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Pico Union Hot, Expensive

Photo courtesy of Zillow.com
Businessweek checks in with America's "hottest neighborhoods," meaning areas with the highest median home-value appreciation in the past five years. And hey, Pico Union in downtown Los Angeles makes the cut since home prices in the area have leapfrogged nearly 300 percent since 2001. Five years ago, the median home price in Pico Union cost $129,621, but today homes cost $516,498. Not everyone loves progress, notably the immigrants from El Salvador "who are being forced out of [Pico Union] by rising rents and the bulldozing of old buildings," according to the magazine.

Additional neighborhoods in the study include Chicago's East Garfield Park, the Bronx's Kingsbridge Heights, Boston's Dorchester (Dorchestah!), and more.
· America's Next Hot Neighborhoods [Businessweek]