Homeowners living in a neighborhood with the words "island," "beach," "harbor," or "hills," in it can expect a boost to their property values.
A new report by online home improvement marketplace Porch finds that average property values in neighborhoods with these keywords in them are highest, ranging between $440,386 for "island," and $341,997 for "village." Of the top 10 words yielding the highest property values, "canyon," "cove," "bay," "San," and "gardens," completed the list, Realtor.com reports. The study included only names mentioned at least 25 times in neighborhoods as defined by the Census. "Certainly, an island, beach, or harbor are likely waterfront locations or near the beach, and those areas typically have higher home values anyway," says Porch project manager Angela Skane.
But don't let a name stop you from buying the home of your dreams. In the tony Brooklyn, N.Y., neighborhood of Fort Greene, the median home price is a whopping $1,725,000. So exceptions do indeed abound. Buyers looking for smart investments may want to consider neighborhoods with the words "acres," "oaks," "lakes," and "green" in their names. These properties tend to be valued a little under the average home price of an area—despite residents having above-average incomes. That means these homes may be more likely to appreciate.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds that beach homes are the most sought-after vacation-home type, and the investment potential of a second home is an important factor in homebuyers' purchasing decisions
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable