Why some neighborhoods in the country have seen their home values double or triple.
The short answer to the question, notes Washington Post Wonkblog staffer Emily Badger, is gentrification, the quickest path from undervalued residential property to what some would say is overvalued in today's market. Badger taps exclusive analysis from Black Knight Financial Service to rank the very top Zip Codes nationally for home-value appreciation in the 300 largest American metro areas. Here are a few of the Badger take-aways:
- 97227 in Portland, around the historically black Albina and Boise-Elliot neighborhoods there that are undergoing redevelopment.
- 37206 in Nashville, where quaint Craftsman homes on the east side of town now go for $500,000-$600,000.
- 70119 in New Orleans. Not far from the city's French Quarter, the value of homes here has doubled since 2004.
- 15224 in Pittsburgh, where the Lawrenceville and Bloomfield areas are attracting new, younger residents.
- 20002 in Washington, D.C. A small row home in this Zip encompassing part of Capitol Hill and Northeast D.C. is now worth as much as a McMansion in the Virginia exurbs.