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Real Estate Prices & Overview

Silverwood median real estate price is $473,133, which is more expensive than 55.3% of the neighborhoods in Virginia and 62.1% of the neighborhoods in the U.S.

The average rental price in Silverwood is currently $2,869, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 70.3% of the neighborhoods in Virginia.

Silverwood is a suburban neighborhood (based on population density) located in Chesapeake, Virginia.

Silverwood real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Silverwood 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 Silverwood, the current vacancy rate is 2.5%, which is a lower rate of vacancies than 82.0% of all neighborhoods in the U.S. This means that the housing supply in Silverwood 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 Chesapeake, the Silverwood neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

In a nation where 1 out of every 4 children lives in poverty, the Silverwood neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

Occupations

With 6.0% of employed workers living in the Silverwood neighborhood active in the military, this neighborhood has the distinction of having a higher proportion of people in the military than 98.9% of American neighborhoods. This is a major shaper of the neighborhood's culture and character.

Real Estate

Many people dream of living along a street lined with row houses or other attached homes. Such places do often have an abundance of charm. If you are one of these people, the Silverwood neighborhood could be your paradise. With 23.9% of the homes and real estate here classified as rowhouses or other attached homes, this neighborhood brims with opportunity to find the right place for you. Only 5.0% of U.S. neighborhoods have more row houses than this neighborhood, making it one of the most interesting things about this special neighborhood.

Diversity

Did you know that the Silverwood neighborhood has more Canadian and Slovak ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.0% of this neighborhood's residents have Canadian ancestry and 2.1% have Slovak 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 Silverwood neighborhood in Chesapeake are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 65.4% of the neighborhoods in America. In addition, 0.0% 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 100.0% 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 Silverwood neighborhood, 46.6% 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 24.0% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (14.8%), and 14.7% in sales and service jobs, from major sales accounts, to working in fast food restaurants.

Languages

The most common language spoken in the Silverwood neighborhood is English, spoken by 88.6% of households. Some people also speak Spanish (4.5%).

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 Silverwood neighborhood in Chesapeake, VA, residents most commonly identify their ethnicity or ancestry as English (15.0%). There are also a number of people of Irish ancestry (13.4%), and residents who report German roots (8.1%), and some of the residents are also of Sub-Saharan African ancestry (5.8%), along with some Asian ancestry residents (3.9%), among others. In addition, 11.3% of the residents of this neighborhood were born in another country.

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 Silverwood neighborhood spend between 15 and 30 minutes commuting one-way to work (36.6% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (78.2%) 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 (10.9%) . 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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