Americans who live in the downtowns of most large cities are paying a big premium for their homes.
Now 10 years after the worst financial crisis in living memory, Property Shark analyzed a decades’ worth of home prices in 34 of the largest cities in the country plus Manhattan and Brooklyn. The real estate blog compared median sale prices in these cities to that of their downtowns since the real estate crash.
In Chicago, urban core dwellers pay $675,000 more than the city median, the heftiest premium in the country. In Philadelphia, Boston, and Manhattan, the downtown premium is well over $300,000. Buying a home in Charlotte’s downtown costs an additional $280,000.
There are exceptions to the downtown premium. Most of California’s downtowns are cheaper than other parts of the city. Long Beach, Bakersfield, and San Jose’s urban cores are some of the most affordable. Los Angeles is the largest U.S. city where the downtown median is lower than in the rest of the city.
Related Stories
Codes and Standards | Sep 27, 2018
Natural light is the most prized office perk
Employees crave sunshine and views of the outdoors more than cafeterias, fitness centers, and childcare.
Codes and Standards | Sep 26, 2018
Industry consensus needed for multifamily energy efficiency retrofit approach
Choice of insulating materials can impact indoor air quality, resident health.
Codes and Standards | Sep 25, 2018
New market forces disrupting global real estate development industry
Executives concerned about trade policy, labor shortages, approval processes.
Codes and Standards | Sep 21, 2018
More than 130 organizations petition OSHA to create heat protection standard for workers
Includes mandatory rest breaks, heat-exposure monitoring, record-keeping injury requirement.
Codes and Standards | Sep 20, 2018
North Carolina law banning use of recent climate science could worsen Hurricane Florence impact
Policies may have undermined ability to make coastal regions more resilient.
Codes and Standards | Sep 19, 2018
AIA endorses building owner participation in cap-and-trade programs
Would spur more energy conservation in buildings and cut carbon emissions.
Codes and Standards | Sep 18, 2018
ConsensusDocs Coalition publishes new Lean Addendum
Industry-first document to facilitate lean tools without need to sign multi-party IPD agreement.
Codes and Standards | Sep 14, 2018
IAPMO seeks comments on proposals for 2021 plumbing and mechanical codes
Deadline is Jan. 3, 2019.
Codes and Standards | Sep 13, 2018
As ICC prepares to vote on codes for tall wood buildings, opposition is still strong
Influential body will vote in October on new provisions to allow 18-story wood-framed structures.
Codes and Standards | Sep 12, 2018
Saltwater incursion into Miami’s aquifer may make city uninhabitable later this century
Rising sea levels likely to claim drinking water before land is under water.
