The Home Buyer's Korner

Information presented should be used for educational purposes only.

August 17th, 2015

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CREATING THE DREAM OF HOME OWNERSHIP

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South Main Neighborhood

Memphis, Tennessee 

Riverside Dr Arkansas St Memphis Tennessee 2

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The one-square mile that makes up the South Main neighborhood – starting just one block of Southern Beale holds some Memphis’ greatest legends, todays inhabitants make up many professionals and local characters that makes South Main a great urban neighborhood.  It is full of DIY’ers and entrepreneurs, locally owned shops, chef-owned restaurants and organizations passionately in supporting urban growth and home ownership, which is the bedrock of a any thriving neighborhood.

This was Memphis’ first suburb, first arts district, the hub of the world’s first modern grocery store and where rock and roll was first played on the air. Today, the world comes to South Main to hear the story of the civil rights movement.  Nearly $500 million in new development is underway in South Main, bringing in more residents, attractions, restaurants and more.

South Main is a suburban neighborhood located in Memphis, Tennessee and primarily made up of small studio to two bedroom to medium sized three or four bedroom single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the South Main neighborhood are newer, with development recently, beginning in 2000 or more recently and a number of residences were also built between 1970 and 1999.

South Main’s median real estate price is $264,474, which is more expensive than 91.7 percent of the neighborhoods in Tennessee and 69.2 percent of the neighborhoods in the U.S.

The average rental price in South Main is currently $1,157 and the average rental cost in this neighborhood is higher than 94.3 percent of the neighborhoods in Tennessee. The current real estate vacancy rate here is 23.1 percent and higher than the rate of vacancies in 89.0 percent of all U.S. neighborhoods.

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.

The South Main neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the South Main community truly stands out from the rest in this regard.

In addition, the types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. This neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 58.6 percent. This is a higher percent living alone than we found in 99.0 percent of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.

Also, the rate of college educated adults in the South Main neighborhood is a unique characteristic of the neighborhood with 79.4 percent of adults here have received at least a 4-year bachelor’s degree, compared to the average neighborhood in America, which has 22.6 percent of the adults with a bachelor’s degree. The rate here is higher than found in 98.9 percent of all U.S. neighborhoods.

The South Main neighborhood is unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 83.5 percent of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique.

Furthermore, one of the really unique and interesting things about the look and setting of the South Main neighborhood is that it is almost entirely dominated by large multi-family housing with 67.4 percent of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large of multi-family housing than 95.3 percent of all neighborhoods in America.

Your future neighbors in the South Main neighborhood of Memphis enjoy upper-middle incomes, with higher incomes than 75.0 percent of the neighborhoods in America.

The South Main neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 97.4 percent of the neighborhoods in America. In fact, 67.7 percent of the employed people here make a living as an executive, a manager, or other professional. With such a high concentration of urban professionals this truly shapes the character and feels of the neighborhood and defines what this neighborhood is about.

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 14.0 percent of the residents employed. Other residents here are employed in manufacturing and laborer occupations at 9.2 percent and 9.1 percent in clerical, assistant, and tech support occupations.

Livingston Homes for Sale

TENNESSEE HOME OWNERSHIP TOOLS

Your Home Purchasing or Refinancing & Renovation Tools,

Home Improvements, Home Renovations,

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase.

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

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