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Real Estate Prices & Overview

Walnut Grove Lake median real estate price is $292,228, which is more expensive than 46.4% of the neighborhoods in Tennessee and 38.4% of the neighborhoods in the U.S.

The average rental price in Walnut Grove Lake is currently $2,305, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 77.7% of the neighborhoods in Tennessee.

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

Walnut Grove Lake real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Walnut Grove Lake 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 8.9% in Walnut Grove Lake. NeighborhoodScout analysis shows that this rate is lower than 43.4% 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.

Real Estate

Most neighborhoods are composed of a mixture of ages of homes, but the Walnut Grove Lake 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, 94.5% of the residential real estate here was built in this one time period.

Diversity

Significantly, 1.7% of its residents five years old and above primarily speak Mon-Khmer, which is the dominant language of Cambodia, at home. While this may seem like a small percentage, it is higher than 99.4% 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 Walnut Grove Lake neighborhood in Memphis are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 56.2% of the neighborhoods in America. With 13.1% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 56.2% 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 Walnut Grove Lake neighborhood, 39.3% 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 23.5% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (23.3%), and 13.9% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Walnut Grove Lake neighborhood is English, spoken by 91.9% of households. Some people also speak Spanish (4.7%).

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 Walnut Grove Lake neighborhood in Memphis, TN, residents most commonly identify their ethnicity or ancestry as Irish (8.7%). There are also a number of people of English ancestry (7.1%), and residents who report German roots (4.1%), and some of the residents are also of Mexican ancestry (2.8%), along with some Asian ancestry residents (2.6%), 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 Walnut Grove Lake neighborhood spend between 15 and 30 minutes commuting one-way to work (48.7% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (78.6%) 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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