A House on Penny Road Will Cost More Than a House on Penny Lane
Theoretically, if you were to buy a house on an Abbey Road, it would cost you $23 more per square foot than if you bought one on an Abbey Street.
A new study by real-estate website Trulia finds that houses on certain street-types - like "boulevard" or "place" - can cost as much as $30 more per square foot than those on more a layman "street" (tourist-meccas like Lombard Street being obvious exceptions).
For the study, Trulia culled their database of homes for sale, narrowed the search to include street names with at least 10,000 listings, and compared a house's price per square foot to the street type it's located on. After homes located on a "boulevard" ($117 per square foot), "place" takes second with $110 per square foot, followed by "road" with $109. A few street names tied: It makes no difference if you live on a "court" or a "lane" (both $101 per square foot), as well as an "avenue" or "drive" (both $96).
Chart courtesy of Trulia
The post offers some explanation for the huge price differences:
Why is "boulevard" the most expensive address suffix? Well, while the word does have a sophisticated French origin, it actually might have more to do with the mix of the homes located there. Approximately, 37 percent of homes on “boulevards” are in multi-unit buildings, such as apartments and condos. In contrast, these types of homes make up no more than 16 percent of homes on every other address suffix. A greater concentration of multi-unit buildings could drive up costs as they are often located in denser, urban areas where space is at a premium.
But Trulia also notes that these premium addresses only represent 2 percent of listings, as compared to 22 percent for houses on drives and 19 percent on streets. It's also worth noting that many major cities, like New York, Washington, D.C., or San Francisco, are set on a grid of perpendicular avenues and streets — two of the lowest-priced street names.