{"id":43038,"date":"2016-01-26T20:00:14","date_gmt":"2016-01-27T04:00:14","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=43038"},"modified":"2020-10-07T13:26:15","modified_gmt":"2020-10-07T20:26:15","slug":"buy-the-cheapest-home-on-the-best-block","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/buy-the-cheapest-home-on-the-best-block\/","title":{"rendered":"Why You Should Buy the Cheapest Home on the Best Block"},"content":{"rendered":"

I bet you think buying an affordable city home requires a sacrifice: the neighborhood will have a low Walk Score and the highly rated schools will be\u00a0out of reach.
\nNot necessarily. Some affordable homes are in city neighborhoods near highly rated schools and within walking distance to everyday amenities. But there’s a catch. To find them, you\u2019ll need to search in neighborhoods that have plenty of expensive homes in them, too.
\nHere\u2019s why: neighborhoods with a mix of home prices are three times more likely to be walkable and have highly rated schools than are purely affordable neighborhoods.<\/p>\n

\"The
The University District in Seattle has a Walk Score of 91<\/a>, highly rated schools<\/a>, and a balanced mix of home prices. (Photo by U District Partnership<\/a>)<\/figcaption><\/figure>\n

Even when compared with purely high-end neighborhoods, home to the highest-rated schools, neighborhoods with a mix of home prices are the most likely to have it all: a high Walk Score and schools with above-average ratings.<\/p>\n

Median Walk Score, GreatSchools Ranking for Different Types of Neighborhoods<\/h3>\n\n\n\n\n\n\n
Neighborhood Home Price Mix<\/th>\nMedian Neighborhood Walk Score<\/th>\nMedian Neighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\n54<\/td>\n4.1<\/td>\n<\/tr>\n
Balanced-Mix<\/td>\n70<\/td>\n5.1<\/td>\n<\/tr>\n
High-End<\/td>\n57<\/td>\n6.9<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The problem is that areas with a balanced mix of home prices cover just 13 percent of major U.S. cities<\/a>. We looked at the 20 most populous cities Redfin serves and identified these neighborhoods in the fall because communities with a wide range of incomes, and by association, home prices, give families a better shot at getting ahead<\/a>.
\nBut are these actually the kinds of places where most people would want to live? After affordability, homebuyers\u2019 top two demands are good schools and walkability. So we ranked the 170 balanced-mix and affordable neighborhoods by their Walk Scores and GreatSchools school ratings and found that only 24, or 14 percent, actually meet those common demands. Here they are:<\/p>\n

