SANTA CLARA, Calif., and SAN FRANCISCO/ Oct. 5, 2017 (StlRealEstate.News) — Can’t live without your artisanal coffee, avocado toast or an indie record store? Columbus is the place for you, according to a new data collaboration from realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., and Yelp, the company that connects consumers with great local businesses. Released today, the realtor.com® Yelp Hottest Hipster Markets in America list identifies the most in-demand housing markets in the U.S. with the highest concentrations of “hipster” businesses for home buyers looking to embrace indie culture.
From a housing perspective, all the markets on the realtor.com® Yelp Hottest Hipster Markets in America list have strong market dynamics, showing healthy buyer demand with homes selling in an average of 30 days. Each market also has low or average unemployment rates ranging from 2.7 percent to 4.6 percent, compared to 4.4 nationally.
With all the hipster businesses in town it comes as no surprise that these markets are also highly sought after by millennials. Overall, millennials — ages 25 to 34 — in the top ten markets make up an average of 22 percent of the population, higher than the national population share of millennials of 13 percent. Additionally, these markets are continuing to draw interest from a younger crowd, as the millennial age group is viewing property listings at a rate 1.2 times greater than the share of millennials already living in the area, indicating strong interest from other millennials wanting to move into these neighborhoods.
Yelp data shows that mentions of “hipster” occur across a wide range of businesses, from music venues and dive bars, to restaurants, barbers, and vinyl record shops. While some cities and ZIP codes, like Seattle, may be more recognizable as traditional hipster havens, Yelp data shows that there are many under-the-radar locations where Yelpers have identified neighborhoods that tout cool, hipster businesses. The average star rating of businesses with mentions of hipster in the Columbus zip code is 3.8, with the top 10 ZIP codes averaging 4 stars. Beyond searching for hipster businesses, Yelp also offers tools for homeowners like Request a Quote, which allows people to send requests to up to 10 home service providers at once.
“Yelpers are great at identifying up-and-coming areas and businesses, which allows us to predict trends as well as uncover detailed data on what’s happening in local economies right now,” said Carl Bialik, Yelp data editor. “While ‘hipster’ is something of a cliche, it turns out to be a useful term to uncover the types of businesses and attributes we often associate with cool hunters, such as visually appealing interiors and less touristy parts of town.”
The realtor.com® Yelp Hottest Hipster Markets in America list was developed by first leveraging Yelp data to rank ZIP codes by the greatest gap between the share of reviews in the ZIP containing the word “hipster” and the share in the ZIP’s city. The realtor.com® Market Hotness Index was then calculated for each market (based on realtor.com® page views and days on market). Markets were then ranked based on a composite index made up of both the Yelp differential and the realtor.com® hotness index. Only one ZIP code per metropolitan area was included. The neighborhoods listed have the most businesses associated with that neighborhood within the ZIP code.
Facts About Realtor.com® and Yelp’s Top 10 Hipster Markets
1. Columbus – ZIP 43202 (Clintonville, Ohio)
The draw: Columbus features art, music, theater, museums, and culture, in addition to being home to Ohio State University. It has a strong economic ecosystem with employers like JP Morgan Chase and a thriving startup scene, with nearly 72 startups for every 1,000 businesses in the area. In addition, after New York and Los Angeles, Columbus is home to more fashion designers than any other U.S. metro area, with a pipeline of young design talent coming from the Columbus College of Art & Design.
Clintonville hipster hotspot: Harvest Bar + Kitchen
Review highlights: Kale Caesar salad, lunch special
The stats: The median listing price is $269,455. The median household earns $44,007 a year, with a low county unemployment rate of 3.8 percent. Millennials make up 28.8 percent of its population, contributed contribute to 26 percent of all page views in the area on realtor.com®, and have a median household income of $46,265.
2. Seattle – 98122 (Capitol Hill)
The draw: Capitol Hill offers a strong collection of restaurants, bars, boutiques, and culture. Seattle has a booming economy, with tens of thousands of job openings pulling young technophiles into the city.
Seattle-dwellers are some of the most active people in the U.S., with open spaces and parks located all around the city, and Mt. Rainier closeby for hiking in the summer and skiing in the winter.
Capitol Hill hipster hotspot: Porchlight Coffee & Records
Review highlights: Cold brew, chill vibe
The stats: The median listing price is $756,653. The median household earns $65,367 a year, with a low county unemployment rate of 3.2 percent. Millennials make up 26.6 percent of the population, contribute to 23.8 percent of all page views in the area on realtor.com®, and have a median household income of $61,089.
3. San Diego – 92104 (North Park)
The draw: San Diego is known for a plethora of local breweries, farmer’s markets, beach eateries and nightlife for the non-mainstream crowd. Compared to California cities like Los Angeles and the San Francisco Bay Area, San Diego boasts of lower rent and mortgages on average. A concentration of top universities and a thriving startup scene bring many young buyers and renters to the area.
North Park hipster hotspot: Pigment
Review highlights: Air plants, terrariums
The stats: The median listing price is $597,000. The median household earns $55,130 a year, with a county unemployment rate of 4.1 percent. Millennials make up 23 percent of the population, contribute to 25.4 percent of all page views in the area on realtor.com®, and have a median household income of $55,772.
4. Fort Wayne – 46802
The draw: Fort Wayne offers fun traditions like BuskerFest, an annual celebration of street performers. Fort Wayne adjusted to the shrinking manufacturing industry faster than its Rust Belt counterparts and today has a strong economy with a lower unemployment rate than other cities in the area.
