (0.0327)
−0.0593* (0.0255)
0.0033 (0.0236)
i.distBrew_3to3.5km
0.0217 (0.0325)
0.0486 (0.0296)
0.0170 (0.0248)
i.distBrew_3.5to4km
0.0296 (0.0503)
0.0443 (0.0323)
0.0111 (0.0296)
i.distBrew_0to0.5km × i.Post_0to0.5km
0.1025** (0.0341)
0.1077** (0.0413)
0.1284* (0.0520)
i.distBrew_0.5to1km × i.Post_0.5to1km
0.1040*** (0.0277)
0.0986** (0.0311)
0.0264 (0.0312)
i.distBrew_1to1.5km × i.Post_1to1.5km
0.0948*** (0.0193)
0.0849*** (0.0217)
0.0643** (0.0241)
i.distBrew_1.5to2km × i.Post_1.5to2km
0.0335+ (0.0190)
0.0114 (0.0201)
0.0672* (0.0288)
i.distBrew_2to2.5km × i.Post_2to2.5km
0.0478** (0.0159)
0.0403* (0.0176)
0.0470+ (0.0254)
i.distBrew_2.5to3km × i.Post_2.5to3km
0.0345* (0.0162)
0.0325+ (0.0172)
0.0587** (0.0183)
i.distBrew_3to3.5km × i.Post_3to3.5km
0.0174 (0.0146)
0.0145 (0.0147)
0.0956*** (0.0214)
i.distBrew_3.5to4km × i.Post_3.5to4km
0.0500*** (0.0117)
0.0492*** (0.0115)
0.0816*** (0.0216)
Fixed effects: census tract, ZIP code, month
sold, year sold, year built, story, style
Y
Y
Y
Num. Obs.
257,565
257,565
257,565
R 2
0.741
0.740
0.741
Notes: Sample restrictions: transactions' sale price ≤$5,000,000. Standard errors are clustered at the census tract level.
+p < 0.1, *p < 0.05, **p < 0.01, ***p < 0.001.
T A B L E  2  
Regression results for all home transactions (distance).


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ZHOU et al.
5.1.2  |  Walk-time
This section reports the results related to walk time. Table 6 shows the results for all the property types 
combined. In this section, we utilize walk-time as a measure of proximity and discuss its impact on 
residential property premiums. We measured walk-time in five-minute intervals. As is the case when 
using distance as the measure of proximity, statistically significant price premiums were consistently 
found for single-family homes, but not for row houses and condominiums. Of the 24 price premiums 
calculated for single-family homes, once again, all of them were statistically significant (Table 7). 
This compares with 12 and 9 statistically significant price premiums for row houses and condomini-
ums respectively (Tables 8 and 9).
Figure 5 shows how walk time from a craft brewery affects the price premiums for single-family 
homes. Generally, the size of these price premiums exhibit distance decay, decreasing with increasing 
distance from a craft brewery. A single-family home within a five-minute walk of a craft brewery 
12 of 22
All craft breweries
Brewpubs/taprooms 
only
Regional/
microbreweries only
logSQFT
0.5024*** (0.0224)
0.5031*** (0.0225)
0.5014*** (0.0225)
bedrooms
−0.0195*** (0.0032)
−0.0198*** (0.0033)
−0.0195*** (0.0032)
fullBaths
0.0763*** (0.0051)
0.0767*** (0.0051)
0.0759*** (0.0051)
halfBaths
0.0621*** (0.0073)
0.0622*** (0.0073)
0.0625*** (0.0072)
distanceCBD
−0.0235+ (0.0129)
−0.0212 (0.0131)
−0.0177 (0.0115)
i.distBrew_0to0.5km
−0.0334* (0.0144)
−0.0350* (0.0163)
−0.0259+ (0.0154)
i.distBrew_0.5to1km
−0.0264+ (0.0146)
−0.0117 (0.0162)
−0.0476** (0.0165)
i.distBrew_1to1.5km
−0.0178 (0.0168)
−0.0086 (0.0179)
−0.0376** (0.0135)
i.distBrew_1.5to2km
−0.0031 (0.0208)
−0.0032 (0.0188)
0.0058 (0.0167)
i.distBrew_2to2.5km
−0.0149 (0.0274)
−0.0071 (0.0175)
−0.0129 (0.0192)
i.distBrew_2.5to3km
−0.0426 (0.0274)
−0.0357 (0.0225)
0.0165 (0.0277)
i.distBrew_3to3.5km
−0.0370 (0.0267)
−0.0148 (0.0252)
0.0254 (0.0271)
i.distBrew_3.5to4km
−0.0542* (0.0229)
−0.0271** (0.0097)
0.0320 (0.0323)
i.distBrew_0to0.5km × i.Post_0to0.5km
0.1592*** (0.0341)
0.1741*** (0.0306)
0.1507*** (0.0429)
i.distBrew_0.5to1km × i.Post_0.5to1km
0.1035*** (0.0195)
0.1037*** (0.0202)
0.1075*** (0.0310)
i.distBrew_1to1.5km × i.Post_1to1.5km
0.0846*** (0.0175)
0.0709*** (0.0203)
0.0819*** (0.0242)
i.distBrew_1.5to2km × i.Post_1.5to2km
0.0502*** (0.0147)
0.0383* (0.0158)
0.0921*** (0.0216)
i.distBrew_2to2.5km × i.Post_2to2.5km
0.0391** (0.0132)
0.0366* (0.0149)
0.0712*** (0.0176)
i.distBrew_2.5to3km × i.Post_2.5to3km
0.0381** (0.0131)
0.0371* (0.0148)
0.0561** (0.0190)
i.distBrew_3to3.5km × i.Post_3to3.5km
0.0286* (0.0135)
0.0266+ (0.0148)
0.0895*** (0.0179)
i.distBrew_3.5to4km × i.Post_3.5to4km
0.0379*** (0.0111)
0.0324** (0.0116)
0.0901*** (0.0200)
Fixed effects: census tract, ZIP code, month
sold, year sold, year built, story, style
Y
Y
Y
Num. Obs.
180,887
180,887
180,887
R 2
0.758
0.757
0.759
Notes: Sample restrictions: transactions' sale price ≤$5,000,000. Standard errors are clustered at the census tract level.
+p < 0.1, *p < 0.05, **p < 0.01, ***p < 0.001.
T A B L E  3  
Regression results for single family homes (distance).