Top 24 Affordable and Balanced Mix Neighborhoods Ranked by Walk Score and GreatSchools Score<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/th>\nNeighborhood<\/th>\nHome Price Mix<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
1<\/td>\nUniversity District, Seattle<\/a><\/td>\nBalanced<\/b><\/td>\n91<\/td>\n7.8<\/td>\n<\/tr>\n
2<\/td>\nWest End, Washington, DC<\/a><\/td>\nBalanced<\/b><\/td>\n95<\/td>\n6.5<\/td>\n<\/tr>\n
3<\/td>\nAdams Morgan \/ Kalorama Heights \/ Lanier Heights, Washington, DC<\/a><\/td>\nBalanced<\/b><\/td>\n94<\/td>\n6.5<\/td>\n<\/tr>\n
4<\/td>\nQueen Anne, Seattle<\/a><\/td>\nBalanced<\/b><\/td>\n80<\/td>\n7.4<\/td>\n<\/tr>\n
5<\/td>\nRavenna, Seattle<\/a><\/td>\nBalanced<\/b><\/td>\n74<\/td>\n7.7<\/td>\n<\/tr>\n
6<\/td>\nRosedale, Austin<\/a><\/td>\nBalanced<\/b><\/td>\n69<\/td>\n8.1<\/td>\n<\/tr>\n
7<\/td>\nInternational District, Seattle<\/a><\/td>\nAffordable<\/td>\n97<\/td>\n5.2<\/td>\n<\/tr>\n
8<\/td>\nColumbia Heights, Washington, DC<\/a><\/td>\nBalanced<\/b><\/td>\n93<\/td>\n5.5<\/td>\n<\/tr>\n
9<\/td>\nFulton River District, Chicago<\/a><\/td>\nBalanced<\/b><\/td>\n92<\/td>\n5.2<\/td>\n<\/tr>\n
10<\/td>\nHillcrest, San Diego<\/a><\/td>\nBalanced<\/b><\/td>\n80<\/td>\n6.3<\/td>\n<\/tr>\n
11<\/td>\nBanker’s Hill San Diego<\/a><\/td>\nBalanced<\/b><\/td>\n84<\/td>\n5.8<\/td>\n<\/tr>\n
12<\/td>\nZilker, Austin<\/a><\/td>\nBalanced<\/b><\/td>\n64<\/td>\n7.6<\/td>\n<\/tr>\n
13<\/td>\nWestmoreland \/ Montrose, Houston<\/a><\/td>\nBalanced<\/b><\/td>\n83<\/td>\n5.6<\/td>\n<\/tr>\n
14<\/td>\nPlatt Park, Denver<\/a><\/td>\nBalanced<\/b><\/td>\n75<\/td>\n6.3<\/td>\n<\/tr>\n
15<\/td>\nEastlake, Seattle<\/a><\/td>\nBalanced<\/b><\/td>\n69<\/td>\n6.8<\/td>\n<\/tr>\n
16<\/td>\nWindsor Square, Phoenix<\/a><\/td>\nBalanced<\/b><\/td>\n74<\/td>\n6.2<\/td>\n<\/tr>\n
17<\/td>\nVictory Heights, Seattle<\/a><\/td>\nAffordable<\/td>\n64<\/td>\n7.0<\/td>\n<\/tr>\n
18<\/td>\nRolando \/ SDSU, San Diego<\/a><\/td>\nAffordable<\/td>\n74<\/td>\n5.9<\/td>\n<\/tr>\n
19<\/td>\nColumbia City, Seattle<\/a><\/td>\nAffordable<\/td>\n80<\/td>\n5.2<\/td>\n<\/tr>\n
20<\/td>\nBouldin Creek, Austin<\/a><\/td>\nBalanced<\/b><\/td>\n75<\/td>\n5.4<\/td>\n<\/tr>\n
21<\/td>\nWest Highland, Denver<\/a><\/td>\nBalanced<\/b><\/td>\n74<\/td>\n5.1<\/td>\n<\/tr>\n
22<\/td>\nHighland, Austin<\/a><\/td>\nAffordable<\/td>\n63<\/td>\n6.1<\/td>\n<\/tr>\n
23<\/td>\nEl Cerrito, San Diego<\/a><\/td>\nAffordable<\/td>\n65<\/td>\n5.8<\/td>\n<\/tr>\n
24<\/td>\nSchorsch Village, Chicago<\/a><\/td>\nAffordable<\/td>\n68<\/td>\n5.2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Only eight of the original 20 cities from our last report have a neighborhood on the list. Not a single neighborhood in Boston made the cut, even though Boston topped the list in our last report<\/a> for having the most area covered by a balanced mix of home prices. These neighborhoods are walkable, but the schools have below-average ratings.
\nSo, what\u2019s going on here? There just aren\u2019t enough of these kinds of neighborhoods for everyone who\u2019s looking for an affordable home. It\u2019s one reason we\u2019re asking policymakers<\/a> to loosen restrictions on building in Seattle and other cities so that more integrated housing can be developed and more people can live in these types of neighborhoods.
\nTake Los Angeles, for example.
\n\u201cHomebuyers have to pay a significant premium to live in a neighborhood with highly rated schools and amenities,\u201d said Redfin agent Nikki Kilmer. \u201cAlthough there are technically some neighborhoods in L.A. that could be considered affordable, there\u2019s not much demand to live in those areas.\u201d
\nIf you are looking for an affordable home, your instinct might be to search in affordable neighborhoods. But if you also want highly rated schools and a high Walk Score, look for the least-expensive home in one of the mixed-priced neighborhoods on this list. This is a lot like grandpa\u2019s strategy to make a safe real estate investment, \u201cbuy the cheapest home on the best block.\u201d
\nCheck out the table below to see how the affordable and mixed-price neighborhoods in your city stack up in terms of walkability and school scores. Click here<\/a>\u00a0to download a spreadsheet complete with the Walk Score, average GreatSchools rating and median sale price for each neighborhood analyzed in this report series.<\/p>\n

