How much does crime and bad areas really lower property value? (cost, houses)
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How much does crime and bad areas really lower property value? It seems like in some areas, the discount is only 10% while in other areas ive seen 3 to 4 times cheaper! Take Compton, CA for example. Why are houses so insanely expensive despite it being a very terrible crime city? Are the criminals buying from each other? Another thing, howcome in CA a good area/neighboorhood costs only like 20% more than bad, yet in Texas a bad area is half to a third the price of a good area?
Even in Florida, I see houses going for $200k in high crime neighboorhoods! If all you could afford was $200k, wouldnt you be much, much better in a different state where you can get a nicer house in a safe neighboorhood? Is it really worth living in a smaller, older house in a bad neighboorhood just to be in Florida? Is that the reason why prices are so high because some people dont care about the crime?
You do realize that people OTHER than criminals live in Compton? And I'm sure you already know that Compton, along with any other city with a bad rep for crime, is not all the same area, and not all run-down and dangerous. I've never been to Compton so I'm making that statement based on my knowledge of other cities with similar, unwarranted labels. Even the city with the worst economy, highest crime rate, lowest property values, most drug abuse, etc...even in a place like that there is a "wealthier area of town" or a few nice, clean, low-street-drama neighborhoods.
Besides, your question doesn't make sense. A more clearly posed question might be "How much does crime in a bad area NEAR YOUR NEIGHBORHOOD lower property values?"
You need to take a whole city. There is no city (that I know of) where every single inch of concrete in the city is a dump. This makes no sense.
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