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ZHOU et al.
enjoys a price premium of 17.4%, with that premium being higher for regional/microbreweries 
(20.4%) than brewpubs/taprooms (19.1%). At a walk time of between 5 and 10 min, the price premium 
falls to 18.3%, 16.7%, and 13.7% for brewpubs/taprooms, all craft breweries, and regional/microbrew-
eries respectively. It is worth noting here that the decrease in price premium from within 5 min to 
5–10 min is noticeably larger for regional/microbreweries than brewpubs/taprooms, with the former 
falling from 20.4% to 13.7% compared to a decrease from 19.1% to 18.3% for the former. This may 
reflect the fact that regional/microbreweries often locate in warehouse-type buildings in industrial 
settings where there are a smaller number of nearby residences (Colliers International, 2015). At a 
walk time of between 10 and 15 min, the price premiums for both brewpubs/taprooms and regional/
microbreweries are once again similar, both at 11.1%. They premiums remain similar at walk time of 
between 15 and 20 min, with values of 9.1% for brewpubs/taprooms and 8.2% for regional/microbrew-
eries. At a walk time beyond 20 min, the price premiums decline consistently for brewpubs/taprooms, 
reaching 2.6% at walk time of between 35 and 40 min. In contrast, the price premiums attributable to 
13 of 22
All craft breweries
Brewpubs/taprooms 
only
Regional/
microbreweries only
logSQFT
0.7124*** (0.0549)
0.7148*** (0.0539)
0.7157*** (0.0545)
bedrooms
−0.0403*** (0.0101)
−0.0397*** (0.0102)
−0.0405*** (0.0103)
fullBaths
0.1023*** (0.0096)
0.1021*** (0.0097)
0.1009*** (0.0102)
halfBaths
0.0650*** (0.0167)
0.0655*** (0.0165)
0.0661*** (0.0162)
distanceCBD
−0.0102 (0.0151)
−0.0176 (0.0157)
−0.0206 (0.0134)
i.distBrew_0to0.5km
−0.0139 (0.0188)
−0.0094 (0.0197)
−0.0623* (0.0301)
i.distBrew_0.5to1km
−0.0346* (0.0166)
−0.0478* (0.0213)
−0.0124 (0.0175)
i.distBrew_1to1.5km
−0.0366+ (0.0189)
−0.0355+ (0.0191)
−0.0444** (0.0168)
i.distBrew_1.5to2km
−0.0044 (0.0317)
−0.0021 (0.0328)
−0.0073 (0.0131)
i.distBrew_2to2.5km
0.0205 (0.0366)
−0.0095 (0.0218)
0.0346 (0.0241)
i.distBrew_2.5to3km
0.0652 (0.0557)
0.0088 (0.0453)
0.0209 (0.0256)
i.distBrew_3to3.5km
0.0952* (0.0416)
0.1438** (0.0434)
0.0388 (0.0334)
i.distBrew_3.5to4km
−0.1198** (0.0385)
−0.0952* (0.0419)
0.0350 (0.0561)
i.distBrew_0to0.5km × i.Post_0to0.5km
0.0368 (0.0339)
0.0327 (0.0427)
0.0505 (0.0411)
i.distBrew_0.5to1km × i.Post_0.5to1km
0.0302 (0.0289)
0.0201 (0.0349)
0.0247 (0.0311)
i.distBrew_1to1.5km × i.Post_1to1.5km
0.0575* (0.0284)
0.0323 (0.0313)
0.0737** (0.0236)
i.distBrew_1.5to2km × i.Post_1.5to2km
0.0742* (0.0297)
0.0624+ (0.0322)
0.0405+ (0.0230)
i.distBrew_2to2.5km × i.Post_2to2.5km
0.0377+ (0.0212)
0.0400* (0.0192)
0.0203 (0.0214)
i.distBrew_2.5to3km × i.Post_2.5to3km
0.0514* (0.0198)
0.0531* (0.0222)
0.0397+ (0.0224)
i.distBrew_3to3.5km × i.Post_3to3.5km
0.0193 (0.0184)
0.0031 (0.0190)
0.0905*** (0.0201)
i.distBrew_3.5to4km × i.Post_3.5to4km
0.0580*** (0.0168)
0.0411* (0.0175)
0.0907*** (0.0214)
Fixed effects: census tract, ZIP code, month
sold, year sold, year built, story, style
Y
Y
Y
Num. Obs.
23,426
23,426
23,426
R 2
0.783
0.781
0.783
Notes: Sample restrictions: transactions' sale price ≤$5,000,000. Standard errors are clustered at the census tract level.
+p < 0.1, *p < 0.05, **p < 0.01, ***p < 0.001.
T A B L E  4  
Regression results for row houses (distance).


