WASHINGTON (AP) – Few neighborhoods can match the perks of Adams Morgan in Washington, D.C. – a reality that reflects a broader problem for the U.S. housing market.
Residents of Adams Morgan enjoy a bevy of bars, restaurants, exercise studios and shopping, just steps from their row houses and condo buildings. Home values are reasonable relative to neighborhood incomes. And in general, the area schools rate as better than average nationally.
Across the country, just 14 percent of neighborhoods manage to be at once affordably priced, walkable and near decent schools. And many of those neighborhoods exist in only two cities: Washington and Seattle, according to a new analysis released Wednesday by the real estate brokerage Redfin.
The findings suggest a substantial mismatch between the neighborhoods where people say they want to live and the homes actually available to them.
“Cities have not kept up with consumer tastes,” said Nela Richardson, Redfin’s chief economist.