Neighborhood Summary

Nestled in a vibrant and culturally rich area, this neighborhood offers a unique blend of affordability and community spirit. With a median home price of $112,700, significantly lower than the national median, the area presents an attractive option for budget-conscious buyers. The median household income here is $40,270, which falls below the national average, reflecting a working-class community that is striving and resilient. A notable 27% of residents live under the poverty line, indicating economic challenges that might be a concern for potential investors focused on financial stability. The rental market is robust, with the median contract rent at $658, offering an affordable living option for renters, particularly in comparison to other areas. However, with 58% of homeowners spending 30% or more of their income on mortgages, it suggests a financial strain that is above the national norm, potentially deterring some buyers.

The neighborhood's demographic profile is diverse, with a prominent Black community adding to the cultural tapestry. Educational attainment is comparatively low, with only 14% of the population holding a college degree, which is significantly under the national average. This may influence the types of employment opportunities available, contributing to the local 4% unemployment rate, which, while slightly favorable to the national average, is offset by the high poverty level. Homeownership and renting are fairly balanced, with owners accounting for 50% of the housing market and renters for 46%. Interestingly, a substantial 21% of homeowners do not have a mortgage, indicating a segment of the population with stable, long-term investment in their properties.

In terms of family dynamics, only 15% of households are married-couple families, a figure noticeably lower than the national average, suggesting a community with a higher number of single-parent families or individuals living alone. The neighborhood enjoys a low vacancy rate of 4%, which indicates stable demand for housing. Despite some economic challenges, the area’s affordability, coupled with its cultural depth, makes it appealing for those looking to invest in emerging communities.

Given some of the less favorable metrics like the high percentage of residents burdened by housing costs and lower educational attainment, prospective buyers and investors might also consider nearby neighborhoods with similar home prices but improved economic indicators. Exploring areas with higher educational levels and lower poverty rates could offer more stable investment opportunities while still benefiting from the region's affordability. Ultimately, this neighborhood brims with potential for growth and revitalization, making it an intriguing choice for those willing to invest in its future.