===== PAGE 14 (score 104, numeric-paren 83, table-words 0, var-words 8) =====

ZHOU et al.
regional/microbreweries increase to 12.9% for a walk-time between 20 and 25 min, and remain fairly 
consistent (ranging from 11.0% to 13.4%) at walk times between 25 and 40 min.
6  |  DISCUSSION AND CONCLUSION
In this paper, we set out to investigate whether and how the opening of a craft brewery affected the 
value of residential homes in the city of Denver, Colorado. We examined three different housing types 
(single-family homes, row houses, and condominiums), three categories of craft breweries (all craft 
breweries, regional/microbreweries, and brewpubs/taprooms), and two measures of proximity (Euclid-
ian distance and walk time). Our results show that housing values do exhibit an increase after a craft 
brewery opens in a neighborhood. Furthermore, proximity to a craft brewery has the greatest posi-
tive impact on the values of single-family homes. This is consistent with the findings or Nilsson and 
Reid (2019) in Charlotte, North Carolina. With respect to the value of single-family homes, we find 
14 of 22
All craft breweries
Brewpubs/taprooms 
only
Regional/
microbreweries only
logSQFT
0.8709*** (0.0432)
0.8711*** (0.0432)
0.8677*** (0.0435)
bedrooms
−0.0145 (0.0125)
−0.0128 (0.0125)
−0.0147 (0.0130)
fullBaths
0.0959*** (0.0165)
0.0944*** (0.0166)
0.0929*** (0.0171)
halfBaths
0.0793*** (0.0128)
0.0794*** (0.0124)
0.0830*** (0.0128)
distanceCBD
0.0064 (0.0385)
0.0033 (0.0391)
0.0015 (0.0385)
i.distBrew_0to0.5km
0.0569 (0.0922)
0.0780 (0.0939)
−0.1370** (0.0420)
i.distBrew_0.5to1km
0.0556 (0.0531)
0.0527 (0.0693)
0.1377 (0.0981)
i.distBrew_1to1.5km
−0.0904 (0.0882)
−0.0453 (0.0973)
−0.0962 (0.0709)
i.distBrew_1.5to2km
−0.0737 (0.0501)
−0.0665 (0.0597)
−0.0532 (0.0541)
i.distBrew_2to2.5km
0.1464 (0.1003)
0.0514 (0.0550)
0.2326* (0.1111)
i.distBrew_2.5to3km
−0.0175 (0.0579)
0.0642 (0.0751)
0.0900+ (0.0521)
i.distBrew_3to3.5km
0.0582 (0.0508)
0.0321 (0.0439)
−0.1687 (0.1034)
i.distBrew_3.5to4km
0.0732 (0.0523)
0.0709 (0.0522)
0.1359 (0.1111)
i.distBrew_0to0.5km × i.Post_0to0.5km
0.0160 (0.0364)
0.0129 (0.0450)
0.0067 (0.0610)
i.distBrew_0.5to1km × i.Post_0.5to1km
0.0987* (0.0417)
0.1162* (0.0453)
−0.0828* (0.0401)
i.distBrew_1to1.5km × i.Post_1to1.5km
0.0798* (0.0398)
0.0728+ (0.0396)
−0.0408+ (0.0232)
i.distBrew_1.5to2km × i.Post_1.5to2km
0.0052 (0.0191)
−0.0150 (0.0249)
0.0880** (0.0296)
i.distBrew_2to2.5km × i.Post_2to2.5km
0.0497 (0.0322)
0.0503 (0.0343)
0.0702* (0.0295)
i.distBrew_2.5to3km × i.Post_2.5to3km
−0.0110 (0.0359)
0.0061 (0.0367)
0.0450 (0.0375)
i.distBrew_3to3.5km × i.Post_3to3.5km
0.0073 (0.0194)
0.0270 (0.0206)
0.0710* (0.0290)
i.distBrew_3.5to4km × i.Post_3.5to4km
0.1108*** (0.0231)
0.1158*** (0.0262)
0.0089 (0.0315)
Fixed effects: census tract, ZIP code, month
sold, year sold, year built, story, style
Y
Y
Y
Num. Obs.
53,252
53,252
53,252
R 2
0.784
0.784
0.783
Notes: Sample restrictions: transactions' sale price ≤$5,000,000. Standard errors are clustered at the census tract level.
+p < 0.1, *p < 0.05, **p < 0.01, ***p < 0.001.
T A B L E  5  
Regression results for condominiums (distance).


