ATTOM Data Solutions has released its 2018 Neighborhood Housing Index, which uses new neighborhood boundary data to rank more than 10,000 neighborhood housing markets nationwide based on six factors impacting the hyperlocal housing market: Affordability, home price appreciation, school scores, crime rates, unemployment rates and property.
The top five U.S. neighborhood housing markets based on the index were the Pine Ridge neighborhood in the Naples, Fla. metro ($632,871 median price); Westlake neighborhood in the Mobile, Ala. metro ($196,179); Union neighborhood in the San Jose, Calif. metro ($795,000); Westmoreland neighborhood in the Charlotte, N.C. metro ($326,000); and Hunters Hill neighborhood in the Denver metro ($271,000)
“While home prices are typically higher in higher-ranked neighborhoods with better schools and lower crime, there are still many top-notch neighborhoods with more reasonably priced homes,” said Daren Blomquist, Senior Vice President at ATTOM Data Solutions. “The top five neighborhoods in this ranking represent a diverse set of markets across the country, illustrating that great neighborhoods come in many different forms.”
ATTOM divided the 10,950 ranked neighborhoods into quintiles, assigning each of the five groups a letter grade from A to F, and then analyzed housing characteristics and trends by group.
“It’s somewhat surprising that the worst affordability is in neighborhoods with an F grade, even though those markets also posted the lowest home prices and negative price appreciation,” Blomquist said. “Meanwhile, rents are rising the fastest in these neighborhoods, illustrating why the path to homeownership can be so difficult in these areas.”
There were 136 neighborhoods with an A rating and with median home prices of $100,000 or less, led by the Devonshire neighborhood in the Mobile, Ala. metro ($78,038 median price); the Park Central neighborhood in the Orlando Fla. metro ($91,750); the East English Village neighborhood in the Detroit metro area ($66,750); the Cypress Shores neighborhood in the Mobile, Ala. metro ($85,000); and the Hathaway Manor neighborhood in the St. Louis metro ($69,190).