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Most affordable neighborhoods in the largest US cities

Brittany De Lea

The coming year may be a painful one in the housing market, but that doesn’t mean Americans looking to move won’t be able to find a deal.

Home prices in November rose 3.7 percent, according to data released by CoreLogic on Tuesday. Through November, researchers expect prices will rise by 5.3 percent, which means affordability is likely to remain a concern for prospective first-time buyers.

“The latest U.S. index shows that the slowdown in home prices we saw in early 2019 ended by late summer,” CoreLogic chief economist Frank Nothaft said in a statement. “Growth in the U.S. index quickened in November and posted the largest 12-month gain since February.”

As previously reported by FOX Business, experts have said 2020 may be a particularly challenging year for homebuyers considering the total number of homes for sale could hit a record low.

But there are some neighborhoods in the nation’s largest metro areas where shoppers can still find a deal. A new report from Realtor.com and rental site Jumper looked at the top ten largest cities to locate the most affordable options for renters.

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Here’s a look at the results:

New York

Median rent, one-bedroom in New York City: $2,960

Most affordable neighborhood: East Elmhurst, Queens

Median rent, one-bedroom: $1,755

Highlights: East Elmhurst is located near LaGuardia Airport and was deemed “the city’s most stable neighborhood” by The New York Times.

Atlanta

Median rent, one-bedroom in Atlanta: $1,425

Most affordable neighborhood: Dunwoody

Median rent, one-bedroom: $871

Highlights: Dunwoody is located near a shopping mall, schools, public transit, medical facilities and downtown Atlanta.

Boston

Median rent, one-bedroom in Boston: $2,500

Most affordable neighborhood: West Roxbury

Median rent, one-bedroom: $2,186

Highlights: Located 30 minutes from Boston proper, plenty of shopping and restaurants.

Houston

Median rent, one-bedroom in Houston: $1,035

Most affordable neighborhood: Mission Bend

Median rent, one-bedroom: $700

Highlights: Mission Bend is 20 miles from downtown Houston and it has great schools.

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Los Angeles

Median rent, one-bedroom in Los Angeles: $2,199

Most affordable neighborhood: Windsor Hills

Median rent, one-bedroom: $1,657

Highlights: The neighborhood has a suburban feel, but it is close to downtown Los Angeles and Santa Monica.

Miami

Median one-bedroom rent in Miami: $1,700

Most affordable neighborhood: Kendall West

Median one-bedroom rent: $1,251

Highlights: Kendall West, near the Florida Everglades, is a hike from Miami proper for those looking for a quieter South Florida locale.

Philadelphia

Median one-bedroom rent in Philadelphia: $1,495

Most affordable neighborhood: Somerton

Median one-bedroom rent: $800

Highlights: Somerton is close to public transportation, highways and malls. It also has supermarkets and restaurants.

San Francisco

Median one-bedroom rent in San Francisco: $3,473

Most affordable neighborhood: Sunset District

Median one-bedroom rent: $2,380

Highlights: The Sunset District has a more suburban feel and residents can take a streetcar 40 minutes to downtown.

Washington, D.C.

Median one-bedroom rent in D.C.: $2,200

Most affordable neighborhood: Chevy Chase

Median one-bedroom rent: $1,838

Highlights: Although residents have access to downtown D.C., with shopping, restaurants and supermarkets, they don’t need to leave Chevy Chase if they don’t want to.

Chicago

Median one-bedroom rent in Chicago: $1,450

Most affordable neighborhood: Elmwood Park

Median one-bedroom rent: $1,150

Highlights: Elmwood Park has highly-rated schools and is just 30 minutes from downtown Chicago.

Dallas

Median one-bedroom rent in Dallas: $1,180

Most affordable neighborhood: Northwest Dallas

Median one-bedroom rent: $747

Highlights: A densely-populated residential suburb, Northwest Dallas has a cluster of Korean businesses and restaurants.

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