Major festivals in the U.S. are driving a surge in home prices in hosting towns, as short-term rentals become popular. Events, such as Coachella and Sundance, attract thousands of visitors, offering local homeowners a chance to profit through rentals. Indio, CA, and Park City, UT, have witnessed the most considerable price growth in recent years, with home values increasing nearly double in a decade. The real estate trend suggests smaller towns are benefiting disproportionately compared to larger urban areas that host fewer events.
The influx of festivalgoers provides local homeowners with a lucrative opportunity to earn extra income by leasing their homes as STRs-a trend that has seen local house prices in many festival hot spots nearly double in the past decade alone.
Both have seen more price growth in recent years than the big cities and the U.S. as a whole.
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