Austin Among Top U.S. Cities with Fast-Rising Home Values

An article published by The Washington Post and featured by Realtor® identifies the top U.S. cities with the fastest rising home values. Here are the hottest zip codes where home prices have seen a rise as much as 194%:

7. Pittsburgh: ZIP Code: 15224 – 86%

6. Washington: ZIP Code: 20002- 91%

5. New Orleans: ZIP Code: 70119- 108%

4. Nashville: ZIP Code: 37206- 108%

3. Portland: ZIP Code: 97227- 117%

2. Austin: ZIP Code: 78702- 172%

1. New York: ZIP Code: 11216- 194%

Brooklyn’s Bedford-Stuyvesant (ZIP Code 11216) has seen the most tremendous jump in single-family values among the 300 largest metros studied nationwide by The Washington Post, with 194% (data from 2004 to 2015). As a result, home prices have tripled in a span of 12 years, with median single-family home value at over $1 million. What’s interesting though, is the fact that the median income of residents in the area is $44,000. The analysis notes that Bedford-Stuyvesant is a neighbourhood of middle-class retired home owners and renters leasing out rent-stabilized apartments. The Washington Post interprets this in its analysis as “…a hallmark of rapidly changing neighborhoods: Steep price gains, relatively lower incomes.”

To summarize, the analysis of The Washington Post is that gentrification is the root cause of all rises in home value in the top ZIP codes featured in its study. For further explanation on how TWP arrived at their conclusion, you may acces their original post here.

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