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Real Estate Prices & Overview

Melrose-Oak Park / Speigle Heights median real estate price is $218,927, which is more expensive than 50.6% of the neighborhoods in Kentucky and 26.7% of the neighborhoods in the U.S.

The average rental price in Melrose-Oak Park / Speigle Heights is currently $1,816, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 81.9% of the neighborhoods in Kentucky.

Melrose-Oak Park / Speigle Heights is a suburban neighborhood (based on population density) located in Lexington, Kentucky.

Melrose-Oak Park / Speigle Heights real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Melrose-Oak Park / Speigle Heights neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1940 and 1969.

Vacant apartments or homes are a major fact of life in Melrose-Oak Park / Speigle Heights. The current real estate vacancy rate here is 16.7%. This is higher than the rate of vacancies in 81.4% 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

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.

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 Melrose-Oak Park / Speigle Heights neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 98.2% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.

Diversity

Did you know that the Melrose-Oak Park / Speigle Heights neighborhood has more Norwegian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 6.8% of this neighborhood's residents have Norwegian ancestry.

Melrose-Oak Park / Speigle Heights is also pretty special linguistically. Significantly, 3.0% of its residents five years old and above primarily speak Mon-Khmer, which is the dominant language of Cambodia, at home. While this may seem like a small percentage, it is higher than 99.7% of the neighborhoods in America.

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 Melrose-Oak Park / Speigle Heights neighborhood in Lexington are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 73.9% of U.S. neighborhoods. With 14.1% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 58.4% 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 Melrose-Oak Park / Speigle Heights neighborhood, 29.9% of the working population is employed in manufacturing and laborer occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 27.4% of the residents employed. Other residents here are employed in executive, management, and professional occupations (24.0%), and 18.5% 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 Melrose-Oak Park / Speigle Heights neighborhood is English, spoken by 79.3% of households. Other important languages spoken here include Spanish, African languages and Mon-Khmer (the dominant language of Cambodia).

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 Melrose-Oak Park / Speigle Heights neighborhood in Lexington, KY, residents most commonly identify their ethnicity or ancestry as English (9.4%). There are also a number of people of Irish ancestry (9.3%), and residents who report Mexican roots (8.1%), and some of the residents are also of Norwegian ancestry (6.8%), along with some Asian ancestry residents (6.5%), among others. In addition, 22.1% 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 Melrose-Oak Park / Speigle Heights neighborhood spend between 15 and 30 minutes commuting one-way to work (49.0% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (75.4%) 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 (12.6%) and 7.0% of residents also hop out the door and walk to work for their daily commute. 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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Schools include:
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