Chapter 19. What's in a Street Name? (What street names tell us about property values)
Updated: Dec 19, 2021
There are so many different street names in the U.S. Have you ever wondered if a specific street name can raise value of a house?
Today’s blog is all about it.
Actual name is better than numbers
On the national average, the price of a house on a street with a name is about 2% higher than the price on a street with a number. Some cities even say the gap is even greater. Cities like Los Angeles, Philadelphia, Riverside and San Francisco say the difference is about 20%. The figure below shows the premium of houses on a named street in each metropolis. (To reiterate what has already been said in the book, the results of this section are all compared to private houses, excluding apartments and condos.)
Then what are the most common street names in the states?
The most common street name in America is “Main”. And because it is the most common street name in both of cheap and expensive neighborhoods, it is said to have the lowest house price among common street names. If you compare the average U.S. house price and the average house price in the name Main, the house price in Main is about 34% lower.
On the other hand, some common street names have the highest average house price. For example, Lake is the 12th most common name in the United States. Sunset is also the 14th most common name, and the average price of houses on these roads is about 10% higher than the national average. In my personal thought, most of the houses on the road with the name Lake will have a lake view, and most of the houses on the road called Sunset will have a beautiful sunset view. And as you know, most of the houses built in such places can only be expensive on average.
What would be the most expensive street names per theme?
Among the president names, Washington has the highest average house price.
Among the road names with the theme of nature, Lake, Sunset, and River are definitely at the top. I've heard that living looking at the water makes you depressed, but people seem to prefer houses by the water.
What about the name of the tree? Usually, the names of the trees along the roadside are often given. Interestingly, the average price of houses along the road with tree names doesn't seem to reach the American average. However, among them, roadside houses with Cedar trees are the most expensive.
So, what are the names of the streets with the highest average house price in America?
As the following infographic shows, Lake is by far the number one player in the whole of the United States. However, each city is different. Chicago, where I live, has the highest average house price on Sheridan Road. Interestingly, that Sheridan Road is also right next to Michigan Lake. Rarely do you find really expensive houses lined up with luxury condos and apartments around the lakeside. Also, in the case of New York where I used to live, Dune is the most expensive road. Dune Road is the only crossroads on Fire Island that is like a needle at the bottom of Long Island. Expensive houses with sea views are lined up along the road.
Then, how do they name a road?
They say there are no special rules. When real estate developers develop new land, they choose non-overlapping names in their own way.
Again, please do not misunderstand today’s blog. If you misunderstand the contents of today's article that the price of a house in the same neighborhood varies depending on the name of the street, it is not correct. Today’s article is about the national average house price, and it does not affect the price of a house at all when readers buy real estate.
As always, if you have any questions, please feel free to contact us.
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