More Than 10,000 Neighborhoods Ranked and Assigned Letter Grades from A to F;
Report Also Provides Aggregate Housing Characteristics and Trends by Neighborhood Grade
IRVINE, Calif. – August 2, 2018 — ATTOM Data Solutions, curator of the nation’s premier property database, today released its 2018 Neighborhood Housing Index, which uses new neighborhood boundary data to rank more than 10,000 neighborhood housing markets nationwide based on six factors impacting the hyperlocal housing market: affordability, home price appreciation, school scores, crime rates, unemployment rates and property taxes (see more in the methodology enclosed below).
The top five U.S. neighborhood housing markets based on the index were the Pine Ridge neighborhood in the Naples, Florida, metro ($632,871 median price); Westlake neighborhood in the Mobile, Alabama, metro ($196,179); Union neighborhood in the San Jose, California, metro ($795,000); Westmoreland neighborhood in the Charlotte, North Carolina metro ($326,000); and Hunters Hill neighborhood in the Denver, Colorado, metro ($271,000).
“While home prices are typically higher in higher-ranked neighborhoods with better schools and lower crime, there are still many top-notch neighborhoods with more reasonably priced homes,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “The top five neighborhoods in this ranking represent a diverse set of markets across the country, illustrating that great neighborhoods come in many different forms.”
For a detailed home sales data analysis, click here.
Housing trends by neighborhood grade
ATTOM divided the 10,950 ranked neighborhoods into quintiles, assigning each of the five groups a letter grade from A to F, and then analyzed housing characteristics and trends by group.
“It’s somewhat surprising that the worst affordability is in neighborhoods with an F grade, even though those markets also posted the lowest home prices and negative price appreciation,” Blomquist noted. “Meanwhile, rents are rising the fastest in these neighborhoods, illustrating why the path to homeownership can be so difficult in these areas.”
A-rated neighborhoods with home prices of $100,000 or less
There were 136 neighborhoods with an A rating and with median home prices of $100,000 or less, led by the Devonshire neighborhood in the Mobile, Alabama, metro ($78,038 median price); the Park Central neighborhood in the Orlando Florida, metro ($91,750); the East English Village neighborhood in the Detroit, Michigan, metro area ($66,750); the Cypress Shores neighborhood in the Mobile, Alabama, metro ($85,000); and the Hathaway Manor neighborhood in the St. Louis, Missouri, metro ($69,190).
More neighborhood rankings
Best neighborhoods for buying rental homes
Best neighborhoods for flipping homes
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Methodology
The ATTOM Data Solutions 2018 Neighborhood Housing Index ranked 10,950 neighborhood housing markets nationwide based on six factors: affordability, home price appreciation, school scores, crime rates, unemployment rates and property taxes.
Neighborhoods are based on neighborhood boundaries integrated into the ATTOM Data Warehouse. The points plotted on the interactive heat map represent the centroid latitude and longitude within each neighborhood boundary.
Affordability is based on the home price-to-income ratio for each neighborhood using median home prices for the first half of 2018 from the ATTOM Data Warehouse and the 2017 median household income from the U.S. Census Bureau.
Home price appreciation is based on the median home price for the first half of 2018 compared to the median home price in the first half of 2017 for each neighborhood.
School scores represent the average school scores for all schools located within each neighborhood. The rating is based purely on the test score performance of each school. Scores are on a scale of 0 to 5, 5 being best.
Crime rates are based on a score that represents the combined risks of rape, murder, assault, robbery, burglary, larceny and vehicle theft compared to the national average of 100. A score of 200 indicates twice the national average total crime risk, while 50 indicates half the national risk. The different types of crime are given equal weight in this score.
Unemployment rates were calculated for each neighborhood using the total number of people employed and dividing that by the total population age 18 to 65 based on 2017 U.S. Census data.
Property taxes were calculated using county tax assessor data from the ATTOM Data Warehouse, and the average property tax rate for each neighborhood was the average property tax bill divided by the median home sales price in the first half of 2018.
About ATTOM Data Solutions
ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
Media Contact:
Christine Stricker
949.748.8428
christine.stricker@attomdata.com
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