Neighborhoods in this category, like Federal Hill, Canton and Homeland, have robust housing markets with high owner-occupancy rates and high property values. Foreclosure, vacancy and abandonment rates are all very low. Most direct market interventions are not necessary in the Competitive market. Basic municipal services such as street maintenance are essential to maintaining these markets. While densities do vary single family detached homes predominate and these areas typically don’t have a mix of housing types.
Neighborhoods in the “Emerging” category, such as Abell, Hampden and Mt. Vernon, have robust housing markets but with homeownership rates slightly below the citywide average; this category appeals to property owners interested in tapping into a strong rental market. Median sales price is above $244,000. Additional incentives for development and investment in the Emerging market would recognize its potential for growth. There is more variety in housing types and more commercial areas than in the competitive cluster.
This cluster includes neighborhoods such as Reservoir Hill, Lauraville and Violetville. Median sale price is around $160,000 and the rate of foreclosure is just below the City average of 5%. In Stable markets, the City should consider stabilizing and marketing any vacant houses. Traditional housing code enforcement is also essential to maintain the existing housing stock. Homeownership is still significant at 55%.
Neighborhoods in the "Transitional" category, such as Allendale, Belair Edison and Kenilworth Park, are found typically at the inner edge of the stable neighborhoods. These neighborhoods have moderate real estate values with median sale prices between $80,000-$100,000, with higher median sales in areas with commercial land uses. Foreclosure rates are slightly higher than average, but occupancy rates are still higher than average. This cluster also has the highest rate of rental subsidy. The City should support homeowners who may be facing economic hardships due to the national economy.
These neighborhoods, which include Middle East, Penn North and Westport, have nearly 4 times the levels of vacant homes and vacant lots as found in other categories. Sale prices typically range from $36,000 - $40,000. Distressed markets tend to rely on comprehensive housing market inventions, such as site assembly and tax increment financing. One of the six criteria for identifying the Growth Promotion Areas includes neighborhoods located in distressed markets. Demolitions in the Distressed markets should be clustered to create potential for greater public safety as well as marketability. The housing type here is predominately rowhouse.