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Real Estate Prices & Overview

Richmond Colony / Holmesdale median real estate price is $165,088, which is less expensive than 84.8% of Tennessee neighborhoods and 85.3% of all U.S. neighborhoods.

The average rental price in Richmond Colony / Holmesdale is currently $1,779, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 48.3% of Tennessee neighborhoods.

Richmond Colony / Holmesdale is a suburban neighborhood (based on population density) located in Memphis, Tennessee.

Richmond Colony / Holmesdale real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and townhomes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Richmond Colony / Holmesdale neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.

Richmond Colony / Holmesdale has a 13.1% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 72.9% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are 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 Memphis, the Richmond Colony / Holmesdale neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Diversity

Did you know that the Richmond Colony / Holmesdale neighborhood has more Sub-Saharan African and African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 30.0% of this neighborhood's residents have Sub-Saharan African ancestry and 19.1% have African 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 Richmond Colony / Holmesdale neighborhood in Memphis are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 77.8% of U.S. neighborhoods. With 45.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 92.2% of U.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 Richmond Colony / Holmesdale neighborhood, 26.0% 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 25.4% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (25.2%), and 23.3% in sales and service jobs, from major sales accounts, to working in fast food restaurants.

Languages

The most common language spoken in the Richmond Colony / Holmesdale neighborhood is English, spoken by 98.0% 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 Richmond Colony / Holmesdale neighborhood in Memphis, TN, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (30.0%). There are also a number of people of African ancestry (19.1%).

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 Richmond Colony / Holmesdale neighborhood spend between 15 and 30 minutes commuting one-way to work (53.3% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (86.9%) 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 (9.6%) . 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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