What do we mean by a neighborhood?
NeighborhoodScout® uses the official government designation for neighborhoods - the census tract.
Census tracts are small, relatively permanent subdivisions of a county that are defined by the U.S. Census Bureau in conjunction with local authorities all across the country to define real neighborhoods that are bounded to contain areas with homogeneous population characteristics (including economic status, lifestyle, and living conditions). Census tracts usually have 4,000 persons, but can range between 1,500 and 8,000 persons. This is the most fine-grained area for which detailed information is made available from the government, to protect the individual privacy of each of us. Because census tracts are based on population, they vary in size depending on the density of settlement. In urban areas, they are small, and in rural areas they can cover an entire small town or even a few small towns in very rural areas.
Since census tracts are subdivisions of a county, we did a spatial overlay of the census tracts onto city and town boundaries using a geographic information system to properly assign each census tract to its appropriate city or town. Then we named each census tract to the local colloquially recognized neighborhood name for that spot (e.g., Boston, MA (Dorchester). If there was not a name available, we named the census tract by the largest street intersection in the census tract (e.g., Worcester, MA (Lincoln St/Plantation St)
Why we don't use Zip Codes as neighborhoods
Zip codes were developed by the Postal Service for the purpose of delivering mail, but were never intended to define coherent neighborhoods. In addition, Zip Codes can have as many as 10 distinctly different census tracts contained within them. When distinct census tracts are blended together in a single Zip Code, the data reflects their average conditions and often gives a false sense of the area. The result is that potentially great matching neighborhoods can be missed, and erroneous matches can also be produced and delivered to you.
Using census tracts makes great matches possible, and helps people find the areas that are best for them and their families. Because we are committed to providing the highest possible quality and finding the neighborhoods that best meet your criteria, we use census tracts. And, as always, we show you the actual street map of the neighborhood so you know exactly where your best matching neighborhood is located.
What is a Condition Alert?
A condition alert is a condition in the neighborhood that triggers an alert. NeighborhoodScout contains condition alerts to highlight conditions that are extreme, whether good or bad. This helps answer crucial questions about the state of the neighborhood being evaluated, such as:
What are the risks of violent crime here?
Is the risk of home break-ins or other property crimes increasing?
Does real estate here hold its value?
Are the trends in local vacancies or unemployment concerning?
...and dozens more.
Information at a glance that you need to know to invest, appraise or finance a property.
Greenwood Ave / 3rd St median real estate price is $127,850, which is less expensive than 75.5% of Arkansas neighborhoods and 91.4% of all U.S. neighborhoods.
The average rental price in Greenwood Ave / 3rd St is currently $1,470, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 65.8% of the neighborhoods in Arkansas.
Greenwood Ave / 3rd St is a suburban neighborhood (based on population density) located in Hot Springs, Arkansas.
Greenwood Ave / 3rd St real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) single-family homes and small apartment buildings. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Greenwood Ave / 3rd St 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 Greenwood Ave / 3rd St. The current real estate vacancy rate here is 21.1%. This is higher than the rate of vacancies in 88.2% 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 Hot Springs, the Greenwood Ave / 3rd St neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Modes of Transportation
In the Greenwood Ave / 3rd St neighborhood, carpooling is still a popular way to get to and from work. NeighborhoodScout's analysis reveals that 26.0% of commuters carpool here, which is more than in 97.6% of all U.S. neighborhoods.
People
Whether by choice, divorce, or unplanned pregnancy, single moms may have the toughest job in the book. NeighborhoodScout's exclusive analysis reveals that the Greenwood Ave / 3rd St neighborhood has more single mother households than 95.4% 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.
In addition, with a nice mix of college students, safety from crime, and decent walkability, the Greenwood Ave / 3rd St neighborhood rates highly as a college student friendly place to live, and one that college students and their parents may want to consider. NeighborhoodScout's analysis shows that it rates more highly for a good place for college students to live than 85.5% of the neighborhoods in AR. This often also means that the area has certain amenities and services geared towards college students, from undergraduates to graduate students.
Diversity
Did you know that the Greenwood Ave / 3rd St neighborhood has more African and Romanian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 8.4% of this neighborhood's residents have African ancestry and 1.0% have Romanian ancestry.
Migration / Stability
The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. In the Greenwood Ave / 3rd St 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 Greenwood Ave / 3rd St neighborhood in Hot Springs are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 93.2% of U.S. neighborhoods. With 15.0% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 60.1% of U.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 Greenwood Ave / 3rd St neighborhood, 31.8% 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 31.5% of the residents employed. Other residents here are employed in executive, management, and professional occupations (22.4%), and 14.4% in clerical, assistant, and tech support occupations.
Languages
The most common language spoken in the Greenwood Ave / 3rd St neighborhood is English, spoken by 89.6% of households. Some people also speak Spanish (8.4%).
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 Greenwood Ave / 3rd St neighborhood in Hot Springs, AR, residents most commonly identify their ethnicity or ancestry as Mexican (14.5%). There are also a number of people of Sub-Saharan African ancestry (10.0%), and residents who report Irish roots (8.8%), and some of the residents are also of African ancestry (8.4%), along with some German ancestry residents (5.1%), 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 Greenwood Ave / 3rd St neighborhood spend under 15 minutes commuting one-way to work (52.1% of working residents), one of the shortest commutes across America.
Here most residents (69.5%) 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 (26.0%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
SCOUT’s patented match algorithm identifies the most similar neighborhoods to a subject location, and quantifies the similarity to the subject location. This allows analysts to identify the most similar neighborhoods in a local market area for appraisals, investments, and research.
The algorithm uses 273 neighborhood conditions, identifies the dominant dimensions underlying the conditions and calculates the similarity. This captures the true culture and character of locations, economic conditions, and trends.
The closer to 100% means the locations are nearly identical. 80% is a very good, but not excellent match, and so forth.
