Housing Price Increases in Urban Areas Outpace Suburbs
As we've heard recently, home prices are on the rise throughout the United States. New research from Jed Kolko shows that increases are particularly acute in areas with high rises, multi-family housing, and a diversity of residents.
According to data compiled by Trulia on price gains over the past year throughout the United States, "[u]rban neighborhoods outpaced suburban neighborhoods in 16 of the 20 metros" covered by the Case-Shiller Home Price Index, reports Richard Florida. "Not just the obvious suspects like New York, Washington, D.C., Boston, and Chicago, but metros like Miami, Detroit, Atlanta, Cleveland, and Phoenix."
Housing price in urban neighborhoods (11.3%), "high-rise" neighborhoods (11.9%), gay and lesbian neighborhoods (13.8% and 16.5%), and racially and ethnically diverse neighborhoods (14.3%) all rose faster than suburban neighborhoods (10.2%).
"These data suggest the urban shift in the housing market is real and that the places people desire most are denser, more mixed use, diverse neighborhoods," concludes Florida. "The flip side here is that these areas are getting pricier, with double digit increase across the board, and thus may be pricing out more people as well as potentially the very diversity that made them attractive in the first place."
Published on Tuesday, June 25, 2013 in
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