Homeowners living in a neighborhood with the words "island," "beach," "harbor," or "hills," in it can expect a boost to their property values.
A new report by online home improvement marketplace Porch finds that average property values in neighborhoods with these keywords in them are highest, ranging between $440,386 for "island," and $341,997 for "village." Of the top 10 words yielding the highest property values, "canyon," "cove," "bay," "San," and "gardens," completed the list, Realtor.com reports. The study included only names mentioned at least 25 times in neighborhoods as defined by the Census. "Certainly, an island, beach, or harbor are likely waterfront locations or near the beach, and those areas typically have higher home values anyway," says Porch project manager Angela Skane.
But don't let a name stop you from buying the home of your dreams. In the tony Brooklyn, N.Y., neighborhood of Fort Greene, the median home price is a whopping $1,725,000. So exceptions do indeed abound. Buyers looking for smart investments may want to consider neighborhoods with the words "acres," "oaks," "lakes," and "green" in their names. These properties tend to be valued a little under the average home price of an area—despite residents having above-average incomes. That means these homes may be more likely to appreciate.