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Real Estate Prices & Overview

Lakewood median real estate price is $711,585, which is more expensive than 79.2% of the neighborhoods in Virginia and 80.9% of the neighborhoods in the U.S.

The average rental price in Lakewood is currently $405, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 99.9% of Virginia neighborhoods.

Lakewood is a suburban neighborhood (based on population density) located in Norfolk, Virginia.

Lakewood real estate is primarily made up of large (four, five or more 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 Lakewood neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.

Home and apartment vacancy rates are 8.9% in Lakewood. NeighborhoodScout analysis shows that this rate is lower than 43.2% of the neighborhoods in the nation, approximately near the middle range for vacancies.

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 Norfolk, the Lakewood 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 Lakewood neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

In addition, if you're nearing retirement age, or in retirement, the Lakewood is an excellent choice for you to consider for top-quality retirement living. This neighborhood is rated by NeighborhoodScout as among the top 7.0% of retiree-friendly neighborhoods in Virginia, combining peace and quiet, safety from crime, and offering diverse housing options from which retirees can choose. Maybe it's because of these amenities that a large proportion of the residents here are college educated seniors, mixed with other age groups. For these and other reasons, NeighborhoodScout identifies this neighborhood as a top-notch place to consider if you are thinking of or planning to retire in Virginia. In addition to being an excellent choice for active retirees, this neighborhood is also a very good choice for urban sophisticates and highly educated executives.

Occupations

With 3.7% of employed workers living in the Lakewood neighborhood active in the military, this neighborhood has the distinction of having a higher proportion of people in the military than 98.1% of American neighborhoods. This is a major shaper of the neighborhood's culture and character.

Diversity

Did you know that the Lakewood neighborhood has more Ukrainian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.9% of this neighborhood's residents have Ukrainian ancestry.

The Neighbors

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.

The neighbors in the Lakewood neighborhood in Norfolk are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 83.4% 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.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Lakewood neighborhood, 63.7% 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 15.1% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (12.1%), and 9.1% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Lakewood neighborhood is English, spoken by 88.1% of households. Some people also speak Spanish (5.2%).

Ethnicity / Ancestry

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 Lakewood neighborhood in Norfolk, VA, residents most commonly identify their ethnicity or ancestry as English (18.4%). There are also a number of people of German ancestry (12.4%), and residents who report Irish roots (8.0%), and some of the residents are also of Italian ancestry (4.8%), along with some French ancestry residents (3.9%), among others.

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 Lakewood neighborhood spend between 15 and 30 minutes commuting one-way to work (54.1% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (88.5%) drive alone in a private automobile to get to work. 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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