Hipster hotspot: Junk Ditch Brewing Company
Review highlights: Joseph Decuis Farm Wagyu beef, brunch
The stats: The median listing price is $163,925. The median household earns $29,591 a year, with a county unemployment rate of 3.3 percent. Millennials make up 19.9 percent of the population, contribute to 27 percent of all page views in the area on realtor.com®, and have a median household income of $32,243.
5. Rochester – 14620 (Highland Park)
The draw: Rochester’s Highland Park neighborhood is best-known for its arboretum by the same name, which hosts an annual Lilac Festival drawing in visitors from out of town. From Shakespeare in the Park to live music during the summer, Highland Park is a hotspot for local residents, helping to create the tight-knit community that Rochester residents love.
Highland Park hipster hotspot: The Playhouse Swillburger
Review highlights: Pinball machine, vampire fries
The stats: The median listing price is $154,925, making it an affordable place for a younger population to settle. The median household earns $43,550 a year, with a county unemployment rate of 4.58 percent. Millennials make up 23.1 percent of the population, contribute to 24 percent of all page views in the area on realtor.com®, and have a median household income of $45,871.
6. San Francisco – 94117 (The Haight)
The draw: Hippie mecca Haight-Ashbury has transitioned into a hipster-friendly neighborhood. The Haight offers a plethora of restaurants and bars, and its proximity to Golden Gate Park’s free events and concerts can’t be beat.
The Haight hipster hotspot: The Alembic
Review highlights: Cocktail menu, pickled quail eggs
The stats: Even San Francisco’s most hipster neighborhood costs significantly more than the national average. The median home in The Haight costs $1,396,500. The median household income in this area soars above the national median at $111,817 and its county unemployment rate is well below the national average at 2.9 percent, making the high cost of living more accessible. Millennials make up 31 percent of the population, contribute to 23.8 percent of all page views in the area on realtor.com®, and have a median household income of $113,762.
7. Long Beach – 90814
The draw: Just south of Los Angeles, Long Beach is a more relaxed, cheaper and friendlier option for those drawn to Long Beach’s social, tight-knit community and charming Spanish-style homes. Add in great dive bars and a vibrant art scene, and it’s no surprise Long Beach is one of the most hipster towns in America.
Hipster hotspot: Viento y Agua Coffeehouse & Gallery
Review highlights: Open mic nights, Mexican mocha
The stats: The median price to buy a home in Long Beach is $737,000. The average household earns $60,751 a year, with an unemployment rate of 4.5 percent. Millennials make up 19.2 percent of the population, contribute to 22.3 percent of all page views in the area on realtor.com, and have a median household income of $52,001.
8. Louisville – 40217 (Schnitzelburg)
The draw: With a strong community and affordable local restaurant scene, Schnitzelberg has seen growing popularity over the past several years. Schnitzelberg is a quirky neighborhood with traditions like hosting the World Dainty Championship the last Monday of July.
Schnitzelburg hipster hotspot: Zanzabar
Review highlights: Bands, pinball machines
The stats: Schnitzelberg is one of the most affordable areas on the list, with a median home price of $173,950. The average household earns $53,134 a year, with an unemployment rate of 4.6 percent. Millennials make up 19.3 percent of the population, contribute to 27.7 percent of all page views in the area on realtor.com, and have a median household income of $53,134.
9. Grand Rapids – 49506
The draw: Between the public art installations and extensive craft brewery scene, it’s no wonder hipsters love Grand Rapids. It attracts artists, musicians, young families, and has a strong LGBTQ community, which puts on the highly-anticipated Grand Rapids Pride event every summer.
Hipster hotspot: Brewery Vivant
Review highlights: Beer cheese, stained glass window
The stats: The median home price in Grand Rapids is $387,000. The average household earns $63,308 a year, with an unemployment rate of 3.2 percent. Millennials make up 13.8 percent of the population, contribute to 25.4 percent of all page views in the area on realtor.com, and have a median household income of $67,680.
10. Colorado Springs – 80903
The draw: Colorado Springs offers the same natural beauty and proximity to world-class skiing and hiking that nearby Denver does, but with a lower cost of living and unemployment rate. Its quaint downtown is filled with mom and pop shops and local watering holes.
Hipster hotspot: Shuga’s
Review highlights: Patio, lavender lemonade
The stats: The median price to buy a home in Colorado Springs is $337,000. The average household earns $37,215 a year, with an unemployment rate of 2.7 percent. Millennials make up 16.8 percent of the population, contribute to 22.5 percent of all page views in the area on realtor.com, and have a median household income of $43,841.
Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
Yelp Inc. connects people with great local businesses. Yelp was founded in San Francisco in July 2004. Since then, Yelp communities have taken root in major metros across 32 countries. By the end of Q2 2017, Yelpers had written approximately 135 million rich, local reviews, making Yelp the leading local guide for real word-of-mouth on everything from boutiques and mechanics to restaurants and dentists. Approximately 28 million unique devices* accessed Yelp via the Yelp app, approximately 74 million unique visitors visited Yelp via mobile web** and approximately 83 million unique visitors visited Yelp via desktop*** on a monthly average basis during the Q2 2017. For more information, please visit http://www.yelp.com or send an email to firstname.lastname@example.org.
* Calculated as the number of unique devices accessing the app on a monthly average basis over a given three-month period, according to internal Yelp logs.
** Calculated as the number of “users,” as measured by Google Analytics, accessing Yelp via mobile website on a monthly average basis over a given three-month period.
*** Calculated as the number of “users,” as measured by Google Analytics, accessing Yelp via desktop computer on an average monthly basis over a given three-month period.
SOURCE: realtor.com; Yelp