===== PAGE 15 (score 8, numeric-paren 0, table-words 0, var-words 8) =====

ZHOU et al.
evidence of distance-decay. For example, single-family homes within 0.5 km of a brewpub/taproom 
enjoy a 19.0% price premium over time, while those further than 2 km only enjoy a 3.9% or even 
smaller price premium. We also found evidence of distance decay when we used walk time as our 
measure of proximity.
One note on the magnitude of the positive effects is in order. The effects found from the model 
estimations are the cumulative ones post the opening of a new brewery and a following transaction, 
and that time span is on average 6.254 years. When considering the magnitude of these positive 
effects, it is important to look at them through the lens of a spanned time, rather than an instant effect. 
Average the statistically significant effects of the opening of a brewery leads to 0.41%–3.01% annual-
ized premium, which depend on the distance/walk time of a home to a specific type of craft brewery.
In contrast to single-family homes, row houses and condominiums do not appear to be bene-
ficiaries of this trend. This may be because the patrons of craft breweries are more likely to grav-
itate toward single-family homes. The typical craft brewery patron is generally younger and has a 
higher than average income. Many craft brewery patrons are also looking for family friendly envi-
ronments  that complement single-family housing communities. Craft breweries have a reputation for 
being both child- and dog-friendly. In addition, many craft breweries are in redeveloping urban areas 
that may not have a large supply of condominiums or row homes in the neighborhood. Additionally, 
row houses appeal to couples under the age of 25 and over the age of 55 (Landis Construction, n.d.). 
Neither of these demographic cohorts are significant consumers of craft beer. Similarly, the majority 
of condominium owners are over the age of 50 (Rosen & Walks, 2013), and are a target market for 
developers of condominiums (Guillory & Moschis, 2008).
Our findings also indicate that beyond 0.5 km and/or a 10-min walk time the price premium was 
generally higher for regional/microbreweries than brewpubs/taprooms. This may reflect the fact that 
regional/microbreweries tend to have more prominent market visibility than brewpubs/taprooms. As 
noted above, regional/microbreweries depend upon off-site outlets such as supermarkets, liquor stores, 
bars, and restaurants for at least 75% of their sales. The beer brewed by a regional/microbrewery is 
more likely to be available throughout the city, hence providing these producers with a significantly 
higher level of name recognition. Brewpubs/taprooms in contrast, tend to serve more geographically 
restricted (often hyperlocal) markets, focused on their immediate neighborhood.
15 of 22
F I G U R E  4  
Impact of distance on price premiums for single family opens after the opening of a craft brewery.


