Neighborhood Summary

Nestled in an urban setting, this neighborhood offers a distinctive lifestyle characterized by affordability and a vibrant community spirit. With a median home price of $85,700, it presents a remarkable opportunity for buyers seeking entry into the real estate market, especially when compared to the national median home price that typically soars above $400,000. This affordability, however, comes with certain trade-offs. The neighborhood faces socioeconomic challenges, including a poverty rate of 48%, significantly higher than the national average of around 11%. This suggests that while housing is affordable, economic opportunities may be limited, impacting overall community welfare.

The community shows a notable preference for renting, with 60% of residents being renters compared to only 25% who own their homes. This contrasts with national trends where homeownership often predominates. Surprisingly, a large portion of homeowners, 55%, own their properties outright, a figure that contrasts positively when considering the burden of mortgages. However, 39% of those with a mortgage spend 30% or more of their income on housing, illustrating financial strain akin to national concerns about housing affordability. With 15% of housing units vacant, there are opportunities for investment, yet this rate indicates potential issues with demand or economic stability.

Socially, the neighborhood is diverse, with a dominant Black population and 10% of residents being non-US citizens, enriching the cultural tapestry. Family structures here differ from national averages, with only 27% of households consisting of married-couple families. The local unemployment rate of 7% is higher than the national average, highlighting economic hurdles that potential investors should consider. Educational attainment data is missing, but given the economic indicators, this could impact the quality of life and future growth prospects.

For potential homebuyers and investors drawn to affordability but wary of these metrics, it might be wise to explore alternative neighborhoods within the area that maintain similar price points but offer more favorable socioeconomic conditions. Such areas may provide a more balanced mix of economic opportunity and community stability, aligning better with long-term investment goals while still providing affordable housing options. This balance between affordability and opportunity is crucial for making informed real estate decisions.