Most affordable neighborhoods in the largest US cities
Rents remain low in some pockets of these big cities
Whether it's in Northwest Dallas or West Roxbury, Mass., there are some suburbs of major cities that have quite affordable rent.
The coming year may be a painful one in the housing market, but that doesn’t mean Americans looking to move won’t be able to find a deal.
Home prices in November rose 3.7 percent, according to data released by CoreLogic on Tuesday. Through November, researchers expect prices will rise by 5.3 percent, which means affordability is likely to remain a concern for prospective first-time buyers.
“The latest U.S. index shows that the slowdown in home prices we saw in early 2019 ended by late summer,” CoreLogic chief economist Frank Nothaft said in a statement. “Growth in the U.S. index quickened in November and posted the largest 12-month gain since February.”
Compass vice president and former HGTV host Mike Aubrey discusses the declining price of houses in large coastal cities and the Millennial approach to homeownership.
As previously reported by FOX Business, experts have said 2020 may be a particularly challenging year for homebuyers considering the total number of homes for sale could hit a record low.
But there are some neighborhoods in the nation’s largest metro areas where shoppers can still find a deal. A new report from Realtor.com and rental site Jumper looked at the top ten largest cities to locate the most affordable options for renters.
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Here’s a look at the results:
New York
Aerial view of Lower Manhattan at sunset. New York. USA (iSrock)
Median rent, one-bedroom in New York City: $2,960
Most affordable neighborhood: East Elmhurst, Queens
Median rent, one-bedroom: $1,755
Highlights: East Elmhurst is located near LaGuardia Airport and was deemed “the city’s most stable neighborhood” by The New York Times.
Atlanta
Atlanta, Georgia, USA downtown city skyline.
Median rent, one-bedroom in Atlanta: $1,425
Most affordable neighborhood: Dunwoody
Median rent, one-bedroom: $871
Highlights: Dunwoody is located near a shopping mall, schools, public transit, medical facilities and downtown Atlanta.
Boston
Boston riverfront and downtown cityscape panoramic of buildings on the waterfront wharf
Median rent, one-bedroom in Boston: $2,500
Most affordable neighborhood: West Roxbury
Median rent, one-bedroom: $2,186
Highlights: Located 30 minutes from Boston proper, plenty of shopping and restaurants.
Houston
Median rent, one-bedroom in Houston: $1,035
Most affordable neighborhood: Mission Bend
Median rent, one-bedroom: $700
Highlights: Mission Bend is 20 miles from downtown Houston and it has great schools.
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Los Angeles
Downtown Los Angeles aerial view.
Median rent, one-bedroom in Los Angeles: $2,199
Most affordable neighborhood: Windsor Hills
Median rent, one-bedroom: $1,657
Highlights: The neighborhood has a suburban feel, but it is close to downtown Los Angeles and Santa Monica.
Miami
Downtown of Miami, Florida, USA
Median one-bedroom rent in Miami: $1,700
Most affordable neighborhood: Kendall West
Median one-bedroom rent: $1,251
Highlights: Kendall West, near the Florida Everglades, is a hike from Miami proper for those looking for a quieter South Florida locale.
Philadelphia
Statue of Ben Franklin looks over the city streets of Philadelphia PA (iStock)
Median one-bedroom rent in Philadelphia: $1,495
Most affordable neighborhood: Somerton
Median one-bedroom rent: $800
Highlights: Somerton is close to public transportation, highways and malls. It also has supermarkets and restaurants.
San Francisco
Golden Gate Bridge and San Francisco Skyline
Median one-bedroom rent in San Francisco: $3,473
Most affordable neighborhood: Sunset District
Median one-bedroom rent: $2,380
Highlights: The Sunset District has a more suburban feel and residents can take a streetcar 40 minutes to downtown.
Washington, D.C.
The South Portico of the White House in Washington D.C.
Median one-bedroom rent in D.C.: $2,200
Most affordable neighborhood: Chevy Chase
Median one-bedroom rent: $1,838
Highlights: Although residents have access to downtown D.C., with shopping, restaurants and supermarkets, they don’t need to leave Chevy Chase if they don’t want to.
Chicago
The famous Willis Tower in Chicago, formerly known as Sears Tower, on a hot summer's day in Chicago, Illinois, USA
Median one-bedroom rent in Chicago: $1,450
Most affordable neighborhood: Elmwood Park
Median one-bedroom rent: $1,150
Highlights: Elmwood Park has highly rated schools and is just 30 minutes from downtown Chicago.
Dallas
Aerial drone view high above Dallas , Texas landscape at perfect golden hour with sun rays across entire landscape - skyline cityscape in background with large suspension bridge - Margaret Hunt Hill Bridge
Median one-bedroom rent in Dallas: $1,180
Most affordable neighborhood: Northwest Dallas
Median one-bedroom rent: $747
Highlights: A densely-populated residential suburb, Northwest Dallas has a cluster of Korean businesses and restaurants.
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