What’s in a Name? These Are the Most Expensive Streets in the U.S.
Every street name has a story behind it. For instance, Rodeo Drive in Beverly Hills is named for the land it was once a part of, called Rancho Rodeo de las Aguas, which means “gathering of the waters.”
Wall Street in New York City comes from “de Waal Straat,” as it was dubbed by Dutch settlers, in reference to the wall built by Peter Stuyvesant on the Dutch colony to bar English settlers from crossing over.
Beverly, Third and Bayshore Are Among Priciest Streets
The study posed the question, “How does your address affect your property value?” and dug up some interesting answers. For example, addresses with “Beverly,” “Third,” “Brickell” and “Bayshore” in the names are the most expensive in the U.S. — averaging at least $2 million per residence.
Marshall, Chandler and Richmond Are Less Desirable
Meanwhile addresses with names “Marshall,” “Chandler” and “Richmond” have some of the lowest property values, averaging $450,000 or less.
To determine these findings, Cinch Home Services scraped data from the U.S. Census Bureau for the 500 most populous Census Designated Places (CDPs) in the U.S.
Then Cinch looked at addresses for sale on Redfin in each CDP, found the 500 most frequent words in addresses and determined the property value associated with each word, a Cinch representative told GOBankingRates.
Cinch Home Services also conducted a short survey of 1,002 Americans to explore desirable address names.
Some more interesting takeaways:
- Homes on a “Blvd” cost an average of $343,000 more than homes on a “Ter.”
- Addresses with “Fauntleroy” and “Avalon” sold in the shortest amount of time — an average of less than one month.
- “Washington St.” is the most desired address in the U.S.
It’s Partly About Word Association
Why does the street name matter? Why do some names warrant higher home values than others?
“We were able to find out why some street names are more expensive than others by learning more about where the streets are located,” the representative said. “For example, addresses that are synonymous with the beach or bodies of water had some of the highest price tags. Addresses including ‘Bayshore,’ ‘Island’ and ‘Ocean’ correspond with an average home price of $1.9 million. Association with an affluent area also contributes to the high price tag of some addresses, with those that include ‘Beverly’ averaging $4.3 million per home — likely due to the association with Beverly Hills, California.”
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