===== PAGE 16 (score 125, numeric-paren 103, table-words 0, var-words 8) =====

ZHOU et al.
Our findings support the growing body of literature, which view craft breweries as community 
assets, which contribute in a positive way to neighborhood quality of life. Serving as neighborhood 
Third Places, craft breweries generate positive externalities, valued by community residents. The 
inclusive nature of craft breweries (children and dogs are generally welcome) make them especially 
attractive to a younger demographic. Thus, single-family homes in proximity to a craft brewery enjoy 
a price premium. While local policy makers and planners in Denver and other cities across the country 
generally recognize the value that craft breweries bring to the socio-economic life of neighborhoods, 
this research provides additional fuel in support of this perspective.
Our findings are consistent with those of Nilsson and Reid (2019). In their study of Charlotte, 
North Carolina, they found that single-family homes within half-a-mile of a microbrewery enjoyed 
a price premium of 9.3%. In the case of Denver, single family homes between 1 km (0.6 miles) and 
16 of 22
All craft breweries
Brewpubs/taprooms 
only
Regional/
microbreweries only
logSQFT
0.6314*** (0.0278)
0.6319*** (0.0280)
0.6296*** (0.0277)
bedrooms
−0.0190*** (0.0039)
−0.0186*** (0.0039)
−0.0185*** (0.0040)
fullBaths
0.0850*** (0.0058)
0.0851*** (0.0058)
0.0851*** (0.0058)
halfBaths
0.0584*** (0.0065)
0.0586*** (0.0065)
0.0588*** (0.0066)
distanceCBD
−0.0335* (0.0129)
−0.0345** (0.0127)
−0.0425** (0.0129)
house
−0.0230 (0.0328)
−0.0345 (0.0362)
−0.0260 (0.0606)
rowhouse
0.1565*** (0.0311)
0.1556*** (0.0311)
0.1514*** (0.0315)
i.walkBrew_0to5min
−0.0053 (0.0179)
−0.0161 (0.0212)
0.0251 (0.0299)
i.walkBrew_5to10min
−0.0115 (0.0232)
−0.0077 (0.0261)
−0.0441+ (0.0243)
i.walkBrew_10to15min
0.0115 (0.0157)
0.0332* (0.0165)
−0.0233 (0.0204)
i.walkBrew_15to20min
−0.0250+ (0.0145)
−0.0259 (0.0165)
0.0059 (0.0260)
i.walkBrew_20to25min
−0.0105 (0.0099)
−0.0075 (0.0106)
−0.0499*** (0.0144)
i.walkBrew_25to30min
−0.0142 (0.0197)
−0.0156 (0.0191)
−0.0037 (0.0154)
i.walkBrew_30to35min
0.0109 (0.0174)
0.0070 (0.0159)
0.0017 (0.0120)
i.walkBrew_35to40min
0.0139 (0.0265)
0.0073 (0.0206)
0.0064 (0.0165)
i.walkBrew_0to5min × i.Post_0to5min
0.0450+ (0.0258)
0.0380 (0.0275)
0.1292* (0.0608)
i.walkBrew_5to10min × i.Post_5to10min
0.1092* (0.0471)
0.1036+ (0.0559)
0.1326** (0.0503)
i.walkBrew_10to15min × i.Post_10to15min
0.1105*** (0.0215)
0.1090*** (0.0211)
0.0544+ (0.0283)
i.walkBrew_15to20min × i.Post_15to20min
0.0840*** (0.0221)
0.0805*** (0.0233)
0.0613* (0.0303)
i.walkBrew_20to25min × i.Post_20to25min
0.0623** (0.0226)
0.0502* (0.0216)
0.0738 (0.0491)
i.walkBrew_25to30min × i.Post_25to30min
0.0504* (0.0209)
0.0283 (0.0208)
0.0646 (0.0401)
i.walkBrew_30to35min × i.Post_30to35min
0.0348* (0.0141)
0.0183 (0.0150)
0.0751* (0.0347)
i.walkBrew_35to40min × i.Post_35to40min
0.0276+ (0.0155)
0.0155 (0.0168)
0.0760** (0.0258)
Fixed effects: census tract, ZIP code, month 
sold, year sold, year built, story, style
Y
Y
Y
Num. Obs.
257,565
257,565
257,565
R 2
0.740
0.739
0.740
Notes: Sample restrictions: transactions' sale price ≤$5,000,000. Standard errors are clustered at the census tract level.
+p < 0.1, *p < 0.05, **p < 0.01, ***p < 0.001.
T A B L E  6  
Regression results for all home transactions (walk time).


