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Real Estate Prices & Overview

Speedway Terrace median real estate price is $100,394, which is less expensive than 96.0% of Tennessee neighborhoods and 95.4% of all U.S. neighborhoods.

The average rental price in Speedway Terrace is currently $1,750, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 50.5% of Tennessee neighborhoods.

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

Speedway Terrace real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and single-family homes. Most of the residential real estate is renter occupied. Many of the residences in the Speedway Terrace neighborhood are newer, built in 2000 or more recently. A number of residences were also built before 1940.

Vacant apartments or homes are a major fact of life in Speedway Terrace. The current real estate vacancy rate here is 31.4%. This is higher than the rate of vacancies in 95.3% 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.

People

Whether by choice, divorce, or unplanned pregnancy, single moms may have the toughest job in the book. NeighborhoodScout's exclusive analysis reveals that the Speedway Terrace neighborhood has more single mother households than 97.4% of the neighborhoods in the U.S. Often high concentrations of single mother homes can be a strong indicator of family and social issues such as poverty, high rates of school dropouts, crime, and other societal problems.

In addition, the Speedway Terrace neighborhood stands out for having an average per capita income lower than 96.7% of the neighborhoods in the United States.

Occupations

The government often provides some of the more stable jobs in the economy. From local, to state, to federal government workers, the government can also be a major employer. What NeighborhoodScout's analysis revealed, is that the Speedway Terrace neighborhood in particular stands out when compared nationally for the proportion of its working residents who are employed by the government. At 13.0% of its workforce, this neighborhood has a greater concentration of government workers than 95.4% of U.S. neighborhoods.

Real Estate

Vacant homes and apartments are a significant characteristic of this neighborhood. In fact, with 31.4% of the residential real estate vacant, the Speedway Terrace neighborhood claims the distinction of having a higher vacancy rate than 95.3% 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.

Diversity

Did you know that the Speedway Terrace neighborhood has more African and Sub-Saharan African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 20.5% of this neighborhood's residents have African ancestry and 20.5% have Sub-Saharan African 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 Speedway Terrace neighborhood in Memphis are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 96.7% of U.S. neighborhoods. With 35.9% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 86.3% 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 Speedway Terrace neighborhood, 28.0% 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 27.3% of the residents employed. Other residents here are employed in executive, management, and professional occupations (25.6%), and 19.1% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Speedway Terrace neighborhood is English, spoken by 96.9% of households. Some people also speak Spanish (3.1%).

Ethnicity / Ancestry

Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.

In the Speedway Terrace neighborhood in Memphis, TN, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (20.5%). There are also a number of people of African ancestry (20.5%), and residents who report Irish roots (4.9%), and some of the residents are also of Mexican ancestry (2.9%), along with some English ancestry residents (1.4%), 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 Speedway Terrace neighborhood spend between 15 and 30 minutes commuting one-way to work (50.0% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (65.6%) 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 (19.9%) and 6.7% of residents also ride the bus 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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