Real estate prices, which started to rise rapidly in 2020 at the start of the COVID-19 pandemic, slowed their advance last year due to mortgage rates, which peaked at 7% for a 30-year fixed mortgage. To some extent, they are on the march higher again because of low supply. Much of the coverage of home prices focuses on the high end: the most expensive city, most expensive Zip code, or most expensive state. A new study based on a per-square-foot calculation looks at the country’s most and least expensive neighborhoods. The Homewood North neighborhood of Allegheny County, Pa., is the least expensive, with an average of $29 per square foot.
At the far end of the spectrum, the neighborhood with the highest price per square foot is the South of Market neighborhood of San Francisco at $5,415 per square foot. Over the past several years, San Francisco and San Jose have been the most expensive housing markets in the country. Stinson Beach in Marin County, Calif., is in the top 10 ($2,988), as is Crystal Grove in Orange County, Calif., ($2,771). The wealthiest areas on the Atlantic and Gulf coasts of Florida also show up in the top 10. These include Port Royal in Collier County, Fla., ($3,375), encompassing part of Naples. Casa del Lango ($2,754) is in Palm Beach County, which also encompasses the City of Palm Beach. (These are the 50 best U.S. cities to live in.)
The poorest neighborhoods are almost all in battered, shrinking urban areas. Allegheny County includes Pittsburgh. The Metawanee Hills ($32 per square foot) neighborhood is in Genesee County, Mich., which also includes Flint. Forest Hills ($37) in Cuyahoga County, Ohio, is part of the same county as Cleveland.
The 10 Least Expensive Neighborhoods in America
- Homewood North, Allegheny County, Pa., $29 per sq. ft.
- West Jackson, Hinds County, Miss., $32
- Downtown Gary, Lake County, Ind., $32
- Metawanee Hills, Genesee County, Mich., $32
- Uptown Memphis, Shelby County, Tenn., $33
- Wells/Goodfellow, St. Louis City, Mo., $33
- ONYX, Lucas County, Ohio, $34
- Queens Borough, Caddo Parish, La., $35
- Industry, Delaware County, Ind., $35
- Roosevelt, Lucas County, Ohio, $35
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