Neighborhood Summary

Nestled within the heart of the city, this neighborhood offers a unique blend of cultural richness and affordability, with a median home price of $291,500, aligning closely with the national average. However, potential homebuyers and real estate investors should weigh various economic and social factors to understand the true living conditions and investment potential of the area. The community presents a median household income of $32,833, significantly lower than the national median, which reflects on the overall economic challenges faced by its residents. With 29% of the population living below the poverty line, this figure starkly contrasts with the national average, highlighting a need for economic revitalization and employment opportunities within the area. The unemployment rate of 12% further underscores the economic struggles, considerably higher than the typical national rate, indicating a competitive job market.

When examining housing dynamics, the neighborhood is predominantly renter-occupied, with renters comprising 62% of the population, and homeowners at a modest 27%, alongside a vacancy rate of 11%. This reflects a transient community, possibly due to the lower median contract rent of $296, making it an affordable rental market. However, with 26% of homeowners spending more than 30% of their income on mortgages, financial strain is evident. The educational landscape reveals that 21% of the residents hold a college degree, which is below the national average, potentially influencing the lower income levels and higher unemployment rates as well.

Socially, the community is characterized by its dominant black population, contributing to its rich cultural fabric. With only 11% of households being married-couple families, there is a diverse array of family structures. Interestingly, the neighborhood sees a small number of non-US citizens, accounting for a mere 3% of the population, perhaps indicating a rather stable demographic composition. While the crime index wasn't provided, understanding its safety profile could further guide homebuyer decisions. In comparison to national benchmarks, many metrics are less appealing, suggesting potential buyers consider alternative neighborhoods.

For those seeking different options, nearby communities with similar median home prices might offer more favorable conditions such as higher median household incomes and lower unemployment rates, fostering a more prosperous living environment. Exploring areas that present a balanced mix of affordability, safety, and economic opportunity can provide a better quality of life and promising investment potential. As you navigate through the possibilities, finding a neighborhood that aligns with your financial, lifestyle, and future growth aspirations is paramount in making a well-informed decision.