Olneyville median real estate price is $468,073, which is less expensive than 63.3% of Rhode Island neighborhoods and 38.4% of all U.S. neighborhoods.
The average rental price in Olneyville is currently $1,846, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 91.6% of Rhode Island neighborhoods.
Olneyville is a densely urban neighborhood (based on population density) located in Providence, Rhode Island.
Olneyville real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and apartment complexes/high-rise apartments. Most of the residential real estate is renter occupied. Many of the residences in the Olneyville neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1970 and 1999.
Olneyville has a 14.1% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 77.8% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.
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 Providence, the Olneyville neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate of neighborhoods dominated by small 2, 3, and 4 unit apartment buildings. Many are in older core neighborhoods of Eastern and Midwestern cities, or historic town centers in their hinterlands. If you wax romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist at the corner, then you might find the Olneyville neighborhood worth a close look. This neighborhood is an absolutely outstanding example of the dominance of small 2, 3, and 4 unit apartment buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood's real estate stock. In fact, no less than 46.0% of the real estate here is made up of such dwellings, which is higher than 98.1% of all U.S. neighborhoods.
In addition, even if you drive or take transit to your place of employment, many people enjoy being able to walk in their neighborhood. What many people don't realize is that most of America's premier vacation locations are also very walkable. The Olneyville neighborhood is among the top 5% of American neighborhoods in terms of walkability.
Furthermore, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 70.6% of the residential real estate in the Olneyville neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 98.7% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.
More people work in manufacturing and as laborers here in the Olneyville neighborhood than in 96.4% of the neighborhoods in America. Despite the loss of manufacturing jobs across the nation, this neighborhood remains a place where, compared to other parts of the country, you will find many laborers and manufacturers.
Did you know that the Olneyville neighborhood has more Dominican and Puerto Rican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 27.2% of this neighborhood's residents have Dominican ancestry and 25.6% have Puerto Rican ancestry.
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 Olneyville neighborhood in Providence are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 82.9% of U.S. neighborhoods. With 27.9% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 80.1% of U.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 Olneyville neighborhood, 43.1% of the working population is employed in manufacturing and laborer occupations. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 29.9% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (21.1%), and 5.8% in clerical, assistant, and tech support occupations.
The most common language spoken in the Olneyville neighborhood is English, spoken by 54.3% of households. Some people also speak Spanish (41.7%).
Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.
In the Olneyville neighborhood in Providence, RI, residents most commonly identify their ethnicity or ancestry as Dominican (27.2%). There are also a number of people of Puerto Rican ancestry (25.6%), and residents who report English roots (8.3%), and some of the residents are also of Italian ancestry (6.2%), along with some South American ancestry residents (3.3%), among others. In addition, 30.6% of the residents of this neighborhood were born in another country.
How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Olneyville neighborhood spend under 15 minutes commuting one-way to work (32.9% of working residents), one of the shortest commutes across America.
Here most residents (68.6%) 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 (18.2%) and 9.0% of residents also hop out the door and walk to work for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.