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Real Estate Prices & Overview

Rainbow median real estate price is $481,184, which is more expensive than 90.1% of the neighborhoods in Missouri and 67.9% of the neighborhoods in the U.S.

The average rental price in Rainbow is currently $2,407, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 94.8% of the neighborhoods in Missouri.

Rainbow is a suburban neighborhood (based on population density) located in Independence, Missouri.

Rainbow real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Rainbow neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.

In Rainbow, the current vacancy rate is 1.9%, which is a lower rate of vacancies than 88.0% of all neighborhoods in the U.S. This means that the housing supply in Rainbow is very tight compared to the demand for property here.

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 Independence, the Rainbow neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

In a nation where 1 out of every 4 children lives in poverty, the Rainbow neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

In addition, a majority of the adults in the Rainbow neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for Missouri by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 99.5% of the neighborhoods in Missouri. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for active retirees, families with school-aged children and urban sophisticates.

Also, astoundingly, NeighborhoodScout's research reveals that this single neighborhood has a higher concentration of married couples living here than 98.6% of all U.S. neighborhoods. Whether they have school-aged children or not, married couples are the rule in the Rainbow neighborhood. If you are a married couple, you may find many people here with a similar lifestyle, and perhaps common interests. But if you are single, you might not find many other singles here.

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. More residents of the Rainbow neighborhood live here today that also were living in this same neighborhood five years ago than is found in 97.6% of U.S. neighborhoods. This neighborhood is really made up of people who know each other, don't move often, and have lived here in this very neighborhood for quite a while.

The Neighbors

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.

The neighbors in the Rainbow neighborhood in Independence are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 88.3% of the neighborhoods in America. In addition, 0.0% 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 100.0% of America'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 Rainbow neighborhood, 58.0% 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 18.1% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (12.9%), and 11.0% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Rainbow neighborhood is English, spoken by 95.1% of households.

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 Rainbow neighborhood in Independence, MO, residents most commonly identify their ethnicity or ancestry as German (24.3%). There are also a number of people of English ancestry (14.2%), and residents who report Irish roots (12.5%), and some of the residents are also of French ancestry (2.8%), along with some Asian ancestry residents (2.5%), among others.

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 Rainbow neighborhood spend under 15 minutes commuting one-way to work (40.3% of working residents), one of the shortest commutes across America.

Here most residents (81.9%) drive alone in a private automobile to get to work. 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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