The Top Affordable and Balanced Mix Neighborhoods in 20 Cities by Walk Score and GreatSchools Ranking<\/h3>\n\n\n\n\n\n
Austin<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nHighland<\/a><\/td>\n63<\/td>\n6.1<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nRosedale<\/a><\/td>\n69<\/td>\n8.1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Baltimore<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nBrewer’s Hill<\/a><\/td>\n90<\/td>\n1.8<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nOtterbein<\/a><\/td>\n90<\/td>\n1.7<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Boston<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nJones Hill \/
\nUphams Corner<\/a><\/td>\n		85<\/td>\n3.6<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nHyde
\nSquare<\/a><\/td>\n		88<\/td>\n3.6<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Chicago<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nSchorsch
\nVillage<\/a><\/td>\n		68<\/td>\n5.2<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nFulton River District<\/a><\/td>\n92<\/td>\n5.5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Columbus<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nMisty Meadows<\/a><\/td>\n48<\/td>\n7.9<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nGerman Village<\/a><\/td>\n86<\/td>\n1.9<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Denver<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Score<\/th>\n<\/tr>\n
Affordable<\/td>\nCole<\/a><\/td>\n75<\/td>\n3<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nPlatt Park<\/a><\/td>\n75<\/td>\n6.3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Detroit<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nSherwood Forest<\/a><\/td>\n68<\/td>\n4.1<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nSouth
\nUniversity Village<\/a><\/td>\n		92<\/td>\n4.4<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Houston<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood Greatschools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nSagemont<\/a><\/td>\n39<\/td>\n6<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nWestmoreland<\/a><\/td>\n83<\/td>\n5.6<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Indianapolis<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nAugusta
\nHeights<\/a><\/td>\n		42<\/td>\n4.5<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nDowntown Indianapolis<\/a><\/td>\n76<\/td>\n4.9<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Jacksonville<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nSouthwood<\/a><\/td>\n36<\/td>\n5.2<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nIsle of
\nPalms<\/a><\/td>\n		17<\/td>\n6.4<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Los Angeles<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nSouth Los Angeles<\/a><\/td>\n68<\/td>\n4.1<\/td>\n<\/tr>\n
Balanced Mix<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Memphis<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nBinghampton-Lester<\/a><\/td>\n55<\/td>\n4<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nCentral
\nGardens<\/a><\/td>\n		60<\/td>\n4<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Philadelphia<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nCastor Gardens<\/a><\/td>\n77<\/td>\n3.7<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nOlde City<\/a><\/td>\n97<\/td>\n4.6<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Phoenix<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nEstrella Northwest<\/a><\/td>\n42<\/td>\n6<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nKierland<\/a><\/td>\n52<\/td>\n9.1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
San Antonio<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nTimber Ridge<\/a><\/td>\n39<\/td>\n5.4<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nAlamo Plaza<\/a><\/td>\n79<\/td>\n4.7<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
San Diego<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nRolando<\/a><\/td>\n74<\/td>\n5.9<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nHillcrest<\/a><\/td>\n80<\/td>\n6.3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
San Francisco<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nHunters Point<\/a><\/td>\n43<\/td>\n5.4<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nVisitacion
\nValley<\/a><\/td>\n		62<\/td>\n5.2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
San Jose<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nDowntown<\/a><\/td>\n82<\/td>\n4.2<\/td>\n<\/tr>\n
Balanced Mix<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Seattle<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nInternational District<\/a><\/td>\n97<\/td>\n5.2<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nUniversity District<\/a><\/td>\n91<\/td>\n7.8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
Washington, D.C.<\/th>\nNeighborhood<\/th>\nWalk Score<\/th>\nNeighborhood GreatSchools Rating<\/th>\n<\/tr>\n
Affordable<\/td>\nLamond-Riggs<\/a><\/td>\n70<\/td>\n4.4<\/td>\n<\/tr>\n
Balanced Mix<\/td>\nWest End<\/a><\/td>\n95<\/td>\n6.5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Method and Data<\/b>
\nWe used home sale price data from Redfin from July 2013 through June 2015. City-specific median family income came from the 2014 one-year American Community Survey.
\nTo define affordability in each city, we kept it simple: A home was considered affordable if 28 percent of the local median family income could cover the monthly mortgage and principal payment, assuming the buyer put 20 percent down and took out a 30-year loan with a four\u00a0percent interest rate. Homes with sale prices 20 percent above that threshold were considered expensive.
\nTo get the price mix of different areas, we summarized the price of recently sold homes in a 500-meter grid. Affordable areas had at least three affordable homes for every expensive home. Areas with a balanced mix of home prices had a ratio of affordable to expensive homes between 0.33 and 3.0. High-end areas had at least three expensive homes for every affordable home.
\nWe considered a neighborhood “walkable” if it had a Walk Score of 60 or higher. Read more about the Walk Score methodology here<\/a>. An above average GreatSchools score meant 5 or above. Read more about the GreatSchools methodology here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

I bet you think buying an affordable city home requires a sacrifice. Not necessarily. <\/p>\n","protected":false},"author":13194,"featured_media":44324,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[32,38],"dashboard":[],"coauthors":[],"class_list":["post-43038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-market-tracker","tag-walk-score"],"acf":[],"yoast_head":"\nWhy You Should Buy the Cheapest Home on the Best Block - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"If you are looking for an affordable home, your instinct might be to search in affordable neighborhoods. 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