Ariella Brown

If You Lived Here, You’d Be Home Now

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Ariella
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Re: Details in the formula
Ariella   8/29/2016 10:08:05 AM
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@Broadway very true. Plus if you have to factor in other considerations like the school district, general neighborhood safety, etc., you'd have a lot more data coming into the final score of the neighborhood's opportunity.

Broadway
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Re: Details in the formula
Broadway   8/28/2016 10:23:29 PM
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Right! In most big cities, to find locations that are affordable for a family to live at $40k per year usually involves living in an inner city hood that could be sub optimal or "up and coming," or buying way outside in the boonies and staring at a massive car commute.

Ariella
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Re: Details in the formula
Ariella   8/28/2016 6:26:43 PM
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@Broadway that's an interesting question because it brings up another problem with setting up the scoring. They said that they went for $40K because that was the high end threshold they were able to set on the data from the Department of Commerce. However, what $40K buys you in Idaho is very different from what it buys you in New York or California, particularly in terms of real estate.  There is another map with a cost of living index that you can see here: https://www.expatistan.com/cost-of-living/index/north-america. It's no surprise to me that New York City is #1 followed by San Francisco, CA.  Boise, Idaho has an index that ranks its cost at about half of NYC. So you may be fairly well off with $40K there, though barely subsisting in NYC. I actually calculated what our own cost of living on Long Island is, and my husband said he didn't want to know the figure. Even with a fairly frugal approach to purchases and a relatively low mortgage, it amounts to quite a bit more than $40K.  

Broadway
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Re: Details in the formula
Broadway   8/28/2016 6:03:05 PM
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Ariella, fair point. Perhaps the scoring isn't too stringent. Is the wage level they're looking for even a living wage as a solo bread winner for a family?

Ariella
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Re: Details in the formula
Ariella   8/28/2016 3:13:00 PM
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@Maryam yes, and another factor I thought of after writing the blog was the question of school districts. Many people will select a neighborhood that may require a longer commute because they want their kids in schools with a better track record. Some of the neighborhoods around mine divide up into different school districts with very different rankings. And, though, Queens is close by, obviously, residents there would only have access to the NYC public school that serves the area, which generally ranks far below the nearby Nassau County school where property taxes are much higher.  

Maryam@Impact
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Re: Details in the formula
Maryam@Impact   8/28/2016 1:22:56 AM
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Ariella you surface a great flaw in so many real estate sites the information is not completely accurate because their data is not that accurate. They don't take into account mailing address vs. physical address or other variables like proximity to a street or other item like a detention basin. There is still a need to see a property to really understand its value and the neighborhood potential. Real estate is so variable and changeable that it really depends on the time of the assessments. 

Ariella
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Re: Details in the formula
Ariella   8/27/2016 9:37:15 PM
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@Broadway yet some of the results may surprise you. As I pointed out, though Detroit overall is not associated with the features of a high score, there are some nearby areas that rank exceptionally well. 

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Re: Details in the formula
Broadway   8/27/2016 12:05:45 AM
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I would be surprised if most any community passed muster on this test. At least any city in the Eastern half of the country, where cities involve massive old public transit infrastructures, and especially not the South, where cities sprawl and public transit tends to stink.

Ariella
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Re: Details in the formula
Ariella   8/25/2016 9:15:24 AM
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<It sorta blows my mind that a home in transit-rich Long Island would have a much lower Opportunity Score than my home here in transit-deficient Central Texas. >

@Lyndon_henry As a fellow Long Island resident, I have to say I'm not surprised at the low score for my own neighborhood. The LIRR, after all, takes about an hour to get to the city, and the cost of that commute is quite high. There is a bus option, but it does not go to the city, only to other neighborhoods that tend to feature jobs with pay ranges south of $40K a year. 

Lyndon_Henry
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Re: Details in the formula
Lyndon_Henry   8/24/2016 10:50:41 PM
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..

Ariella writes

I checked out my own Long Island neighborhood and found, not too surprisingly, that it is near the lower end with a score of 14. This put it into the "Limited Job Accessibility" rank, which merits the rather grim description, "You're unlikely to get to work in 30 minutes, with or without a car." That's quite true and probably not that unusual for a suburban setting.



 

So I checked out my own suburban address (about 7 miles from downtown) using this website provided by Redfin:

https://labs.redfin.com/opportunity-score

You just input your home address, city, state in a single field and it calculates your score (if your city is in their database – see below). As it turns out, my home had an Opportunity Score of 47. 

Here's the URL to use for calculating your Walk Score (which includes transit, bike, etc.):

https://www.redfin.com/how-walk-score-works

The Transit Score module also provided some interesting results. For a commute to downtown, it calculated my travel times as follows:

car 28 min
transit 38 min
bicycle 40 min
walk 60+ min

Specific scores by mode, with interpretations: 

Walk Score
27 Car-Dependent
Most errands require a car.

34 Transit Score
Some Transit
A few nearby public transportation options.

50 Bike Score of
Somewhat Bikeable
Mostly flat, some bike lanes.

It sorta blows my mind that a home in transit-rich Long Island would have a much lower Opportunity Score than my home here in transit-deficient Central Texas. 

I'm impressed that Redfin included transit accessibility and commuting as a factor in their real estate rating system.

If you want to see if your city is in the Opportunity Score database (so you could use their calculator), here's a listing:

Albany Real Estate Albuquerque Real Estate Alexandria Real Estate Arlington Real Estate Atlanta Real Estate Austin Real Estate Baltimore Real Estate Baton Rouge Real Estate Bellevue Real Estate Bethesda Real Estate Birmingham Real Estate Boston Real Estate Buffalo Real Estate Burlington Real Estate Charleston Real Estate Charlotte Real Estate Chicago Real Estate Cincinnati Real Estate Cleveland Real Estate Columbia Real Estate Columbus Real Estate Dallas Real Estate Dayton Real Estate Denver Real Estate Detroit Real Estate El Paso Real Estate Fort Lauderdale Real Estate Fort Myers Real Estate Fort Worth Real Estate Grand Rapids Real Estate Greenville Real Estate Honolulu Real Estate Houston Real Estate Indianapolis Real Estate Irvine Real Estate Jacksonville Real Estate Kansas City Real Estate Kirkland Real Estate Knoxville Real Estate Lake Tahoe Real Estate Las Vegas Real Estate Little Rock Real Estate Long Island Real Estate Los Angeles Real Estate Louisville Real Estate Madison Real Estate McAllen Real Estate Memphis Real Estate Miami Real Estate Milwaukee Real Estate Minneapolis Real Estate Nashville-Davidson Real Estate New Orleans Real Estate Newark Real Estate Oakland Real Estate Oklahoma City Real Estate Omaha Real Estate Orlando Real Estate Philadelphia Real Estate Phoenix Real Estate Pittsburgh Real Estate Portland Real Estate Princeton Real Estate Providence Real Estate Raleigh Real Estate Redmond Real Estate Richmond Real Estate Sacramento Real Estate Salt Lake City Real Estate San Antonio Real Estate San Diego Real Estate San Francisco Real Estate San Jose Real Estate Scottsdale Real Estate Seattle Real Estate St. Louis Real Estate Tampa Real Estate Tucson Real Estate Virginia Beach Real Estate Washington, DC Real Estate White Plains Real Estate

 

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