Neighborhood Demographics Every Homebuyer Should Consider
You’re preparing to buy a new home, and it’s an overwhelming process to say the lease. With every house you view, you’re on the lookout for structural problems, wiring issues, and water damage. To top it all off, you’re drowning in financial documents to get your mortgage in order.
Among everything on your checklist, don’t forget to research your neighborhood as well. Your new neighborhood will be the backdrop of your life for decades, so choose it with care. On top of home values and nearby attractions, don’t forget to check out these neighborhood demographics:
Neighborhood Demographics to Research Before Buying Your New Home
When you’re learning about a neighborhood that may soon be your home, start with the numbers. When it comes to demographics, don’t leave these items off your list:
1. Median Income Levels
For the most part, people want to be around others of similar economic levels. If your neighbors are far beyond your financial realm, you could find yourself trying to “keep up with the Joneses.” If you’re in the opposite situation, your neighbors may feel uncomfortable in your home.
On top of these practical reasons, economic differences can hold you back from befriending your neighbors. If you’re looking for a close community, this is worth considering.
2. Sex Offenders
While parents tend to look up this information to protect their kids, no one should be cavalier with their safety. Sex offender registries also include people convicted of sex crimes against adults, so it’s important information for everyone to know.
The good news is that it’s easy to look up sex offenders in your neighborhood online: click here for more. Make sure you don’t just get a map but you also look for more details. If there are any nearby sex offenders, find out what crimes they committed. It’s also a good idea to recognize their face and name in case you come into contact with them.
3. Neighborhood Crime Statistics
Your safety doesn’t end with sex offenders. Most homebuyers also want to know how common other crimes are in their new neighborhood.
As with sex offenders, crime data is public information. There are a few places you can look. First, search for a crime map in your town or your metro area. Many major cities have easy to use maps. They’ll show you the close proximity where crimes have occurred and the basics of each crime.
Local crime maps tend to be the easiest to use, but not all cities have them. If your town doesn’t have one, you can access the FBI’s crime data for your area. It takes more work to get to the details you’re looking for, but it’s still worth your time.
4. Family Demographics
Let’s move away from the crime talk. For a happy and community-spirited neighborhood, you also want to know your neighbors’ family demographics.
One piece of information to look for is marital status. If you’re single, you may be interested in a neighborhood with other single people in a similar stage of life. Likewise, married couples tend to enjoy spending time with other couples around their age.
Of course, age will come into play as well. If you’re a senior citizen, you may prefer to buy a home in a neighborhood with plenty of other seniors that could become great friends.
Many people who have kids want their kids to be able to play with other neighborhood children. Find out the average family size in your neighborhood as well as the kids’ general age ranges.
5. Walkability Score
Do you have fantasies of getting fresh air and exercise while you run your errands? Not every neighborhood makes this easy.
To get a quick idea of your new neighborhood, check out the walkability score. This website scores your neighborhood between 0 and 100 depending on how easy it is to manage life on foot.
In addition to the walkability score, the site will also give your neighborhood a transit score and a biking score. No matter how you prefer to get around, this information helps you find out if a neighborhood fits into your lifestyle.
6. School Testing Scores
If you have kids or if you’re planning to have kids, your neighborhood schools are important. Even if you don’t have kids, better schools tend to translate into better real estate values.
Look up how your local schools have scored on your state’s standardized tests. Look for your local schools’ state report cards.
In addition, you should look for other options the schools provide. If your kids are athletic, find out how strong the local athletics are. If you have a child with special needs, make sure the school has a strong program to fit their needs.
Other Ways to Assess Your Neighborhood
Statistics and demographics are a great start when you’re trying to find a new home. However, there are other measures of a neighborhood that you shouldn’t ignore.
Take time to talk to the neighbors. Perhaps you could walk around the neighborhood on a nice day and strike up a conversation with anyone who is outside. You could also attend a nearby event to meet some of the local families.
Social media is a great tool for learning about your neighborhood as well. Ask your social media connections if they know anyone who lives in your area. They can put you in touch to learn more about the community and possibly strike up a new friendship.
Finally, find out details about the homeowners’ association (HOA) if the neighborhood has one. Your real estate agent should be able to give you the contact information you need. They may also be able to give you the HOA’s rules. You want enough rules to make sure everyone does their part without adding unnecessary restrictions.
Finding Your New Home in the Right Neighborhood
As you shop for new homes, it’s easy to become laser focused on the houses themselves. After all, that’s what your money is going toward. However, when you buy a home you’re buying into the neighborhood as well.
Neighborhood demographics and the other tips above can help you find the perfect fit. For more great tips for buying and selling alike, check out more articles on my real estate blog.