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 | Nov 4, 2020
Commercial building owners having tougher time securing insurance policies and renewals
Insurers’ fears of civil unrest in wake of election prompt builder’s risk coverage moratoriums.
Codes and Standards | Nov 4, 2020
Turn rooftops into revenue generators with solar arrays
Lease or ownership models for PVs make more sense than ever.
Codes and Standards | Nov 3, 2020
The argument against gas stoves includes degraded indoor air quality
Asthma seems to be aggravated by cooking with flame.
Codes and Standards | Nov 2, 2020
Wildfires can make drinking water toxic
Updated building codes could mitigate the danger.
Adaptive Reuse | Oct 26, 2020
Mall property redevelopments could result in dramatic property value drops
Retail conversions to fulfillment centers, apartments, schools, or medical offices could cut values 60% to 90%.
Codes and Standards | Oct 26, 2020
New seismic provisions for the National Earthquake Hazards Reduction Program released
The provisions present a set of recommended improvements to the ASCE/SEI 7-16 Standard.
Codes and Standards | Oct 22, 2020
More than 130 building projects have engaged LEED’s Safety First Credits in response to COVID-19
Best practices helping companies develop and measure healthy, sustainable, and resilient reopening efforts.
Codes and Standards | Oct 21, 2020
New technologies and techniques can ‘future-proof’ buildings
Net-zero principles may give buildings longer lives.
Codes and Standards | Oct 20, 2020
Updated AIA Contractor’s Qualification Statement and Warranty Bond documents available
Statement now includes safety protocols and plans, sustainability, and BIM experience.
Codes and Standards | Oct 19, 2020
NEXT Coalition chooses five pilot projects to fight COVID-19 on jobsites
Mobile platforms, wearable sensors, AI video systems among the trial solutions.