By Chris Kissell, Money Talks News
Looking for new digs this year? If you’re searching for a hot, affordable neighborhood, consider picking up stakes and moving to Philadelphia or Baltimore.
Those two Eastern metros are home to six of the 10 hottest affordable neighborhoods of 2019, according to a report from Redfin.
In compiling its list, the real estate brokerage looked at year-over-year growth in listing views and “favorite” listings on Redfin’s website. It also mixed in opinions from Redfin agents in determining which neighborhoods are growing in popularity.
In addition, Redfin limited its list to neighborhoods with “a price cap of $294,000,” which is the median home price across all of the markets that the brokerage serves.
According to the report, the hottest affordable neighborhoods for this year — and the median sale price of homes in each neighborhood — are:
- McKinley Park, Chicago — median home sale price of $270,000
- East Mount Airy, Philadelphia — $200,000
- Parkville, Baltimore — $204,900
- Hamilton, Baltimore — $159,500
- Fircrest, Vancouver, Washington (Portland metro)– $282,500
- Bustleton, Philadelphia — $248,250
- Linthicum, Baltimore — $271,000
- Lowell, Massachusetts (Boston metro) — $249,250
- Fox Chase, Philadelphia — $219,000
- Beacon Hill, San Antonio — $213,264
In explaining its rankings, Redfin noted a trend toward people moving away from city centers to places that feel more like the suburbs.
For example, the three neighborhoods on the outskirts of Baltimore that appear on this year’s list — Parkville, Hamilton and Linthicum — meet that criteria. Redfin agent Rebecca Hall says the following about the homebuyers who are settling in those areas:
“They’re moving to areas that don’t feel as dense; they have more of a neighborhood feel and that’s really appealing to homebuyers. You can get larger single-family homes rather than the row houses Baltimore is known for, and they’re less expensive. Some of these pockets are also known for desirable charter schools.”
Finding the right neighborhood for you
If you’re searching for a new home this year, do your homework. It’s important to find an area where homes are well within your budget.
Of course, an affordable home is only part of the equation.
Once you zero in on the perfect location, it’s time to start searching for your dream home — but not until you have a clear picture of your financial situation.
“Savvy home shoppers nail down financing before shopping for homes. Know exactly what you can comfortably afford so you aren’t tempted to stretch to pay more than you should.”
