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 | Mar 5, 2015
Charlotte, N.C., considers rule for gender-neutral public bathrooms
A few other cities, including Philadelphia, Austin, Texas, and Washington D.C., already have gender-neutral bathroom regulations.
Codes and Standards | Mar 5, 2015
FEMA cuts off funding to Indiana after Kokomo continues building stadium in flood zone
FEMA will withhold funding on $5.5 million worth of projects such as building tornado safe rooms in schools.
Codes and Standards | Mar 5, 2015
Construction problems at prison spur support to quash non-traditional project delivery in Iowa
Iowa lawmakers are investigating construction problems at the Fort Madison prison project and are scrutinizing rules regarding project delivery on state projects.
Codes and Standards | Mar 5, 2015
AEC industry groups look to harmonize green building standards, codes
The USGBC, ASHRAE, ICC, IES, and AIA are collaborating on a single green code.
Codes and Standards | Mar 2, 2015
Nevada moves to suspend prevailing wage rules on school projects
The Nevada Senate approved a bill that would suspend prevailing wage rules on school projects.
Codes and Standards | Mar 2, 2015
Proposed energy standard for data centers, telecom buildings open for public comment
The intent of ASHRAE Standard 90.4P is to create a performance-based approach that would be more flexible and accommodating of innovative change.
Codes and Standards | Feb 22, 2015
Louisiana officials critical of stricter building standards in flood-prone areas
Buildings would have to be built either two or three feet above the base flood elevation for a 100-year flood or above the base elevation for a 500-year flood.
Codes and Standards | Feb 18, 2015
Buildings with rocking steel-braced frames are advantageous in earthquakes
Research at Case Western Reserve University has found that buildings that rock during an earthquake and return to plumb would withstand seismic shaking better than structural designs commonly used today in vulnerable zones of California and elsewhere.
Codes and Standards | Feb 18, 2015
USGBC concerned about developers using LEED registration in marketing
LEED administrators are concerned about a small group of developers or project owners who tout their projects as “LEED pre-certified” and then fail to follow through with certification.
Codes and Standards | Feb 12, 2015
ASHRAE, USGBC, IES consider biomass requirements in green building standard
The proposal would add biomass to approved renewables.