Neighborhood Summary

Nestled in an area characterized by affordability, this neighborhood presents a median home price of $209,300, which is notably lower than the national average. This affordability can be a significant draw for budget-conscious buyers or investors looking for cost-effective opportunities. However, the financial landscape here tells a complex story. With a median household income of $24,500, starkly below the national average, many residents face economic challenges. This is evidenced by the high percentage of the population living under the poverty line, which stands at 45%, significantly higher than the national norm. Despite these economic hurdles, the rental market remains accessible, with a median contract rent of $286, offering a rare affordability that is difficult to find elsewhere.

The neighborhood's composition is primarily renting households, with 56% of the population choosing to rent. Only 20% are homeowners, and a substantial 24% of housing units remain vacant, reflecting a potentially transient demographic or economic instability. The unemployment rate here is 12%, nearly double the national average, suggesting limited employment opportunities. These economic challenges are compounded by educational barriers, as only 4% of residents hold a college degree, which could influence the types of jobs available and the overall economic mobility within the community. Of those who do own homes, 33% own without mortgages, a sign of economic resilience amid financial adversity.

In terms of demographics, the neighborhood is predominantly Black, with a small percentage of non-US citizens at 9%. The community’s family structure varies from broader national patterns, with only 18% of households comprising married-couple families, suggesting a diverse range of household types. The financial burdens on homeowners are noteworthy, with 31% spending more than 30% of their income on mortgages, which is a critical indicator of financial strain. Though specific data on renters in similar situations isn’t available, the overall economic landscape suggests that affordability issues are pervasive.

Given some of these challenges, prospective homebuyers or investors might consider alternative neighborhoods offering similar price points but with more favorable conditions. Areas with better employment rates, higher educational attainment, and lower vacancy rates could provide a more stable investment or living environment. Such neighborhoods might offer improved prospects for growth and stability, potentially enhancing long-term financial well-being. In conclusion, while this neighborhood offers attractive home prices, the economic and social indicators suggest a need for careful consideration before investing or purchasing.