Neighborhood Summary

Nestled in an area rich with culture and history, this neighborhood presents a unique blend of challenges and opportunities for potential homebuyers and real estate professionals. With a median home price of $209,300, it offers an affordable entry point into the housing market when compared to the national average, which hovers around $375,000. However, a deeper dive into the neighborhood’s demographics reveals complexities that warrant careful consideration. The median household income stands at $24,500, significantly below the national average of approximately $70,000, highlighting economic challenges that are further emphasized by a poverty rate of 45%. These figures suggest a community that may be struggling economically, with limited disposable income and investment potential.

The rental market offers a silver lining with a median contract rent of $286, presenting an extremely affordable option compared to the national median rent, which is around $1,100. Despite this affordability, the rental market is more prevalent than ownership, as 56% of residents rent their homes while only 20% are homeowners. This is coupled with a concerning 24% of vacant housing units, indicating potential for property value stagnation and possible disinvestment. The unemployment rate here is notably high at 12%, compared to a national rate of around 4%, and only 4% of residents hold a college degree, which may pose challenges in attracting higher-paying job opportunities.

Socially, the neighborhood has a predominantly Black population, which enriches the community's cultural landscape but also reflects broader socio-economic disparities. Only 18% of households are married-couple families, which is lower than the national average of about 50%, indicating a higher prevalence of single-income households. A positive aspect is that 33% of owners are living without mortgages, providing some financial stability. However, for those with mortgages, 31% allocate 30% or more of their income towards housing costs, a considerable financial burden that aligns closely with national figures.

In light of these challenges, individuals seeking more favorable metrics while maintaining a similar price point might consider exploring alternative neighborhoods nearby. Areas that offer similar home prices but with higher median incomes, lower unemployment rates, and more prevalent home ownership could provide a more balanced investment environment. Given these insights, potential buyers and investors are encouraged to weigh these factors carefully, considering both the potential for growth and the inherent risks associated with such economic landscapes. This neighborhood holds promise for those ready to invest in communities on the cusp of revitalization while providing social and economic support.