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Real Estate Prices & Overview

Richmond West median real estate price is $710,760, which is more expensive than 83.8% of the neighborhoods in Florida and 80.2% of the neighborhoods in the U.S.

The average rental price in Richmond West is currently $3,426, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 87.1% of the neighborhoods in Florida.

Richmond West is a densely urban neighborhood (based on population density) located in Miami, Florida.

Richmond West real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and mobile homes. Most of the residential real estate is owner occupied. Many of the residences in the Richmond West neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.

In Richmond West, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in Richmond West is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.

Real Estate

Owner-occupied real estate dominates the Richmond West neighborhood. In fact, according to NeighborhoodScout research, the percentage of residential real estate occupied by its owner is higher here than in 99.7% of neighborhoods in America. This neighborhood has the distinction of having one of the lowest real estate vacancy rates of any neighborhood in America. With just 0.0% of the real estate vacant, this indicates an exceptionally strong demand for real estate in the Richmond West neighborhood, and/or an issue with creating enough supply for the demand. This could have the effect of increasing real estate prices, increasing supply to meet demand, or both.

In addition, most neighborhoods are composed of a mixture of ages of homes, but the Richmond West stands out as rather unique in having nearly all of its residential real estate built in one time period, namely between 1970 and 1999, generally considered to be established, but not old housing. What you'll sense when you look around or drive the streets of this neighborhood is that many of the residences look the same because of this similarity of age. In fact, 96.8% of the residential real estate here was built in this one time period.

Length of Commute

Regardless of the means by which residents commute, this neighborhood has a length of commute that is notable. Long commutes can be brutal. They take time, money, and energy, leaving less of you for yourself and your family. The residents of the Richmond West neighborhood unfortunately have the distinction of having, on average, a longer commute than most any neighborhood in America. 15.1% of commuters here travel more than one hour just one-way to work. That is more than two hours per day. This percentage with two-hour + round-trip commutes is higher than NeighborhoodScout found in 98.7% of all neighborhoods in America.

People

If you're looking for a great spot to raise a family, then look no further than the Richmond West neighborhood. NeighborhoodScout's analysis found that the combination of good quality public schools, above-average safety from crime, and a high rate of home ownership in predominantly single-family homes, help make this neighborhood among the top 12.8% of family-friendly neighborhoods across the state of Florida. In addition, there are a high proportion of other families with school-aged children living here, making it easy for parents and their children to socialize and develop a sense of community support. In addition, families here highly value education, as is reflected by the strength of the local schools, in part due to the educational attainment of the parents here, who vote in support of the public schools.

Diversity

Did you know that the Richmond West neighborhood has more Cuban and South American ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 60.8% of this neighborhood's residents have Cuban ancestry and 8.6% have South American ancestry.

Richmond West is also pretty special linguistically. Significantly, 87.4% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 99.4% of all U.S. neighborhoods.

Migration / Stability

The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. What is interesting to note, is that the Richmond West neighborhood has a greater percentage of residents born in another country (54.8%) than are found in 98.4% of all U.S. neighborhoods.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the Richmond West neighborhood in Miami are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 81.8% of the neighborhoods in America. In addition, 2.8% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 71.3% of America's neighborhoods.

A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.

In the Richmond West neighborhood, 39.0% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 31.5% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (18.3%), and 11.1% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Richmond West neighborhood is Spanish, spoken by 87.4% of households. Some people also speak English (10.5%).

Ethnicity / Ancestry

Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.

In the Richmond West neighborhood in Miami, FL, residents most commonly identify their ethnicity or ancestry as Cuban (60.8%). There are also a number of people of South American ancestry (8.6%), and residents who report Puerto Rican roots (6.7%), and some of the residents are also of Spanish ancestry (2.5%), along with some Asian ancestry residents (2.2%), among others. In addition, 54.8% of the residents of this neighborhood were born in another country.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Richmond West neighborhood spend between 45 minutes and one hour commuting one-way to work (50.3% of working residents), longer and tougher than most commutes in America.

Here most residents (80.9%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (12.9%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.

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