CHICAGO (CBS)–Chicago’s McKinley Park neighborhood was named the hottest, most affordable place to live in America, according to a new real estate ranking list from Redfin.
The Southwest Side neighborhood, located west of Bridgeport, beat out cities in Pennsylvania and Maryland for the top spot.
Redfin pointed out the neighborhood’s plentiful public amenities, connectivity to downtown and a median home price considered affordable for the average homebuyer.
The median sale price in McKinley Park is about $270,000, according to the site. Redfin estimates 35 percent of homes sell above the list price.
“Every city has in-demand neighborhoods where buyers are clamoring to find homes,” Redfin’s report says. “But with hotness comes price growth, which can make it difficult for the typical homebuyer to afford a home in the most popular parts of expensive areas.”
The report tracks year-over-year growth in listing views and incorporates Redfin agent insights to see which neighborhoods are growing in popularity, but with a price cap of $294,000.
Aside from Baltimore and Philadelphia, other neighborhoods that made the list are concentrated in the greater Boston, Portland and San Antonio areas.
“A lot of people are moving away from the city center into places that feel more like suburbs,” Redfin agent Rebecca Hall noted in the report. “They’re moving to areas that don’t feel as dense; they have more of a neighborhood feel and that’s really appealing to homebuyers. You can get larger single-family homes rather than the row houses Baltimore is known for, and they’re less expensive. Some of these pockets are also known for desirable charter schools.”
Meanwhile, homebuyers who want to live in Chicago’s downtown area have to pay a much prettier penny than those who dwell in outlying city neighborhoods. A study released last week from PropertyShark.com showed homes in the city’s urban core cost $675,000 more compared to other neighborhoods.