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Real Estate Prices & Overview

Olivarez Number 5 Colonia median real estate price is $82,947, which is less expensive than 93.0% of Texas neighborhoods and 94.7% of all U.S. neighborhoods.

The average rental price in Olivarez Number 5 Colonia is currently $1,562, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 64.4% of Texas neighborhoods.

Olivarez Number 5 Colonia is a suburban neighborhood (based on population density) located in Weslaco, Texas.

Olivarez Number 5 Colonia real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) mobile homes and single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Olivarez Number 5 Colonia 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.

Vacant apartments or homes are a major fact of life in Olivarez Number 5 Colonia. The current real estate vacancy rate here is 45.1%. This is higher than the rate of vacancies in 98.2% of all U.S. neighborhoods. A relatively large percentage of housing here is seasonally occupied (36.6%). This can occur in vacation areas, and occasionally it is also found in neighborhoods that are primarily filled with college students, as some apartments could be vacant when school is not in session. If you live here year round, you may find that a number of buildings in your neighborhood are actually 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 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

The Olivarez Number 5 Colonia neighborhood stands out for having the majority of its residential real estate made up of mobile homes. In fact, 65.3% of the occupied real estate here are mobile homes, which is a greater proportion than is found in 99.7% of the neighborhoods in the U.S. If you like mobile homes, this might be a great neighborhood in which to look for real estate.

In addition, vacant homes and apartments are a significant characteristic of this neighborhood. In fact, with 45.1% of the residential real estate vacant, the Olivarez Number 5 Colonia neighborhood claims the distinction of having a higher vacancy rate than 98.2% of the neighborhoods in America. This can either be because much of the property is seasonally occupied, like in many vacation areas, or that much of the real estate is more permanently abandoned.

People

Of note, 54.3% of the children in this area live in poverty; an extraordinarily high percentage compared to other neighborhoods in the nation. In a nation where approximately one in four children grows up in poverty, this neighborhood stands out for the depth of the problem manifested here.

Diversity

Did you know that the Olivarez Number 5 Colonia neighborhood has more Canadian and Mexican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.6% of this neighborhood's residents have Canadian ancestry and 70.0% have Mexican 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 Olivarez Number 5 Colonia neighborhood in Weslaco are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 76.5% of U.S. neighborhoods. With 54.3% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 95.4% 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 Olivarez Number 5 Colonia neighborhood, 31.7% 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 28.7% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (27.2%), and 9.4% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Olivarez Number 5 Colonia neighborhood is Spanish, spoken by 53.0% of households. Some people also speak English (46.2%).

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 Olivarez Number 5 Colonia neighborhood in Weslaco, TX, residents most commonly identify their ethnicity or ancestry as Mexican (70.0%). There are also a number of people of German ancestry (7.0%), and residents who report French roots (2.0%), and some of the residents are also of English ancestry (1.9%), along with some Norwegian ancestry residents (1.8%), among others. In addition, 24.1% of the residents of this neighborhood were born in another country.

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 Olivarez Number 5 Colonia neighborhood spend under 15 minutes commuting one-way to work (49.4% of working residents), one of the shortest commutes across America.

Here most residents (70.8%) 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 (13.4%) . 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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