How Much It Costs to Live in Some of America’s Best Neighborhoods
Can you afford to live in one of America's best neighborhoods? It may not be as expensive as you think.
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The things that make a particular neighborhood stand out to a home buyer are usually a matter of personal preference. There are, however, a few features that would make nearly every potential buyer’s list.
Researchers at Trulia.com categorized these features into three broad categories and then applied four metrics to create a weighted average of each neighborhood’s ranking in each category and then use these averages to calculate a numerical score between 1 and 100, with 100 being the best. The categories that the researchers looked at were quiet streets, great places to play, and proximity to care and essential amenities.
The Trulia researchers then searched for a house for sale in seven of these top neighborhoods.
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Here are the median prices, the listing price on a specific property, and the amount of household income needed to own a home in each neighborhood.
- Sunset Hill, Seattle, Washington: median home price, $850,000; listing price, $749,000; income needed to live here, $217,880
- Rogers Park, Chicago, Illinois: median home price, $154,500; listing price, $149,000; income needed to live here, $47,760
- Central West End, St. Louis, Missouri: median home price, $372,304; listing price, $335,000; income needed to live here, $97,400
- Manayunk, Philadelphia, Pennsylvania: median home price, $206,500; listing price, $224,600; income needed to live here, $58,080
- Nonantum, Newton, Massachusetts: median home price, $867,000; listing price, $869,000; income needed to live here, $226,866
- Coral Gables, Florida: median home price, $735,000; listing price, $785,000; income needed to live here, $193,466
- Deer Park, Houston, Texas: median home price, $239,954; listing price, $247,900; income needed to live here, $72,840
Visit Trulia.com to see pictures of the listings, the complete methodology used to come up with the list, and other details.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
