Baltimore is one of the ‘most undervalued’ cities for homebuyers, study says
A new study by personal finance site SmartAsset sought to find where homebuyers can get the best bang for their buck, and named Baltimore among the most undervalued U.S. cities.
Charm City lands at No. 5 on the ranking, which compared 189 cities based on factors including the price of homes per square foot and other quality of life metrics.
Baltimore was given a high score for the value of its homes, which based on a model of its own creation SmartAsset found to be $223.07 per square foot. That’s nearly double the actual $106.83 per square foot home sale value of Baltimore homes, according to Zillow, an online real estate database.
SmartAsset’s model projects home values by taking the home value per square foot provided by Zillow and either increasing or decreasing it based on and factors like unemployment, crime rates, walkability, average weather, how educated residents are, the concentration of dining and entertainment establishments and more.
The study also found Baltimore has about 50 extreme temperature days per year, which is the second lowest rate of the top 10 cities on SmartAsset’s ranking. It also gave Baltimore a high score for walkability.
Pittsburgh was the No. 1 city on the list, followed by Newark, New Jersey; New Haven, Connecticut; and Philadelphia. Most of the top 10 cities are located on the East Coast, except for Chicago and St. Louis.