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Real Estate Prices & Overview

Hollywood median real estate price is $55,617, which is less expensive than 99.3% of Tennessee neighborhoods and 98.8% of all U.S. neighborhoods.

The average rental price in Hollywood is currently $1,141, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 94.7% of Tennessee neighborhoods.

Hollywood is a suburban neighborhood (based on population density) located in Memphis, Tennessee.

Hollywood real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Hollywood neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built before 1940.

Vacant apartments or homes are a major fact of life in Hollywood. The current real estate vacancy rate here is 17.3%. This is higher than the rate of vacancies in 82.6% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.

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 Memphis, the Hollywood neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Occupations

From major sales accounts to fast-food workers, sales and service employees are often the backbone of the local economy. In the Hollywood neighborhood, they truly stand out. NeighborhoodScout's exclusive analysis identifies this neighborhood as having a higher percentage of sales and service workers than 99.2% of all American neighborhoods.

People

The Hollywood neighborhood stands out for having an average per capita income lower than 98.8% of the neighborhoods in the United States. Also of note, 77.0% of the children in this area live in poverty; an extraordinarily high percentage compared to other neighborhoods in the nation. In a nation where approximately one in four children grows up in poverty, this neighborhood stands out for the depth of the problem manifested here.

In addition, the Hollywood neighborhood is unique for having just 3.2% of adults here having earned a bachelor's degree. This is a lower rate of college graduates than NeighborhoodScout found in 98.2% of America's neighborhoods.

Also, whether by choice, divorce, or unplanned pregnancy, single moms may have the toughest job in the book. NeighborhoodScout's exclusive analysis reveals that the Hollywood neighborhood has more single mother households than 96.7% of the neighborhoods in the U.S. Often high concentrations of single mother homes can be a strong indicator of family and social issues such as poverty, high rates of school dropouts, crime, and other societal problems.

Modes of Transportation

More people ride the bus in this neighborhood each day to get to work than 98.7% of U.S. neighborhoods.

Car Ownership

Most American households own a car or other vehicle. Many own two cars or perhaps three. In the United States, it is useful to have an automobile not only for commuting, but also for shopping and getting to other services one needs. But NeighborhoodScout's analysis revealed that households in the Hollywood neighborhood have a highly unusual car ownership. 27.9% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 96.9% of U.S. neighborhoods.

Diversity

Did you know that the Hollywood neighborhood has more Sub-Saharan African and African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 26.0% of this neighborhood's residents have Sub-Saharan African ancestry and 18.4% have African 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 Hollywood neighborhood in Memphis are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 98.8% of U.S. neighborhoods. With 77.0% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 99.2% of U.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 Hollywood neighborhood, 48.5% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 29.3% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (16.8%), and 5.4% in executive, management, and professional occupations.

Languages

The most common language spoken in the Hollywood neighborhood is English, spoken by 98.7% of households.

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 Hollywood neighborhood in Memphis, TN, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (26.0%). There are also a number of people of African ancestry (18.4%).

Getting to Work

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 Hollywood neighborhood spend between 15 and 30 minutes commuting one-way to work (72.6% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (77.3%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (20.4%) . 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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