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Real Estate Prices & Overview

Penn Acres median real estate price is $438,991, which is more expensive than 53.5% of the neighborhoods in Virginia and 59.9% of the neighborhoods in the U.S.

The average rental price in Penn Acres is currently $3,206, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 84.7% of the neighborhoods in Virginia.

Penn Acres is a suburban neighborhood (based on population density) located in Richmond, Virginia.

Penn Acres 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 Penn Acres 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.

Home and apartment vacancy rates are 6.1% in Penn Acres. NeighborhoodScout analysis shows that this rate is lower than 59.3% of the neighborhoods in the nation, approximately near the middle range for vacancies.

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.

Diversity

Did you know that the Penn Acres neighborhood has more Dutch and Czechoslovakian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 15.5% of this neighborhood's residents have Dutch ancestry and 1.7% have Czechoslovakian ancestry.

Penn Acres is also pretty special linguistically. Significantly, 4.2% of its residents five years old and above primarily speak German/Yiddish at home. While this may seem like a small percentage, it is higher than 98.8% of the neighborhoods in America.

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 Penn Acres neighborhood in Richmond are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 59.1% of the neighborhoods in America. In addition, 0.1% 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 80.4% 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 Penn Acres neighborhood, 53.0% of the working population is employed in executive, management, and professional 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 23.8% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (15.4%), and 7.8% in clerical, assistant, and tech support occupations.

Languages

The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the Penn Acres neighborhood is English, spoken by 75.2% of households. Other important languages spoken here include Spanish, German/Yiddish and Italian.

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 Penn Acres neighborhood in Richmond, VA, residents most commonly identify their ethnicity or ancestry as German (21.6%). There are also a number of people of Dutch ancestry (15.5%), and residents who report English roots (11.5%), and some of the residents are also of Irish ancestry (7.4%), along with some Sub-Saharan African ancestry residents (3.8%), 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 Penn Acres neighborhood spend between 15 and 30 minutes commuting one-way to work (48.8% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (76.4%) 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 (10.1%) . 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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