January 2018

Best-value neighborhoods in 5 top markets

If you're considering a move to a major city, you're probably also thinking a lot about affordability and overall value — especially if you're a first‐time homebuyer.

The good news is that you can find great values in neighborhoods that exist outside of a city's immediate metropolitan area. That won't necessarily mean homes will be inexpensive in those neighborhoods — for example, anywhere in the San Francisco Bay Area is going to be comparatively pricey — but it could mean you get more bang for your buck in the region of your choice.

With that in mind, check out this list from Trulia of the best‐value neighborhoods in five of the country's prime metro areas.1

Best-value neighborhoods in 5 top metro areas

 

Best‐value neighborhoods in 5 top markets in order of median price, from lowest to highest. Miami metro area: Melrose Vista, Flamingo Park, $220,942; Chicago metro area: Palatine, Fairgrounds Park, $238,018; Washington, D.C. metro area: Avondale, University Park, $455,189; New York metro area: Yonkers, Ludlow, $463,401; San Francisco metro area: Redwood City, Palm Park, $1,069,208. Source data: Trulia report as of 06/15/2017.

 

According to Trulia, these neighborhoods reflect data drawn from an evaluation of 100 of the nation's biggest metropolitan areas according to the following criteria:

  • Availability of starter homes (defined as percent of homes that would take up between 25%–31%
    of a starter homebuyer's household income)
  • Median price per square foot
  • Number of restaurants within a 1/2 mile radius, with aggregated ratings and reviews
  • Percent of residents who have a 30‐minute commute or longer
  • School information and rankings
  • Reported crime statistics

Finding the home financing solution that's right for you
Bank of America offers many types of fixed- and adjustable-rate mortgage loans for you — including jumbo loans,2 which may be a good option for homes in higher‐cost markets. You may also want to explore our home buying resources page.

I can help you find the financing solution that best fits your needs, so please feel free to contact me for more information.

 

Source:
1"America's best value neighborhoods," Trulia.com

2Minimum down payment requirements vary by property type and location. Loan amount, interest‐only payment option, loan‐to‐value percentage, property and/or occupancy type may require a higher level of reserves and/or post‐closing liquidity. Two separate full appraisals may be required. Excellent credit required, including proof of recent consistent housing payment history. Not available on all loan programs. Other restrictions apply, ask for details.

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