download.file(
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destfile = towns_file
)The rising value of single family homes near Smith College has become a serious concern for new professors trying to move to the area. The majority of homes within a 10 minute walk to Smith have reached assessed values of around $800K. This is a striking difference to the median cost for a home in Northampton, which is around $300K according to RedFin. This value spike has also impacted residential areas near the college that are also close to recreational areas, which are typically hotly in demand. Homes such as those near Child’s Park, which is a 20 minute walk to Smith, have average values between $500K-$600K. Living near the college is clearly a driving factor for these high values, as areas like Florence, which is a 40 minute walk to Smith, have assessed values closer to $400K. These numbers are especially troubling knowing that assessed home values are typically 80% of the actual market value, according to Forbes. Ultimately, this increase in housing values raises questions regarding the state of affordable housing in Northampton as demand increases and reasonably priced homes within the city begin to dwindle. In the years to come, Northampton real estate may become even more competitive, forcing prospective buyers to either shell out more money, or be pushed into neighboring towns in an attempt to procure more moderately priced houses.