The analysis of data used to estimate and analyze home values showed that certain patterns emerge concerning street names and how homes are valued according to an article in The New York Times http://www.nytimes.com/2015/01/25/opinion/sunday/the-secrets-of-street-names-and-home-values.html?_r=0.
The article authors found three items concerning the relationship between names and values:
- Names are better than numbers.
- Lanes are better than streets.
- Unusual names are better than common ones.
Homes located on named streets were about 2 percent more valuable than those on numbered streets. Named streets in Los Angeles, Philadelphia, Riverside, CA., and San Francisco were greater than 20 percent higher than the numbered streets. Denver was the only city in the study where numbered street homes were more valuable.
Street suffixes can indicate the size of a neighborhood as well as the pricing. Boulevards and avenues usually include more homes while courts and lanes contain fewer. Homes on “streets” are typically older and among the least valuable, but a home on a “way” or “place” will hold more value.
Main Street is the most common street name and homes on Main Street are worth about 4 percent less than the national median. A street name with “Lake” averages 16 percent more than the median home value normally due to the fact that it is located near a lake. “Sunset” homes were a close second.
So, in addition to checking out square footage, neighborhoods, school districts, and all the other things you need to keep in mind when searching for a house—remember that the street name of your future home may also play a role.