The country’s hottest neighborhoods you can actually afford

Aly J. Yale
The Mortgage Reports contributor

High demand without a high price tag

If you’re looking to live in an up-and-coming area but can’t afford the price tag that typically comes with one, you may want to consider D.C.’s Hillcrest community. According to Redfin, it’s one of 2018’s “hottest neighborhoods within reach.”

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America’s hottest, most affordable neighborhood

Redfin recently ranked the nation’s hottest affordable neighborhoods by weighing home prices, page views on its site, properties favorited by Redfin users, and the input of Redfin real estate agents across the country. Prices were capped at $286,700 for this list (the nation’s median sale price for last month.)

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Coming in at No. 1. was Hillcrest – an up-and-coming part of Washington, D.C. According to agent Will Hirzy, the neighborhood is in high demand – and for good reason.

“Hillcrest is one of the only neighborhoods in the city that offers single-family homes on decent-sized lots for an affordable price,” Hirzy said. “Buyers are drawn to this leafy, residential corner of the city because it’s affordable, while still convenient to Capitol Hill, Navy Yard and downtown.”

Median home prices in Hillcrest were just $125,000 in December and only 25 percent of homes sold above their listing price in that time frame.

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More top spots to buy

D.C. also claimed the No. 2 spot with nearby Deanwood taking the win. Seattle’s Riverview came in at No. 3, while Columbus, Ohio’s Misty Meadows and Providence, Rhode Island’s Fairmount rounded out the top five.

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According to Nela Richardson, Redfin’s chief economist, the top neighborhoods ran the gamut in terms of market characteristics.

“The ‘Hottest Neighborhoods Within Reach’ list has places chock-full of amenities and diverse housing types,” Richardson said. “Features like easy commutes, farmers markets and proximity to parks or the beach all represent livability characteristics that many people value when searching for homes. Also, these areas have a mix of single family homes, condos and townhouses, which make the neighborhoods accessible to a wide range of incomes.”

Get today’s mortgage rates

Want to get in on any of these hot, yet affordable neighborhoods? Shop around and see what mortgage rates you qualify for today.

Verify your new rate (Sep 28th, 2020)