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Real Estate Prices & Overview

South Franklin median real estate price is $294,621, which is more expensive than 69.7% of the neighborhoods in Indiana and 38.8% of the neighborhoods in the U.S.

The average rental price in South Franklin is currently $1,926, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 83.3% of the neighborhoods in Indiana.

South Franklin is a suburban neighborhood (based on population density) located in Indianapolis, Indiana.

South Franklin real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner occupied. Many of the residences in the South Franklin 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 South Franklin, 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 South Franklin is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Indianapolis, the South Franklin neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

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 South Franklin 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.

People

A majority of the adults in the South Franklin neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for Indiana by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 95.2% of the neighborhoods in Indiana. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for first-time home buyers.

Diversity

Did you know that the South Franklin neighborhood has more Armenian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 0.8% of this neighborhood's residents have Armenian ancestry.

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 South Franklin neighborhood in Indianapolis are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 72.5% of the neighborhoods in America. In addition, 6.2% 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 61.0% of America's neighborhoods.

The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.

In the South Franklin neighborhood, 56.1% 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 19.9% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (16.5%), and 7.5% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the South Franklin neighborhood is English, spoken by 91.1% of households.

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the South Franklin neighborhood in Indianapolis, IN, residents most commonly identify their ethnicity or ancestry as German (18.3%). There are also a number of people of Irish ancestry (12.6%), and residents who report Asian roots (12.0%), and some of the residents are also of English ancestry (9.6%), along with some Scottish ancestry residents (4.7%), among others.

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 South Franklin neighborhood spend between 15 and 30 minutes commuting one-way to work (35.9% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (82.5%) 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 (9.2%) . 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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