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Real Estate Prices & Overview

Oakwood median real estate price is $392,186, which is more expensive than 48.1% of the neighborhoods in Virginia and 56.1% of the neighborhoods in the U.S.

The average rental price in Oakwood is currently $1,702, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 71.4% of Virginia neighborhoods.

Oakwood is an urban neighborhood (based on population density) located in Norfolk, Virginia.

Oakwood real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two 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 Oakwood neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

Real estate vacancies in Oakwood are 3.9%, which is lower than one will find in 74.4% of American neighborhoods. Demand for real estate in Oakwood is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.

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.

Occupations

With 2.3% of employed workers living in the Oakwood neighborhood active in the military, this neighborhood has the distinction of having a higher proportion of people in the military than 96.8% of American neighborhoods. This is a major shaper of the neighborhood's culture and character.

Diversity

Did you know that the Oakwood neighborhood has more African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 6.7% of this neighborhood's residents have 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 Oakwood neighborhood in Norfolk are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 71.3% of U.S. neighborhoods. With 21.9% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 71.6% 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 Oakwood 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 sales and service jobs, from major sales accounts, to working in fast food restaurants, with 22.8% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (22.3%), and 22.2% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Oakwood neighborhood is English, spoken by 89.5% of households. Some people also speak Spanish (5.7%).

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the Oakwood neighborhood in Norfolk, VA, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (9.7%). There are also a number of people of African ancestry (6.7%), and residents who report Asian roots (4.9%), and some of the residents are also of Puerto Rican ancestry (4.6%), along with some Jamaican ancestry residents (2.1%), 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 Oakwood neighborhood spend under 15 minutes commuting one-way to work (41.1% of working residents), one of the shortest commutes across America.

Here most residents (73.4%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (8.1%) and 7.8% of residents also carpool with coworkers, friends, or neighbors 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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