===== PAGE 17 (score 126, numeric-paren 106, table-words 0, var-words 7) =====

ZHOU et al.
1.5 km (0.93 miles) of a regional/microbrewery brewery enjoy a price premium of 8.5%, with higher 
premiums for single-family homes in even closer proximity (Figure 4). 9 Both Denver and Charlotte 
are cities with growing populations. Future research, which looks at the impact of craft breweries on 
cities not experiencing population growth, such as so-called shrinking cities in the Midwest, would be 
both interesting and informative.
17 of 22
All craft breweries
Brewpubs/taprooms 
only
Regional/
microbreweries only
logSQFT
0.5034*** (0.0224)
0.5046*** (0.0226)
0.5024*** (0.0226)
bedrooms
−0.0195*** (0.0033)
−0.0196*** (0.0033)
−0.0194*** (0.0032)
fullBaths
0.0762*** (0.0051)
0.0764*** (0.0051)
0.0763*** (0.0051)
halfBaths
0.0620*** (0.0072)
0.0621*** (0.0072)
0.0621*** (0.0073)
distanceCBD
−0.0212+ (0.0121)
−0.0215+ (0.0120)
−0.0292* (0.0120)
i.walkBrew_0to5min
−0.0303* (0.0148)
−0.0327+ (0.0180)
−0.0315* (0.0131)
i.walkBrew_5to10min
−0.0235* (0.0110)
−0.0262* (0.0122)
−0.0103 (0.0136)
i.walkBrew_10to15min
−0.0243+ (0.0142)
−0.0122 (0.0181)
−0.0506*** (0.0148)
i.walkBrew_15to20min
−0.0182+ (0.0099)
−0.0103 (0.0108)
−0.0308** (0.0111)
i.walkBrew_20to25min
−0.0095 (0.0095)
−0.0099 (0.0109)
−0.0336* (0.0137)
i.walkBrew_25to30min
−0.0249+ (0.0138)
−0.0173 (0.0164)
−0.0093 (0.0109)
i.walkBrew_30to35min
0.0025 (0.0166)
−0.0064 (0.0150)
−0.0072 (0.0131)
i.walkBrew_35to40min
−0.0148 (0.0251)
−0.0165 (0.0176)
−0.0043 (0.0161)
i.walkBrew_0to5min × i.Post_0to5min
0.1607*** (0.0422)
0.1747*** (0.0492)
0.1857** (0.0594)
i.walkBrew_5to10min × i.Post_5to10min
0.1542*** (0.0320)
0.1678*** (0.0256)
0.1280* (0.0621)
i.walkBrew_10to15min × i.Post_10to15min
0.1044*** (0.0190)
0.1048*** (0.0191)
0.1056** (0.0352)
i.walkBrew_15to20min × i.Post_15to20min
0.0858*** (0.0186)
0.0873*** (0.0230)
0.0786* (0.0310)
i.walkBrew_20to25min × i.Post_20to25min
0.0851*** (0.0164)
0.0689*** (0.0182)
0.1209*** (0.0340)
i.walkBrew_25to30min × i.Post_25to30min
0.0560*** (0.0155)
0.0400* (0.0173)
0.1207*** (0.0274)
i.walkBrew_30to35min × i.Post_30to35min
0.0469*** (0.0131)
0.0352* (0.0154)
0.1256*** (0.0190)
i.walkBrew_35to40min × i.Post_35to40min
0.0366** (0.0133)
0.0257+ (0.0138)
0.1041*** (0.0224)
Fixed effects: census tract, ZIP code, month 
sold, year sold, year built, story, style
Y
Y
Y
Num. Obs.
180,887
180,887
180,887
R 2
0.758
0.756
0.758
Notes: Sample restrictions: transactions' sale price ≤$5,000,000. Standard errors are clustered at the census tract level.
+p < 0.1, *p < 0.05, **p < 0.01, ***p < 0.001.
T A B L E  7  
Regression results for single family homes (walk time).


