AgentMarkets & Economy

Want to live in a place with economic diversity? Good luck with that

Redfin study underscores epidemic level of economic segregation in housing
  • "For homebuyers, it’s not impossible" to find economically diverse places to live, just "really hard," Redfin says.
  • Places with a balanced mix of home prices cover just 13 percent of major U.S. cities, according to a study released by Redfin.

  • This is cause for concern because economic segregation by neighborhood stunts economic mobility.

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Some neighborhoods sparkle with luxury properties and BMWs. In others, terms like "country club" and "summer home" rarely pass from residents' lips. Somewhere in between is a rarer type of community, residential oases where silver spooners and the working class live side by side, enjoying what tend to be the the same safe streets and and highly ranked schools. "For homebuyers, it’s not impossible to find these places," said Nela Richardson, chief economist at high-tech brokerage Redfin, in a statement. "But it’s really hard." That's the key takeaway of a study released by Redfin on economic integration. It found that places with a balanced mix of home prices cover 13 percent of major U.S. cities. Boston topped the list of the most economically integrated of the 20 major U.S. cities that Redfin look at, with 51 percent of the city having a balanced home-price mix, followed by Seattle (31 percent) and Washington, D.C. (30 percent). Philadelphia (11 percent)...