Redfin Identifies 25 Neighborhoods that "Have It All": Affordable Homes, Highly Rated Schools, An Easy Commute And Plenty of Inventory

Chicago's Dunning and Ashburn Top the List, Followed By Squirrel Hill in Pittsburgh

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Jan 08, 2018, 08:00 ET

SEATTLE, Jan. 8, 2018 /PRNewswire/ -- (NASDAQ: RDFN) — Just 25 neighborhoods have a mix of affordable homes, highly rated schools, access to public transit and plenty of inventory, according to an analysis of 80 major U.S. markets conducted by Redfin, (www.redfin.com), the next-generation real estate brokerage.

More than half of the neighborhoods on Redfin's list of neighborhoods that "have it all" are in the Chicago area, the rare major metro area that has remained relatively affordable and has largely bucked the severe inventory shortage trend seen across much of the country over the past few years. Neighborhoods in Pittsburgh, Cleveland, San Antonio, Dallas, Houston and Miami also made the list. These are places to watch in 2018, when we expect last year's trend in migration from expensive, high-tax coastal markets like San Francisco, Silicon Valley and New York toward smaller, more affordable cities, to intensify.

Rank	Zip Code	Neighborhood in Zip Code (City)	Median Sale Price	# of Homes For Sale (As of December 2017)	Median Days on Market	School Ranking	Transit Score	Crime Rate (Lower is Better)
1	60634	Dunning (Chicago, IL)	$ 256,000	263	76	6.6	55.4	35
2	60652	Ashburn (Chicago, IL)	$ 175,000	135	63.5	5.6	55.5	38
3	15217	Squirrel Hill (Pittsburgh, PA)	$ 272,500	117	72	5	50.4	28
4	60630	Jefferson Park (Chicago, IL)	$ 275,000	170	60	8	63.8	36
5	60707	Elmwood Park (Chicago, IL)	$ 250,000	164	62	5	54.1	38
6	60302	Oak Park (Oak Park, IL)	$ 278,000	167	69	9.4	59.9	38
7	60613	Wrigleyville (Chicago, IL)	$ 269,000	266	55	7.8	78.6	40
8	60645	West Ridge (Chicago, IL)	$ 189,000	148	69	8	57.7	44
9	60659	North Park (Chicago, IL)	$ 226,500	89	81	8.8	53.8	44
10	60202	Evanston (Evanston, IL)	$ 272,000	111	65	7.5	51.7	40
11	60660	Edgewater (Chicago, IL)	$ 203,750	144	63.5	6.667	70.7	49
12	61801	Campustown (Urbana, IL)	$ 122,100	100	80	5	55.8	56
13	77022	Independence Heights (Houston, TX)	$ 137,000	45	69	5.667	50.5	61
14	60640	Andersonville (Chicago, IL)	$ 243,000	244	62	5.5	75.8	53
15	60625	Lincoln Square (Chicago, IL)	$ 285,000	170	61	6.889	62.2	48
16	44120	Shaker Heights (Shaker Heights, OH)	$ 115,560	171	108.5	7.25	51.9	71
17	33162	North Miami Beach (North Miami Beach, FL)	$ 220,000	153	59	6	50.9	59
18	60641	Belmont Gardens (Chicago, IL)	$ 275,000	160	59	5	62.4	49
19	78229	Lafayette Place (San Antonio, TX)	$ 142,500	59	52	5.5	51.2	75
20	44106	University Circle (Cleveland Heights, OH)	$ 165,000	71	77	7	55.1	77
21	75203	Cadillac Heights (Dallas, TX)	$ 205,000	11	538	6.333	52.8	80
22	40507	Speigle Heights (Lexington, KY)	$ 277,500	9	171	5	55.8	69
23	76102	Fort Worth (Fort Worth, TX)	$ 259,950	27	59	5	50.0	84
24	35203	Central City (Birmingham, AL)	$ 270,000	32	66	8	54.7	87
25	45202	Mount Adams (Cincinnati, OH)	$ 291,000	184	82	5	70.8	83

Redfin identified the neighborhoods using the following criteria:

Affordability: Zip codes were selected that had a median home sale price below the national median of $291,700.
Home Selling Speed: Several months of falling inventory and strong demand mean the most desirable homes go off the market within days of being listed. Selected zip codes had a median days on market of at least 46.
Highly Rated Schools: Neighborhoods with a GreatSchools rating of 5, which is considered average, or higher were chosen.
Transit: Neighborhoods with a Transit Score® of at least 50, indicating many nearby public transportation options, were included.
Low Crime Rates: Using crime data from BestPlaces, our ranking favored places with lower reported violent crime.

The new tax bill, which caps state and local tax (SALT) deductions at $10,000, compounds affordability concerns, particularly in the high-tax state of Illinois, home to 14 of the 25 highlighted neighborhoods. Redfin agent Alex Haried in Chicago, says taxes should always be considered when analyzing affordability.

"Our general rule of thumb in Chicago is to set aside about 2 percent of the sale price for local taxes each year," he said. "These are the same taxes that help the city maintain a world-class transit system and help our schools rank highly, so it's a necessary evil and a big reason why so many Chicago zip codes made the cut."

Another theme for areas that ranked highly was access to job centers, which is the case for Squirrel Hill in Pittsburgh.

"Relocators have really taken kindly to Squirrel Hill not only because of the affordability, but also the commute," said Redfin Pittsburgh agent Jennifer Sowers. "Google, Uber and Carnegie Mellon University are large employers in the area and a short commute away via public transit."

The full report, complete with a detailed methodology, can be found here: https://www.redfin.com/blog/2018/01/25-neighborhoods-that-have-it-all-affordable-homes-highly-rated-schools-an-easy-commute-and-plenty-of-inventory.html

About Redfin

Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, subscribe here. To view Redfin's press center, click here.

SOURCE Redfin Corporation