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.
Hope median real estate price is $302,408, which is more expensive than 40.3% of the neighborhoods in Minnesota and 42.7% of the neighborhoods in the U.S.
The average rental price in Hope is currently $1,561, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 56.0% of Minnesota neighborhoods.
Hope is a remote neighborhood (based on population density) located in Owatonna, Minnesota.
Hope real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and mobile homes. Most of the residential real estate is owner occupied. Many of the residences in the Hope 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.
Hope has a 13.5% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 74.1% of American neighborhoods). A relatively large percentage of housing here is seasonally occupied (8.2%), which can occur in some markets dominated by colleges or vacation homes. If you live here year round, you will find many of the homes or apartments are empty for all or a portion of the year.
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 Owatonna, the Hope neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
People
Priests and therapists would like to think they know the secrets to a truly successful marriage, but according to NeighborhoodScout's research, the folks of the Hope neighborhood may actually hold the key. 71.1% of its residents are married, which is a higher percentage than is found in 97.1% of the neighborhoods in America.
In addition, the Hope neighborhood is a great option for families, as revealed by NeighborhoodScout's research on this neighborhood. The combination of top public schools, low crime rates, and owner-occupied single family homes, make this neighborhood among the top 5.9% of family-friendly neighborhoods in the state of Minnesota. Many other families also live here, making it easy to socialize and develop a sense of community. In addition, families here highly value education, as is reflected by the strength of the local schools.
Real Estate
Unpopulated, and rural, the Hope neighborhood is one of the least crowded neighborhoods in all of America. If you like open space, no traffic, and lots of room, this neighborhood may be just what you are looking for. According to NeighborhoodScout's leading research, this neighborhood is less densely populated than 95.6% of the neighborhoods in America.
In addition, the Hope neighborhood has earned the amazing distinction of having one of the highest rates of detached, single-family homes of any neighborhood in the U.S. With 97.4% of the residential real estate here made up of free-standing single-family homes, there is a greater proportion of single-family homes here than in 95.4% of all neighborhoods in America.
Furthermore, owner-occupied real estate dominates the Hope neighborhood. In fact, according to NeighborhoodScout research, the percentage of residential real estate occupied by its owner is higher here than in 95.0% of neighborhoods in America.
Car Ownership
We Americans love our cars. Not only are they a necessity for most Americans due to the shape of our neighborhoods and the distances between where we live, work, shop, and go to school, but we also fancy them. As a result, most households in America have one, two, or three cars. But NeighborhoodScout's exclusive analysis shows that the Hope neighborhood has a highly unusual pattern of car ownership. Residents of this neighborhood must really love automobiles. NeighborhoodScout's Analysis reveals that 33.5% of the households here have four, five, or more cars. That is more cars per household than in 95.2% of the neighborhoods in the nation.
Diversity
Did you know that the Hope neighborhood has more Norwegian and German ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 19.0% of this neighborhood's residents have Norwegian ancestry and 43.4% have German 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 Hope neighborhood in Owatonna are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 73.9% of the neighborhoods in America. In addition, 5.3% 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 63.5% of America'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 Hope neighborhood, 35.9% 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 28.1% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (17.4%), and 16.2% in clerical, assistant, and tech support occupations.
Languages
The most common language spoken in the Hope neighborhood is English, spoken by 99.0% of households. Some people also speak Polish (3.3%).
Ethnicity / Ancestry
Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.
In the Hope neighborhood in Owatonna, MN, residents most commonly identify their ethnicity or ancestry as German (43.4%). There are also a number of people of Norwegian ancestry (19.0%), and residents who report Irish roots (8.7%), and some of the residents are also of English ancestry (3.9%), along with some Swedish ancestry residents (3.1%), 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 Hope neighborhood spend between 15 and 30 minutes commuting one-way to work (46.2% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (85.3%) 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 (7.8%) . 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.
