What do we mean by a neighborhood?
Ä¢¹½ÊÓƵ® 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. Ä¢¹½ÊÓƵ 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.
Speedway West median real estate price is $179,149, which is less expensive than 69.9% of Indiana neighborhoods and 83.9% of all U.S. neighborhoods.
The average rental price in Speedway West is currently $1,481, based on Ä¢¹½ÊÓƵ's exclusive analysis. Rents here are currently lower in price than 42.5% of Indiana neighborhoods.
Speedway West is an urban neighborhood (based on population density) located in Indianapolis, Indiana.
Speedway West 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 Speedway West neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.
Speedway West has a 10.2% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 63.8% 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
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by Ä¢¹½ÊÓƵ's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
Real Estate
87.9% of the real estate in the Speedway West neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.
Diversity
Did you know that the Speedway West neighborhood has more Haitian and Sub-Saharan African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 11.3% of this neighborhood's residents have Haitian ancestry and 21.8% have Sub-Saharan African ancestry.
Speedway West is also pretty special linguistically. Significantly, 24.0% of its residents five years old and above primarily speak French at home. While this may seem like a small percentage, it is higher than 99.8% of the neighborhoods in America.
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. Ä¢¹½ÊÓƵ's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. What is interesting to note, is that the Speedway West neighborhood has a greater percentage of residents born in another country (49.2%) than are found in 97.3% of all U.S. neighborhoods.
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. Ä¢¹½ÊÓƵ's analysis reveals both aspects of income and poverty for this neighborhood.
The neighbors in the Speedway West neighborhood in Indianapolis are low income, making it among the lowest income neighborhoods in America. Ä¢¹½ÊÓƵ's research shows that this neighborhood has an income lower than 87.2% of U.S. neighborhoods. With 40.4% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 89.6% 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 Speedway West neighborhood, 36.5% of the working population is employed in manufacturing and laborer occupations. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 33.0% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (17.9%), and 12.6% in clerical, assistant, and tech support occupations.
Languages
The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the Speedway West neighborhood is English, spoken by 43.6% of households. Other important languages spoken here include French, Spanish and African languages.
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 Speedway West neighborhood in Indianapolis, IN, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (21.8%). There are also a number of people of Haitian ancestry (11.3%), and residents who report Mexican roots (3.9%), and some of the residents are also of African ancestry (3.5%), along with some South American ancestry residents (2.9%), among others. In addition, 49.2% of the residents of this neighborhood were born in another country.
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 Speedway West neighborhood spend between 15 and 30 minutes commuting one-way to work (69.9% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (74.7%) 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 (18.3%) . 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.
