Data analytics site NeighborhoodX is conducting an ongoing study of affordability in major U.S. cities. As part of this study, it examined the most affordable properties on the market in each neighborhood of those cities.
Today’s analysis is of the Govalle neighborhood, an eclectic area full of art studios; small, older homes; taquerias and new restaurants along the river, which is its southern border. Airport Boulevard is its eastern boundary, and Webberville and Pleasant Valley roads form the western side. It’s capped off by a small stretch of Oak Springs Drive to the north.
The study excludes studios, since they tend not to be viable as long-term residences. The study also excludes properties that cannot be purchased with conventional financing, affordable/age-restricted housing, and certain listings with incomplete or contradictory information.
In Govalle, the 10 most affordable qualifying properties in December were won the market for $265,000 to $365,999. The most affordable is at 505 Tillery Street #10 (a 637-square-foot, one-bedroom condo), while the priciest of the most affordable is at 909 Linden Street (a 625-square-foot bungalow).
On a per-square-foot basis, prices ranged from $223 to $729 per square foot, but if we exclude two tiny bungalows (909 Linden Street and 3100 Castro Street), where the value is driven by the redevelopment potential of the land, the price range is $223 to $435 per square foot.