New analysis finds that home prices have increased 194 percent in a little over a decade
Shocking but also not unexpected, new analysis by the Washington Post (h/t NYP) finds that the price for a single-family home in Bed-Stuy's zip code of 11216 has increased more since 2004 than homes in any of the other 300 metropolitan areas analyzed. The price for a single-family home in the zip code has shot up 194 percent, nearly tripling during the economy's boom and bust cycle.
The Washignton Post points out that the median price for a single-family home in the neighborhood is over $ 1 million, while the median income is $44,000. The Post explains the disparity as "a hallmark of rapidly changing neighborhoods: steep price gains, relatively lower incomes."
The next zip code where single-family home prices have soared since 2004 is 78702, outside of downtown Austin, where they've risen 172 percent. That's followed by Portland's 97227 (117 percent), Nashville's 37206 (108 percent), and New Orleans's 37206 (108 percent).
- What's happening in the neighborhoods with the wildest gains in home values? [WP]
- The next NYC neighborhood you won’t be able to afford [NYP]