What type of local information is most helpful to your practice as a real estate agent?
- Local sales volume and pricing trends. (49%, 86 Votes)
- Local rental rates. (30%, 52 Votes)
- Local employment levels. (10%, 18 Votes)
- Local demographic trends. (9%, 15 Votes)
- Local agent and broker statistics. (2%, 3 Votes)
Total Voters: 174
A new website, Rich Blocks, Poor Blocks, visually demonstrates the average cost of rent and income of each neighborhood in the U.S.
The data is particularly interesting when comparing urban areas with suburban areas. Suburban neighborhoods tend to have higher average incomes and lower rents, while urban areas have higher rents and lower average incomes.
first tuesday insight
Generally, suburban communities are less expensive and more attractive to high-income earners than cities. However, a demand shift is on its way.
The era of bedroom communities is coming to an end. With seemingly permanent high gas prices and the majority of new, well-paying jobs located in the city, Californians are abandoning their McMansions and long commutes for centrally-located city units.
This means that many urban areas that once were exclusively inhabited by low-income earners are quickly becoming more gentrified – and more expensive. This increase in rents is fueled by punitive zoning limitations that ban high-rises in already densely populated and high-traffic areas.
With that said, take a look at the local neighborhood you FARM with these future trends in mind. If most of your deals occur in suburban neighborhoods, then you may consider shifting focus to urban areas.
This month, first tuesday launched its first Regional Forecast for Orange County. The Regional Forecasts will provide you with localized information on home sales volume, employment, turnover rates and residential construction, among others. You’re your local expertise — check back for future Regional Forecasts!
What other local data would you like to see in chart form? Share your ideas in the comments section below. We’ll put them to use in the following weeks!
Re: Mapping the Relationship Between Income and Rent from The Atlantic Cities