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 | Jan 22, 2016
ConsensusDocs releases new multi-party IPD agreement and joining agreement
The documents serve as a comprehensive revision of previous IPD agreement
Codes and Standards | Jan 22, 2016
State Savings Calculator analyzes savings associated with energy codes
The calculator breaks down the cost-effectiveness of energy codes on a state-by-state basis.
Codes and Standards | Jan 22, 2016
Metal Roofing Seaming Guide published by Metal Construction Association
The free document is specifically tailored for metal roof installation.
Codes and Standards | Jan 22, 2016
Treasury Dept. will start crackdown on illicit money in luxury real estate
The move is expected to impact high-end condo development.
Resiliency | Jan 13, 2016
LEED credits on resiliency expected to influence future of building design
Post-disaster survivability is a key goal.
Codes and Standards | Jan 12, 2016
Batteries are the next step in raising sustainability standards
Battery technology will reduce electricity costs and promote a more stable, flexible grid.
Codes and Standards | Jan 4, 2016
Denver broadens its use of design reviews as construction booms
Support strong, but some wary of giving more say to review boards.
Codes and Standards | Dec 23, 2015
International Code Council approves updates based on NIST study of Joplin, Mo. tornado
Applies to schools and other high occupancy buildings.
Codes and Standards | Dec 21, 2015
Changing building codes to protect against mass shootings at odds with other safety measures
Fire and other emergencies require getting people out quickly, not locking down sections.
Codes and Standards | Dec 18, 2015
Codes should be updated to reflect lessons learned from recent extreme weather events
More can be done to boost resiliency to flooding, extended power outages.
