Note: The following article was recently published in Bloomberg’s Businessweek. Definitely worth noting!!!
Ocean City, Md., came in at No. 1 in a nationwide ranking of ZIP codes with the best nightlife and the most affordable housing.
By Venessa Wong of Bloomberg Businessweek
The most fun for homebuyers on a budget? Look to Maryland
Ocean City, Md., a resort town about 70 miles south of Dover, Del., has long drawn large crowds with its beach, bay and hundreds of dining and nightlife offerings. A popular destination for young singles and families, the town of 10,246 people swells to about 250,000 during the summer, according to city estimates. Surprisingly, living in the middle of all this action can be affordable. Homes in the Ocean City area have a median price of $243,600, while the state median is $232,500, according to Better Homes & Gardens Real Estate and real-estate data provider Onboard Informatics.
Ocean City, also known as OCMD to habitues, emerged as the country’s most affordable and fun city in a ranking by Better Homes & Gardens Real Estate’s Lifestyle Search. “There are two or three ultracool cities that everyone wants to live in,” says Sherry Chris, chief executive of BHG Real Estate. “The problem is it’s very expensive to live in those cities, so that eliminates them as a possibility for many people.” Because lifestyle and community are more important for “echo boomers,” or 18- to 34-year-olds, than for older buyers, Chris says, identifying affordable places with active downtown areas and a cool atmosphere is key to attracting the current generation of home-buyers.
After Ocean City, the next most affordable and fun cities were the Ala Moana-Kakaako section of Honolulu; Tempe, Ariz.; Scottsdale, Ariz.; and Greenville, S.C.