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Real Estate Prices & Overview

Museum District East median real estate price is $543,091, which is more expensive than 63.3% of the neighborhoods in Virginia and 67.9% of the neighborhoods in the U.S.

The average rental price in Museum District East is currently $2,543, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 61.0% of the neighborhoods in Virginia.

Museum District East is a densely urban neighborhood (based on population density) located in Richmond, Virginia.

Museum District East real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the Museum District East 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 1940 and 1969.

In Museum District East, the current vacancy rate is 0.7%, which is a lower rate of vacancies than 92.2% of all neighborhoods in the U.S. This means that the housing supply in Museum District East 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 Richmond, the Museum District East 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 Museum District East neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

In addition, one of the most interesting things about the Museum District East neighborhood is that it has a greater concentration of residents who live alone than most all neighborhoods in America. With 57.9% of the households here made up of people living alone, NeighborhoodScout's research reveals that this is a larger proportion of people living alone than in 98.4% of the neighborhoods in America.

Also, the rate of college educated adults in the Museum District East neighborhood is a unique characteristic of the neighborhood. 77.0% of adults here have received at least a 4-year bachelor's degree, compared to the average neighborhood in America, which has 34.3% of the adults with a bachelor's degree. The rate here is higher than NeighborhoodScout found in 96.9% of all U.S. neighborhoods.

Real Estate

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 Museum District East neighborhood is among the top 5% of American neighborhoods in terms of walkability.

In addition, do you watch 'This Old House' on Public Television? Do you love the idea of fixing up a Colonial or Victorian era home, complete with the charm of yesteryear? Do you like to stroll or drive streets lined with gracious older residences? If you found yourself nodding yes to any of these questions, you are going to be interested in this unique neighborhood. The Museum District East neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 70.0% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 98.6% of the neighborhoods in the United States.

Modes of Transportation

In the Museum District East neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 30.7% of residents worked from home. This may not seem like a large number, but Scout's research shows that this is a higher percentage of people working from home than 97.2% of the neighborhoods in America. Often people who work from home are engaged in the creative or technological economy, such as is found in areas around Boston, and in Silicon Valley. Other times, people may be engaged in other businesses like trading stocks from home, or running a small beauty salon.

Diversity

Did you know that the Museum District East neighborhood has more Armenian and Scots-Irish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.2% of this neighborhood's residents have Armenian ancestry and 3.9% have Scots-Irish ancestry.

Museum District East is also pretty special linguistically. Significantly, 0.9% of its residents five years old and above primarily speak Russian at home. While this may seem like a small percentage, it is higher than 95.1% of the neighborhoods in America.

Migration / Stability

Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. In the Museum District East neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 95.5% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.

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 Museum District East neighborhood in Richmond are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 60.3% of U.S. neighborhoods. 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 Museum District East neighborhood, 60.8% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 14.3% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (14.0%), and 10.9% in manufacturing and laborer occupations.

Languages

The most common language spoken in the Museum District East neighborhood is English, spoken by 93.3% of households. Some people also speak Spanish (2.3%).

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 Museum District East neighborhood in Richmond, VA, residents most commonly identify their ethnicity or ancestry as Irish (22.2%). There are also a number of people of English ancestry (22.0%), and residents who report German roots (19.1%), and some of the residents are also of Italian ancestry (8.2%), along with some French ancestry residents (6.7%), 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 Museum District East neighborhood spend between 15 and 30 minutes commuting one-way to work (50.7% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (63.9%) 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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