===== PAGE 18 (score 148, numeric-paren 122, table-words 0, var-words 8) =====

ZHOU et al.
18 of 22
All craft breweries
Brewpubs/taprooms 
only
Regional/
microbreweries only
logSQFT
0.7188*** (0.0531)
0.7192*** (0.0516)
0.7200*** (0.0531)
bedrooms
−0.0411*** (0.0102)
−0.0402*** (0.0099)
−0.0405*** (0.0100)
fullBaths
0.1024*** (0.0107)
0.1029*** (0.0108)
0.1006*** (0.0103)
halfBaths
0.0665*** (0.0164)
0.0666*** (0.0165)
0.0665*** (0.0164)
distanceCBD
−0.0278* (0.0120)
−0.0379** (0.0118)
−0.0346** (0.0131)
i.walkBrew_0to5min
0.0135 (0.0194)
0.0032 (0.0197)
0.0554* (0.0230)
i.walkBrew_5to10min
0.0147 (0.0203)
0.0138 (0.0232)
−0.0332 (0.0227)
i.walkBrew_10to15min
−0.0388 (0.0244)
−0.0287 (0.0268)
−0.0182 (0.0184)
i.walkBrew_15to20min
0.0143 (0.0422)
0.0048 (0.0470)
−0.0133 (0.0160)
i.walkBrew_20to25min
−0.0505* (0.0196)
−0.0436+ (0.0246)
−0.0451** (0.0171)
i.walkBrew_25to30min
−0.0051 (0.0240)
−0.0303 (0.0227)
0.0068 (0.0158)
i.walkBrew_30to35min
−0.0103 (0.0426)
0.0084 (0.0333)
0.0087 (0.0193)
i.walkBrew_35to40min
0.0920** (0.0309)
−0.0118 (0.0212)
0.0158 (0.0211)
i.walkBrew_0to5min × i.Post_0to5min
0.0567 (0.0441)
0.0986* (0.0494)
−0.0367 (0.0501)
i.walkBrew_5to10min × i.Post_5to10min
0.0533+ (0.0289)
0.0476 (0.0288)
0.0321 (0.0420)
i.walkBrew_10to15min × i.Post_10to15min
0.0692** (0.0244)
0.0628* (0.0294)
0.0530+ (0.0308)
i.walkBrew_15to20min × i.Post_15to20min
0.0406 (0.0283)
0.0135 (0.0327)
0.0941** (0.0356)
i.walkBrew_20to25min × i.Post_20to25min
0.0463+ (0.0253)
0.0300 (0.0306)
0.0731* (0.0314)
i.walkBrew_25to30min × i.Post_25to30min
0.0225 (0.0210)
0.0134 (0.0199)
0.0649+ (0.0341)
i.walkBrew_30to35min × i.Post_30to35min
0.0521+ (0.0295)
0.0368 (0.0335)
0.0783** (0.0282)
i.walkBrew_35to40min × i.Post_35to40min
−0.0026 (0.0119)
−0.0109 (0.0108)
0.0611* (0.0294)
Fixed effects: census tract, ZIP code, month 
sold, year sold, year built, story, style
Y
Y
Y
Num. Obs.
23,426
23,426
23,426
R 2
0.781
0.780
0.781
Notes: Sample restrictions: transactions' sale price ≤$5,000,000. Standard errors are clustered at the census tract level.
+p < 0.1, *p < 0.05, **p < 0.01, ***p < 0.001.
T A B L E  8  
Regression results for row houses (walk time).
All craft breweries
Brewpubs/taprooms 
only
Regional/
microbreweries only
logSQFT
0.8589*** (0.0456)
0.8614*** (0.0456)
0.8463*** (0.0487)
bedrooms
−0.0112 (0.0125)
−0.0098 (0.0128)
−0.0102 (0.0133)
fullBaths
0.0951*** (0.0166)
0.0943*** (0.0169)
0.0988*** (0.0173)
halfBaths
0.0839*** (0.0123)
0.0837*** (0.0123)
0.0868*** (0.0130)
distanceCBD
−0.0156 (0.0341)
−0.0107 (0.0332)
−0.0142 (0.0394)
i.walkBrew_0to5min
−0.0012 (0.0414)
0.0027 (0.0483)
0.0093 (0.1116)
i.walkBrew_5to10min
−0.0026 (0.0936)
0.0151 (0.0853)
−0.0398 (0.0495)
i.walkBrew_10to15min
0.1655 (0.1387)
0.1963 (0.1965)
−0.0320 (0.0490)
T A B L E  9  
Regression results for condominiums (walk time).


===== PAGE 19 (score 60, numeric-paren 49, table-words 0, var-words 3) =====

ZHOU et al.
19 of 22
All craft breweries
Brewpubs/taprooms 
only
Regional/
microbreweries only
i.walkBrew_15to20min
−0.1027 (0.0787)
−0.0614 (0.1000)
0.1640 (0.1509)
i.walkBrew_20to25min
0.1252+ (0.0665)
0.1842* (0.0703)
−0.1525 (0.0950)
i.walkBrew_25to30min
−0.1383** (0.0504)
−0.1636*** (0.0466)
−0.0648 (0.0491)
i.walkBrew_30to35min
0.0122 (0.0383)
0.0269 (0.0402)
0.0569 (0.0499)
i.walkBrew_35to40min
−0.0225 (0.0717)
−0.0321 (0.0658)
0.0566 (0.0881)
i.walkBrew_0to5min × i.Post_0to5min
−0.0182 (0.0541)
−0.0270 (0.0620)
0.0591 (0.0897)
i.walkBrew_5to10min × i.Post_5to10min
0.0394 (0.0389)
0.0361 (0.0421)
0.0369 (0.0519)
i.walkBrew_10to15min × i.Post_10to15min
0.0712* (0.0328)
0.0844* (0.0366)
−0.0427 (0.0294)
i.walkBrew_15to20min × i.Post_15to20min
0.0642* (0.0271)
0.0672* (0.0328)
−0.0560 (0.0594)
i.walkBrew_20to25min × i.Post_20to25min
−0.0022 (0.0274)
−0.0233 (0.0290)
−0.0007 (0.0445)
i.walkBrew_25to30min × i.Post_25to30min
0.0556* (0.0228)
0.0349 (0.0283)
0.0696* (0.0291)
i.walkBrew_30to35min × i.Post_30to35min
0.0191 (0.0163)
0.0093 (0.0171)
0.0633+ (0.0369)
i.walkBrew_35to40min × i.Post_35to40min
0.0613+ (0.0360)
0.0558 (0.0366)
0.0710* (0.0308)
Fixed effects: census tract, ZIP code, month 
sold, year sold, year built, story, style
Y
Y
Y
Num. Obs.
53,252
53,252
53,252
R 2
0.783
0.783
0.782
Notes: Sample restrictions: transactions' sale price ≤$5,000,000. Standard errors are clustered at the census tract level.
+p < 0.1, *p < 0.05, **p < 0.01, ***p < 0.001.
T A B L E  9  
(Continued)
F I G U R E  5  
Impact of walk tme on price premiums for single family opens after the opening of a craft brewery.


