I bet you think buying an affordable city home requires a sacrifice: the neighborhood will have a low Walk Score and the highly rated schools will be out of reach.
Not necessarily. Some affordable homes are in city neighborhoods near highly rated schools and within walking distance to everyday amenities. But there’s a catch. To find them, you’ll need to search in neighborhoods that have plenty of expensive homes in them, too.
Here’s why: neighborhoods with a mix of home prices are three times more likely to be walkable and have highly rated schools than are purely affordable neighborhoods.
Even when compared with purely high-end neighborhoods, home to the highest-rated schools, neighborhoods with a mix of home prices are the most likely to have it all: a high Walk Score and schools with above-average ratings.
Median Walk Score, GreatSchools Ranking for Different Types of Neighborhoods
| Neighborhood Home Price Mix | Median Neighborhood Walk Score | Median Neighborhood GreatSchools Rating |
|---|---|---|
| Affordable | 54 | 4.1 |
| Balanced-Mix | 70 | 5.1 |
| High-End | 57 | 6.9 |
The problem is that areas with a balanced mix of home prices cover just 13 percent of major U.S. cities. We looked at the 20 most populous cities Redfin serves and identified these neighborhoods in the fall because communities with a wide range of incomes, and by association, home prices, give families a better shot at getting ahead.
There just aren’t enough of these kinds of neighborhoods for everyone who’s looking for an affordable home. It’s one reason we’re asking policymakers to loosen restrictions on building in Seattle and other cities so that more integrated housing can be developed and more people can live in these types of neighborhoods.
Take Los Angeles, for example.
“Homebuyers have to pay a significant premium to live in a neighborhood with highly rated schools and amenities,” said Redfin agent Nikki Kilmer. “Although there are technically some neighborhoods in L.A. that could be considered affordable, there’s not much demand to live in those areas.”
If you are looking for an affordable home, your instinct might be to search in affordable neighborhoods. But if you also want highly rated schools and a high Walk Score, look for the least-expensive home in one of the mixed-priced neighborhoods on this list. This is a lot like grandpa’s strategy to make a safe real estate investment, “buy the cheapest home on the best block.”
Check out the table below to see how the affordable and mixed-price neighborhoods in your city stack up in terms of walkability and school scores. Click here to download a spreadsheet complete with the Walk Score, average GreatSchools rating and median sale price for each neighborhood analyzed in this report series.
Leave a Reply