Boston and Seattle Are the Most Economically Integrated Cities;
Columbus the Most Affordable City
SEATTLE--(BUSINESS WIRE)--Places with a balanced mix of home prices cover just 13 percent of major
U.S. cities, according to the
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latest report by Redfin (www.redfin.com),
the next-generation real estate brokerage. The report ranks the 20 most
economically integrated large U.S. cities, as well as the top five most
economically integrated neighborhoods in each city.
“Communities with a mix of homes and prices help improve economic
opportunity and inclusion for all residents,” said Redfin chief
economist Nela Richardson. “When families of varying socioeconomic
standing live in the same place, everyone enjoys the same safe streets
and highly ranked schools. For homebuyers, it’s not impossible to find
these places. But it’s really hard. That’s why Redfin is figuring out
where they are and how different cities stack up. We hope to start an
important conversation about how to build neighborhoods where everyone
can thrive.”
Boston tops the list of economically integrated cities, with 51 percent
of the city having a balanced home-price mix, followed by Seattle (31%).
Baltimore and San Francisco are both near the bottom, at 10 percent and
11 percent. But the details matter; 88 percent of San Francisco is
covered by homes that a middle-income San Francisco family can’t afford.
Baltimore families, on the other hand, can afford to buy in 86 percent
of Baltimore. The full city ranking is below.
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51% | 35% | 15% | |||||||
31% | 10% | 59% | |||||||
30% | 25% | 45% | |||||||
24% | 53% | 24% | |||||||
24% | 7% | 69% | |||||||
20% | 40% | 40% | |||||||
19% | 74% | 7% | |||||||
17% | 5% | 79% | |||||||
16% | 11% | 73% | |||||||
13% | 11% | 76% | |||||||
12% | 16% | 72% | |||||||
11% | 6% | 82% | |||||||
11% | 3% | 86% | |||||||
10% | 88% | 2% | |||||||
8% | 5% | 88% | |||||||
8% | 4% | 88% | |||||||
7% | 3% | 90% | |||||||
7% | 1% | 92% | |||||||
6% | 2% | 92% | |||||||
4% | 1% | 95% | |||||||
Methodology
To rank the cities and neighborhoods, Redfin tallied the affordability
of millions of homes by comparing their sale price to the purchasing
power of a local, median-income family. Addresses were labeled as either
affordable or high-end and then packed into a high-resolution grid to
see how much area in each city and neighborhood fit into three
categories: mostly affordable, mostly high-end, or a mixture of
affordable and high-end and what Redfin calls economically integrated.
To view the full report, please visit https://www.redfin.com/research/reports/2015/economically-integrated-neighborhoods.html.
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About Redfin
Redfin (www.redfin.com)
is a next-generation real estate brokerage that represents people buying
and selling
homes. Founded by technologists, Redfin employs a team of
experienced, full-service real
estate agents who are advocates, not salespeople, earning
customer-satisfaction bonuses, not just commissions. Redfin.com features
all the broker-listed homes for sale, as well as for-sale-by-owner
properties that don’t pay brokers a commission. Redfin also offers online
tools, built by its own software engineers, that make the entire
process of buying or selling a home easier and more fun. The company
serves major markets across the U.S. and has closed nearly $20 billion
in home sales. In 2012, Redfin was named one of The DIGITAL 100: World’s
Most Valuable Private Tech Companies by Business Insider.
To be added to Redfin’s press release distribution list, please email press@redfin.com.