===== PAGE 20 (score 13, numeric-paren 0, table-words 2, var-words 9) =====

ZHOU et al.
ACKNOWLEDGMENTS
The authors have nothing to report.
CONFLICT OF INTEREST STATEMENT
The authors declare no conflicts of interest.
DATA AVAILABILITY STATEMENT
The data that support the findings of this study are available from the corresponding author upon 
reasonable request.
ORCID
Neil Reid 
 https://orcid.org/0000-0003-0520-1023
ENDNOTES
	 1	 https://www.denvergov.org/Government/Departments/Department-of-Finance/Our-Divisions/Assessors-Of-
fice?BestBetMatch=assessor%27s%20office|95c94ae0-247e-4b0c-b511-f9439cc122bd|c4f1b630-3cf4-4ec1-8110-
c4784b6aa32e|en-US.
	 2	 https://www.pubquest.com/search-page?keys=DENVER.
	 3	 http://denverbreweryguide.com/breweries.aspx.
	 4	 Home transactions with a price higher than 5 million US dollars are dropped in the analysis, as those transactions with 
extremely high prices are outliers. About 900 more observations are dropped due to the lack of information on the year 
built and the numbers of bathrooms. This leaves the total home transactions to 257,565. Including those transactions 
does not change the results meaningfully.
	 5	 https://docs.microsoft.com/en-us/bingmaps/rest-services/locations/.
	 6	 Both regional breweries and microbreweries are craft breweries that sell at least 75% of its beer off-site and distribute 
their beer to bars, restaurants, grocery stores, liquor stores, and other retail outlets. Brewpubs and Taprooms depend 
upon on-site sales for at least 25% of their beer sales, while the Brewpubs also operate a kitchen for on-site food sales 
(Brewers Association, 2022).
	 7	 Note that we also attempted different Euclidean distance or walk-time bins, for example, 100 m, 1 km, 15 min, or 
30 min, among others, to test the robustness of distance/time choice. The general patterns of the results are compara-
ble, and they are available upon request.
	 8	 We use the e coefficient-1 conversion (Halvorsen & Palmquist, 1980) to calculate the effect of dummy variables in these 
semilogarithmic equations.
	 9	 In comparing the results of Charlotte and Denver we use regional/microbreweries because 20 of the 21 in the former 
study were microbreweries.
REFERENCES
Brewers Association. (2022). Craft beer industry market segments. https://www.brewersassociation.org/
statistics-and-data/craft-beer-industry-market-segments/
Butler, S. M. & Diaz, C. (2016, September 14). “Third places” as community builders. The Brookings Institution. 
https://www.brookings.edu/blog/up-front/2016/09/14/third-places-as-community-builders/
C  +  R Research (2018). Survey reveals factors driving craft beer growth. https://www.crresearch.com/blog/
survey-reveals-factors-driving-craft-beer-growth
Colliers International. (2015). Craft beer pours into commercial real estate. US Research Spotlight Report. https://docu-
ments.pub/document/craft-beer-pours-into-commercial-real-estate-contract-brewing-company-a-business.html?
Craft Beer & Brewing. (2023, January 7). Best in beer 2022 readers’ choice: Your favorite beer cities. https://beerand-
brewing.com/best-in-beer-2022-readers-choice-your-favorite-beer-cities/
Dow, C. (2018, June 18). Treat yourself to a little me time with a yoga and beer class. Colorado Parent. https://www.
coloradoparent.com/yoga-beer-classes-denver/
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