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Real Estate Prices & Overview

Museum District East median real estate price is $461,076, which is more expensive than 53.7% of the neighborhoods in Virginia and 60.9% of the neighborhoods in the U.S.

The average rental price in Museum District East is currently $2,147, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 57.2% of Virginia neighborhoods.

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 1970 and 1999.

Real estate vacancies in Museum District East are 4.0%, which is lower than one will find in 71.2% of American neighborhoods. Demand for real estate in Museum District East is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.

Notable & Unique Neighborhood Characteristics

When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.

People

Of note is NeighborhoodScout's research finding that the Museum District East neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the Museum District East community truly stands out from the rest in this regard.

In addition, the types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. NeighborhoodScout's exclusive analysis reveals that this neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 57.0%. This is a higher percent living alone than we found in 98.0% of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.

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, 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 58.5% of the residential real estate in the Museum District East neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 96.3% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.

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 34.3% 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 95.5% 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 Jamaican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.3% of this neighborhood's residents have Armenian ancestry and 6.8% have Jamaican 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.

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 Museum District East neighborhood in Richmond are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 48.0% 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 Museum District East neighborhood, 61.0% 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 22.9% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (9.4%), and 6.7% in manufacturing and laborer occupations.

Languages

The most common language spoken in the Museum District East neighborhood is English, spoken by 97.7% of households.

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 Museum District East neighborhood in Richmond, VA, residents most commonly identify their ethnicity or ancestry as Irish (15.8%). There are also a number of people of English ancestry (14.7%), and residents who report German roots (14.4%), and some of the residents are also of Jamaican ancestry (6.8%), along with some Italian ancestry residents (5.2%), among others.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Museum District East neighborhood spend under 15 minutes commuting one-way to work (48.6% of working residents), one of the shortest commutes across America.

Here most residents (58.3%) 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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