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Real Estate Prices & Overview

Richwood median real estate price is $242,927, which is more expensive than 38.1% of the neighborhoods in Tennessee and 31.6% of the neighborhoods in the U.S.

The average rental price in Richwood is currently $2,762, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 89.5% of the neighborhoods in Tennessee.

Richwood is a suburban neighborhood (based on population density) located in Memphis, Tennessee.

Richwood 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 Richwood 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 Richwood, the current vacancy rate is 1.6%, which is a lower rate of vacancies than 88.7% of all neighborhoods in the U.S. This means that the housing supply in Richwood is very tight compared to the demand for property here.

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 NeighborhoodScout'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

Some neighborhoods are made up of apartments. Some consist of row houses, and most - by far - consist of a mixture of housing types. But the Richwood neighborhood stands out due to the total dominance of detached, single-family homes here. There are nearly no other types of residential real estate in the neighborhood. In fact, this neighborhood has a higher proportion of single-family homes in its real estate stock than 97.2% of all American neighborhoods.

In addition, most neighborhoods are composed of a mixture of ages of homes, but the Richwood stands out as rather unique in having nearly all of its residential real estate built in one time period, namely between 1970 and 1999, generally considered to be established, but not old housing. What you'll sense when you look around or drive the streets of this neighborhood is that many of the residences look the same because of this similarity of age. In fact, 80.9% of the residential real estate here was built in this one time period.

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 Richwood neighborhood in Memphis are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 75.2% of the neighborhoods in America. In addition, 4.0% 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 67.8% 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 Richwood neighborhood, 32.7% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 23.8% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (21.8%), and 21.7% in manufacturing and laborer occupations.

Languages

The most common language spoken in the Richwood neighborhood is English, spoken by 92.3% of households. Some people also speak Spanish (6.9%).

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 Richwood neighborhood in Memphis, TN, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (5.6%). There are also a number of people of Mexican ancestry (5.5%), and residents who report African roots (4.7%), and some of the residents are also of Irish ancestry (2.5%), along with some Asian ancestry residents (1.4%), 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 Richwood neighborhood spend between 15 and 30 minutes commuting one-way to work (49.9% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (83.3%) 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 (5.2%) . 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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