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Real Estate Prices & Overview

Old Town median real estate price is $247,854, which is more expensive than 49.6% of the neighborhoods in Missouri and 28.2% of the neighborhoods in the U.S.

The average rental price in Old Town is currently $1,648, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 70.1% of the neighborhoods in Missouri.

Old Town is a suburban neighborhood (based on population density) located in Lee's Summit, Missouri.

Old Town 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 Old Town neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built before 1940.

In Old Town, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in Old Town is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Lee's Summit, the Old Town neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

This neighborhood has the distinction of having one of the lowest real estate vacancy rates of any neighborhood in America. With just 0.0% of the real estate vacant, this indicates an exceptionally strong demand for real estate in the Old Town neighborhood, and/or an issue with creating enough supply for the demand. This could have the effect of increasing real estate prices, increasing supply to meet demand, or both.

People

According to NeighborhoodScout's research, Old Town is better suited for first-time home buyers than 89.3% of neighborhoods in the state. Most homes here are priced below the state's median house value, yet maintain comparably good appreciation rates over the last decade relative to other neighborhoods in Missouri. Along with an exclusive multi-metric measure of neighborhood quality developed by NeighborhoodScout that scores high here in this neighborhood, this means that buying into the neighborhood is not only an accessible option but considered a decent first time home buyer choice for building equity in your first home, while being in a quality neighborhood

Diversity

Did you know that the Old Town neighborhood has more Eastern European and Scottish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.6% of this neighborhood's residents have Eastern European ancestry and 5.2% have Scottish ancestry.

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 Old Town neighborhood in Lee's Summit are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 72.4% of U.S. neighborhoods. With 22.6% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 73.3% of U.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 Old Town neighborhood, 50.6% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 21.2% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (18.2%), and 10.0% 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 Old Town neighborhood is English, spoken by 93.0% of households. Other important languages spoken here include Arabic and Polish.

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 Old Town neighborhood in Lee's Summit, MO, residents most commonly identify their ethnicity or ancestry as German (32.0%). There are also a number of people of English ancestry (14.0%), and residents who report Irish roots (13.9%), and some of the residents are also of Scottish ancestry (5.2%), along with some Italian ancestry residents (4.5%), 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 Old Town neighborhood spend under 15 minutes commuting one-way to work (36.4% of working residents), one of the shortest commutes across America.

Here most residents (80.1%) drive alone in a private automobile to get to work. In addition, quite a number also hop out the door and walk to work to get to work (5.9%) . 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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