Americans who live in the downtowns of most large cities are paying a big premium for their homes.
Now 10 years after the worst financial crisis in living memory, Property Shark analyzed a decades’ worth of home prices in 34 of the largest cities in the country plus Manhattan and Brooklyn. The real estate blog compared median sale prices in these cities to that of their downtowns since the real estate crash.
In Chicago, urban core dwellers pay $675,000 more than the city median, the heftiest premium in the country. In Philadelphia, Boston, and Manhattan, the downtown premium is well over $300,000. Buying a home in Charlotte’s downtown costs an additional $280,000.
There are exceptions to the downtown premium. Most of California’s downtowns are cheaper than other parts of the city. Long Beach, Bakersfield, and San Jose’s urban cores are some of the most affordable. Los Angeles is the largest U.S. city where the downtown median is lower than in the rest of the city.
Related Stories
| Oct 13, 2011
New Law: California Building Standards Commission Must Include Green Expert
A new California law, AB 930, requires that one member of the California Building Standards Commission be “experienced and knowledgeable in sustainable building, design, construction, and operation.”
| Oct 13, 2011
AGC Urges Repeal of 3% Withholding On Government Contracts
The U.S. House of Representatives is planning a vote in October on a bill to repeal the 3% withholding requirement on all federal and state contracts for goods and services.
| Oct 13, 2011
House Bill Would Block New OSHA Regulations
Proposed riders in a U.S. House of Representatives spending bill would block the Occupational Safety and Health Administration (OSHA) from issuing controversial workplace safety and health regulations.
| Oct 11, 2011
AIA introduces five new documents for use on sustainable projects
These new documents will be available in the first quarter of 2012 as part of the new AIA Contract Documents service and AIA Documents on Demand.
| Oct 7, 2011
GREENBUILD 2011: UL Environment releases industry-wide sustainability requirements for doors
ASSA ABLOY Trio-E door is the first to be certified to these sustainability requirements.
| Oct 6, 2011
Taking tenant behavior into account on building energy codes
Over the past few years, Seattle, San Francisco, Austin, and Washington, D.C., have passed laws requiring property owners to measure and disclose their energy use, which would help place a market value on a building’s efficiency and provide a benchmark for improvements.
| Oct 6, 2011
Constructed properly, green roofs hold up well in a hurricane
The heavy rains and high winds of Hurricane Irene didn’t cause any problems for a Con Edison green roof in New York City. The roof contains sedum, a plant that adapts well to drought and handles periods of heavy rain well.
| Oct 6, 2011
RoofPoint: A new green standard for roofs
Structured much like other rating systems, RoofPoint, establishes green standards specifically for roofs.
| Oct 6, 2011
Roofers critical of new OSHA harness rules
Roofers say a new OSHA rule requiring all residential roofers to wear a safety harness makes workers less safe, and is causing lost business for those who comply with the rule.
| Oct 6, 2011
Florida county proposes saving on construction costs by trumping city regulations
This summer, Pinellas County, FL wanted to save money on an $81 million public safety complex in Largo by using the county’s own building regulations and permit fees, not the city’s more expensive fees.