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Portland, Ore.

Neighborhood: Alberta Street Arts District

Alberta Street in northeast Portland has developed during the past decade into a neighborhood of thriving stores, coffeehouses, and artist studios. It's a funky place with a co-op grocery store and bicycles parked outside the stores and restaurants. Home prices aren't cheap here, but they're lower than in Portland's swanky neighborhoods. It's possible to buy a decent two-bedroom house for about $300,000. Move away from the main drag and prices start to fall. The Mississippi Avenue neighborhood in north Portland is also going through a similar renaissance.

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