August 1, 2018
People who earn a high income tend to “head for the hills” when they buy property, according to findings of a study conducted by Porch—a platform that connects home improvement professionals with householders who need their services.
For its study, Porch, analyzed the names of neighborhoods with the highest average household incomes in America. They discovered that, “Whether it makes sense or not, the names and identifiers of our American communities and housing developments often say more about the people living there than we might realize.”
Nationwide, the researchers found that areas dubbed “Hills,” “Island,” and “Village” reported the highest average household incomes, ranging from just over $77,000 to nearly $90,000 a year. Specifically, the highest incomes were found in neighborhoods with the following monikers:
- Hills: $89,976;
- Island: $87,527
- Village $77,087;
- Oaks: $72,492;
- Acres: $71,485;
- Highland: $71,072;
- Canyon: $69,910;
- Beach: $69,728;
- Forest: $69,438; and
- Bay: $69,049.
Neighborhoods named for ocean destinations and seaside escapes, such as “Island,” “Beach,” and “Harbor,” had the highest home property values—ranging from $416,000 to more than $440,000. Indeed, choosing a home in a seaside community could cost a buyer more than double the median home rate.
Of course, sometimes a name just happens to become popular in any given state. It’s not hard to imagine why “Beach” shows up in the neighborhood titles of 66 different Florida areas. On the West Coast, you’ll find “Valley” as the most popular identifier in California, Nevada, and Arizona. And in Louisiana, Southern charm comes alive in the eight different areas of the state with “Bayou” in the name.
Across the country, “Lake” (605), “City” (599), and “Park” (345) showed up more often in every state than any other type of name or title.
Looking for communities where homes might be the least expensive overall? Porch found the lowest home values in areas with words like “Fort,” “Junction,” and “Rock” in their names. In such neighborhoods, homes were valued at nearly half the median price of $200,000.
Research contact: email@example.com