What do we mean by a neighborhood?
NeighborhoodScout® uses the official government designation for neighborhoods - the census tract.
Census tracts are small, relatively permanent subdivisions of a county that are defined by the U.S. Census Bureau in conjunction with local authorities all across the country to define real neighborhoods that are bounded to contain areas with homogeneous population characteristics (including economic status, lifestyle, and living conditions). Census tracts usually have 4,000 persons, but can range between 1,500 and 8,000 persons. This is the most fine-grained area for which detailed information is made available from the government, to protect the individual privacy of each of us. Because census tracts are based on population, they vary in size depending on the density of settlement. In urban areas, they are small, and in rural areas they can cover an entire small town or even a few small towns in very rural areas.
Since census tracts are subdivisions of a county, we did a spatial overlay of the census tracts onto city and town boundaries using a geographic information system to properly assign each census tract to its appropriate city or town. Then we named each census tract to the local colloquially recognized neighborhood name for that spot (e.g., Boston, MA (Dorchester). If there was not a name available, we named the census tract by the largest street intersection in the census tract (e.g., Worcester, MA (Lincoln St/Plantation St)
Why we don't use Zip Codes as neighborhoods
Zip codes were developed by the Postal Service for the purpose of delivering mail, but were never intended to define coherent neighborhoods. In addition, Zip Codes can have as many as 10 distinctly different census tracts contained within them. When distinct census tracts are blended together in a single Zip Code, the data reflects their average conditions and often gives a false sense of the area. The result is that potentially great matching neighborhoods can be missed, and erroneous matches can also be produced and delivered to you.
Using census tracts makes great matches possible, and helps people find the areas that are best for them and their families. Because we are committed to providing the highest possible quality and finding the neighborhoods that best meet your criteria, we use census tracts. And, as always, we show you the actual street map of the neighborhood so you know exactly where your best matching neighborhood is located.
What is a Condition Alert?
A condition alert is a condition in the neighborhood that triggers an alert. NeighborhoodScout contains condition alerts to highlight conditions that are extreme, whether good or bad. This helps answer crucial questions about the state of the neighborhood being evaluated, such as:
What are the risks of violent crime here?
Is the risk of home break-ins or other property crimes increasing?
Does real estate here hold its value?
Are the trends in local vacancies or unemployment concerning?
...and dozens more.
Information at a glance that you need to know to invest, appraise or finance a property.
Olympic median real estate price is $354,364, which is more expensive than 36.6% of the neighborhoods in Florida and 47.5% of the neighborhoods in the U.S.
The average rental price in Olympic is currently $2,641, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 44.8% of Florida neighborhoods.
Olympic is a densely urban neighborhood (based on population density) located in Miami, Florida.
Olympic 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 townhomes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Olympic 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.
In Olympic, the current vacancy rate is 2.8%, which is a lower rate of vacancies than 80.5% of all neighborhoods in the U.S. This means that the housing supply in Olympic is very tight compared to the demand for property here.
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 Olympic 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, 94.4% of the residential real estate here was built in this one time period.
In addition, if you love row houses and attached homes, you will probably really like the Olympic neighborhood. The ambiance, the charm, of row houses is something special. And in sheer abundance of row houses, this neighborhood truly stands out. The real estate here has a higher proportion of row houses and attached homes than nearly any neighborhood in America. In fact, 35.6% of the residential real estate here is classified as row houses and attached homes.
Furthermore, if you like crowded places, then you will probably enjoy the the Olympic neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 95.9% of neighborhoods in the U.S., with 24,344 people per square mile living here.
People
One of the really interesting characteristics about the Olympic neighborhood is that, according to NeighborhoodScout's exclusive research, it is an excellent choice in which to reside for college students. Due to its popularity among college students who already choose to live here, its walkability, and its above average safety from crime, the neighborhood is ideal for prospective or already-enrolled college students. Between semesters and during school breaks, you'll notice that the excitement here fluctuates with the college seasons. Despite the excitement however, parents of college-age children can rest easy knowing that this neighborhood has an above average safety rating. For each of these reasons, the neighborhood is rated among the top 1.0% of college-friendly places to live in the state of Florida.
Diversity
Did you know that the Olympic neighborhood has more Cuban and South American ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 51.0% of this neighborhood's residents have Cuban ancestry and 26.3% have South American ancestry.
Olympic is also pretty special linguistically. Significantly, 93.0% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 99.8% of all U.S. neighborhoods.
Migration / Stability
Some neighborhoods have more internal cohesiveness than others. While other neighborhoods feel like a collection of strangers who just happen to live near each other. Sometimes this comes down to not only the personalities of the people in a place, but how long people have been together in that neighborhood. NeighborhoodScout's research has revealed some interesting things about the rootedness of people in the Olympic neighborhood. What is interesting to note, is that the Olympic neighborhood has a greater percentage of residents born in another country (70.3%) than are found in 99.8% of all U.S. neighborhoods.
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 Olympic neighborhood in Miami are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 76.8% of U.S. neighborhoods. With 39.1% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 88.9% of U.S. neighborhoods.
A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.
In the Olympic neighborhood, 30.2% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 26.4% of the residents employed. Other residents here are employed in executive, management, and professional occupations (25.1%), and 18.3% in clerical, assistant, and tech support occupations.
Languages
The most common language spoken in the Olympic neighborhood is Spanish, spoken by 93.0% of households. Some people also speak English (5.7%).
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 Olympic neighborhood in Miami, FL, residents most commonly identify their ethnicity or ancestry as Cuban (51.0%). There are also a number of people of South American ancestry (26.3%), and residents who report Dominican roots (4.0%), and some of the residents are also of Puerto Rican ancestry (2.0%), along with some Arab ancestry residents (1.6%), among others. In addition, 70.3% of the residents of this neighborhood were born in another country.
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 Olympic neighborhood spend between 15 and 30 minutes commuting one-way to work (38.5% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (83.7%) 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.
SCOUT’s patented match algorithm identifies the most similar neighborhoods to a subject location, and quantifies the similarity to the subject location. This allows analysts to identify the most similar neighborhoods in a local market area for appraisals, investments, and research.
The algorithm uses 273 neighborhood conditions, identifies the dominant dimensions underlying the conditions and calculates the similarity. This captures the true culture and character of locations, economic conditions, and trends.
The closer to 100% means the locations are nearly identical. 80% is a very good, but not excellent match, and so forth.
