Where you live says a lot about you, but apparently, so does the name of your neighborhood. Porch.com conducted a study of neighborhood names, and found that not all names are worth the same.
According to the study, if a neighborhood has the word “Village” in their name, there is a good chance it is a wealthier neighborhood. The same can be applied to words such as "Valley" and "Heights". The study found that nationally, the average household income in neighborhoods with these words in the name was in the $100,000 area.
Porch gives Texas as an example. The 22 Texas neighborhoods and communities with the name "Village" in the title, had an average income of over $174,000. The eight neighborhoods in Colorado and six in Michigan with “Village” in the name saw similar averages.
On a national level, neighborhoods with “Hills” in the title were the wealthiest, with an average income of $89,976. “Village” is not quite as wealthy nationally as it is in Texas, but residents in “Village” neighborhoods make $77,087 on average, still above the national average income of $59,000.
Names are also reflective of location, and location is everything to home prices. According to Porch, communities with "Island," "Beach," and "Harbor" in the name hold the highest average property values. Homes in these neighborhoods are worth an average of around $416,000 to over $440,000.
The lowest priced homes were found in areas with "Fort," "Junction," and "Rock" in the name. These homes had averages prices of less than half the national median home price of $200,000.
The most balanced homes price-wise can be found in areas with "Acres," "Oak," "Lakes," or "Green" in the name. These communities typically hold homes priced below the national average while families who lived there had above-average household incomes.
For more information, find the complete report here.