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
Legislation | Aug 19, 2016
California lawmakers may take action to address contractor negligence
An assembly committee heard testimony on deadly balcony collapse that occurred last year.
Energy Efficiency | Aug 17, 2016
Investor Confidence Project aimed at raising trustworthiness on energy efficiency projects
The new initiative screens projects to see if they are investor-ready.
Standards | Aug 17, 2016
U.K.’S BREEAM green building standard enters U.S. market
The standard is touted as a cost-effective alternative to LEED.
Standards | Aug 16, 2016
Standard for conducting, reporting energy audits open for review
A joint ASHRAE/ACCA proposal seeks comments from industry professionals.
Legislation | Aug 10, 2016
Calif. bill would speed up environmental lawsuits on certain projects
A nine-month limit has been proposed for some $100 million-plus projects.
Resiliency | Aug 10, 2016
White House pushes for better finance strategies for disaster mitigation and resilience
The move highlights innovative insurance, mortgage, tax, and finance-based strategies.
Regulations | Aug 9, 2016
New trend eases parking requirements for U.S. cities
Transit-oriented development and affordable housing are spurring the movement.
Regulations | Aug 8, 2016
EPA toughens rules to reduce formaldehyde exposure from composite wood products
Products will now have to be labeled as compliant to the new rules.
Regulations | Aug 5, 2016
Stop-work orders in New York City up sharply this year
The orders come after a rise in the number of deadly accidents that have occurred in the past few years.
Sustainability | Aug 4, 2016
S.F. Bay Area voters approve first-of-its-kind tax to fight impact of climate change
The funds from the tax will be used to restore wetlands