With home prices falling, buyers are looking for a neighborhood that has a greater likelihood of holding its value over the long term. But how do you know which neighborhood is doomed and which will appreciate over time?
According to Bankrate.com, judging a neighborhood’s worth over the long haul comes down to two main factors: Jobs and access to amenities.
Andrew Schiller, creator of NeighborhoodScout.com, says certain signs suggest that long-term job opportunities exist. They include low unemployment, high household income, large or prominent colleges and universities, and seats of federal or state government. The Bureau of Labor Statistics is a good resource for jobs information, particularly its Local Area Unemployment Statistics map, which provides unemployment data by metro area and county. Another tool, its Current Employment Statistics, shows how many people are employed in different sectors of the economy in a certain area.
As for judging a neighborhood’s amenities that can generate long-term value, Schiller cites characteristics like a neighborhood with a variety of nearby retail stores, low crime rates, parks, distinctive architecture and good public schools.
- via FloridaRealtors.org
According to Bankrate.com, judging a neighborhood’s worth over the long haul comes down to two main factors: Jobs and access to amenities.
Andrew Schiller, creator of NeighborhoodScout.com, says certain signs suggest that long-term job opportunities exist. They include low unemployment, high household income, large or prominent colleges and universities, and seats of federal or state government. The Bureau of Labor Statistics is a good resource for jobs information, particularly its Local Area Unemployment Statistics map, which provides unemployment data by metro area and county. Another tool, its Current Employment Statistics, shows how many people are employed in different sectors of the economy in a certain area.
As for judging a neighborhood’s amenities that can generate long-term value, Schiller cites characteristics like a neighborhood with a variety of nearby retail stores, low crime rates, parks, distinctive architecture and good public schools.
- via FloridaRealtors.org
