In recession, some city neighborhoods underperform
Although city housing generally outperformed suburban housing in the recession, according to a Philadelphia-area study, there were significant exceptions. Prices in mixed-use, compact, suburbs with transit access declined — about 20 percent — less than the regional average. Additionally, some city neighborhoods saw large price declines, especially those inhabited mostly by poor people with high numbers of vacant properties and low incomes. “The recession hit disproportionately on the young and working class, and for many it became impossible to get a mortgage" said study author Kevin Gillen. "Homes in [poorer] neighborhoods are hit relatively hard.” Some of these neighborhoods, where housing and transportation costs are very cheap right now, will likely revitalize and that process has already begun in places, according to a detailed report in the December 2012 issue of Better! Cities & Towns.
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