For price-sensitive buyers, here's a look at the areas in the U.S.'s largest cities that offer the best quality of life along with strong investment potential.
By Maya Roney, BusinessWeek
"Up-and-coming," "gentrifying," "on the rise." Terms like these can be realty-agent rhetoric or a red flag for homebuyers. But less-pricey city neighborhoods where home values have shot up in the past few years are worth scouring for deals, especially now that prices have dipped in many areas.
There's usually more behind their increase in value than just the overall increase in property values across the United States over the past five years. Factors such as schools, improved crime rates, high employment and access to public transportation make these neighborhoods increasingly appealing to price-sensitive buyers.
BusinessWeek.com worked with online real estate service Zillow.com to come up with a list of the next hot neighborhoods in 10 of the country's biggest cities. Looking at Zillow's database of historical home valuations, we identified the neighborhood in each city that saw the most median home-value appreciation in the past five years, excluding neighborhoods where the median home value was currently above the median home value for the city.
The result: neighborhoods with both relatively affordable housing and a recent history of significant appreciation. Though identifying undervalued and undiscovered areas is far from an exact science, these neighborhoods have what it takes to become solid investments -- and places to live. Despite of double-digit appreciation in the past few years, the areas' low home prices (compared with the city's overall prices) suggest there's still room for considerable growth.
By Maya Roney, BusinessWeek
"Up-and-coming," "gentrifying," "on the rise." Terms like these can be realty-agent rhetoric or a red flag for homebuyers. But less-pricey city neighborhoods where home values have shot up in the past few years are worth scouring for deals, especially now that prices have dipped in many areas.
There's usually more behind their increase in value than just the overall increase in property values across the United States over the past five years. Factors such as schools, improved crime rates, high employment and access to public transportation make these neighborhoods increasingly appealing to price-sensitive buyers.
BusinessWeek.com worked with online real estate service Zillow.com to come up with a list of the next hot neighborhoods in 10 of the country's biggest cities. Looking at Zillow's database of historical home valuations, we identified the neighborhood in each city that saw the most median home-value appreciation in the past five years, excluding neighborhoods where the median home value was currently above the median home value for the city.
The result: neighborhoods with both relatively affordable housing and a recent history of significant appreciation. Though identifying undervalued and undiscovered areas is far from an exact science, these neighborhoods have what it takes to become solid investments -- and places to live. Despite of double-digit appreciation in the past few years, the areas' low home prices (compared with the city's overall prices) suggest there's still room for considerable growth.
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