Where Home Values Are Up the Most
Bedford-Stuyvesant, ZIP code 11216, in Brooklyn has seen single-family home values jump by a whopping 194 percent since 2004. Home prices have tripled there in 12 years. The median single-family home value is now more than $1 million.
That marks the largest gain of any ZIP code among the 300 largest metros studied nationwide, according to a new analysis by the Washington Post of how home values have changed across the U.S. since the housing bubble, crisis and recovery.
Read more: Questions to Ask About the Neighborhood
However, while the median single-family home value in the ZIP code 11216 is now more than $1 million, the median income is only about $44,000. The analysis notes that Bedford-Stuyvesant is home to many lower-middle-class retired home owners as well as renters living in rent-stabilized apartments.
“This is a hallmark of rapidly changing neighborhoods: Steep price gains, relatively lower incomes,” The Washington Post reports.
The metros seeing some of the largest home price increases lately are also not surprisingly gentrifying at some of the fastest rates.
For example, downtown Austin (ZIP code 78702) reveals another gentrifying neighborhood. About a decade ago, the ZIP code mostly consisted of Hispanic residents who were living in aging single-family homes. Now, condos and new homes are being built there. Single-family home values have shot up 172 percent. ZIP codes like 15224 in Pittsburgh are seeing a flood of new younger residents.
The Washington Post’s analysis pinpointed the following ZIP codes where gentrification is driving up home values:
- New York: 11216 – 194% (the increase in single-family home values from 2004 to 2015)
- Austin, Texas: 78702 – 172%
- Portland: 97227 – 117%
- Nashville: 37206 – 108%
- New Orleans: 70119 – 108%
- Washington: 20002 – 91%
- Pittsburgh: 15224 – 86%
Source: “What’s Happening in the Neighborhoods with the Wildest Gains in Home Values,” The Washington Post (April 30 2016)
No comments:
Post a Comment