Home Buyers – Street name suffixes impact home prices- An Interesting take!!

Are you wondering what this post is all about? I had similar question when I got a report titled “Which Homes Typically Cost More – Those on Wisteria “Lane” or Sesame “Street”?” from Trulia and said “What in the world?” after reading yet another report from Trulia. Because,they try to make every data mean something and come up with some weird reports. Did you ever wonder if the homes on “avenues” are typically more expensive than the homes on “streets”? They did. This time it is about how home prices varied for different street name suffices like Street, Blvd, Lane etc.,

That’s right, they were able to determine that home in certain street suffixes sold more than other suffixes. Can you imagine that? Here is a snapshot of the report,

Using their own database of homes for sale on Trulia, they analyzed the median price per square foot for different types of address suffixes. In this analysis, they limited the results to only address suffixes that currently have at least 10,000 homes for sale (which comprise 97% of the sample).

1. ”Boulevard” owners can head straight to the bank.
2. “Place” perchers are more likely to turn a profit.
3. “Road” warriors are living richer.

As it turns out, homes on “boulevard” ($117) are the most expensive while the cheapest are those on “street” ($86) – that’s a 36% price difference! Although saying you live on “Whatchamacallit Road” may not sound that fancy, at $109 per square foot, homes located there are actually the third most expensive of any suffix type. In fact, the median home on a “road” is respectively 8% and 9% more expensive than those located on seemingly more upscale-sounding “court” and “circle.”

Here is some explanation for those prices,

Why is “boulevard” the most expensive address suffix? Well, while the word does have a sophisticated French origin, it actually might have more to do with the mix of the homes located there. Approximately, 37% of homes on “boulevards” are in multi-unit buildings, such as apartments and condos. In contrast, these types of homes make up no more than 16% of homes on every other address suffix. A greater concentration of multi-unit buildings could drive up costs as they are often located in denser, urban areas where space is at a premium.

“Boulevard” may be the most expensive suffix but with only a 2% share of total listings, it’s certainly not the most prevalent one. In contrast, 22% of listings are located on a “drive.” That’s even more popular than “street” (19%), “road” (16%), and “avenue” (15%).

Is it interesting or weird? After reading this report, Do you care about the street names and thinking about adding to your search criteria while you are looking for your dream home? I am sure some people might. Keep in mind, you decide how much you want pay and depending on which street suffixes you want to live in, “Street”, “Drive” or “Road”….

About Vijaianand Thirnageswaram

I am a Proud Realtor of Texas, trying to guide and help clients to find their dream home and educate them to buy them for right price. I am also a Candidate for CFP who has more financial knowledge which allows me share and educate clients in any financial decision making process.

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