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.
Magnolia Place / Rizer Point median real estate price is $969,847, which is more expensive than 96.6% of the neighborhoods in Tennessee and 88.2% of the neighborhoods in the U.S.
The average rental price in Magnolia Place / Rizer Point is currently $2,544, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 83.9% of the neighborhoods in Tennessee.
Magnolia Place / Rizer Point is a rural neighborhood (based on population density) located in Franklin, Tennessee.
Magnolia Place / Rizer Point real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more 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 Magnolia Place / Rizer Point 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.
Real estate vacancies in Magnolia Place / Rizer Point are 4.3%, which is lower than one will find in 71.5% of American neighborhoods. Demand for real estate in Magnolia Place / Rizer Point 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.
People
Of note is NeighborhoodScout's research finding that the Magnolia Place / Rizer Point 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 Magnolia Place / Rizer Point community truly stands out from the rest in this regard.
In addition, if you are planning to retire in Tennessee, this neighborhood should be on your must-see list. For many reasons, Magnolia Place / Rizer Point may be considered a retiree's dream neighborhood. According to NeighborhoodScout's exclusive analysis and metrics, it's peaceful and quiet, has above average safety from crime compared to other neighborhoods in Tennessee, while also offering a diverse range of housing options. This, along with the vibrant mix of very educated seniors and other age groups who choose to live here, makes the neighborhood more retiree-friendly than 95.6% of neighborhoods in TN. If a Tennessee retirement is in your future, this neighborhood should be one of the places you visit. In addition to being an excellent choice for active retirees, this neighborhood is also a very good choice for highly educated executives.
Diversity
Did you know that the Magnolia Place / Rizer Point neighborhood has more Swedish and Canadian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 11.0% of this neighborhood's residents have Swedish ancestry and 2.0% have Canadian 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 Magnolia Place / Rizer Point neighborhood in Franklin are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 70.6% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America'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 Magnolia Place / Rizer Point neighborhood, 54.8% 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 22.5% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (17.3%), and 5.3% in manufacturing and laborer occupations.
Languages
The most common language spoken in the Magnolia Place / Rizer Point neighborhood is English, spoken by 88.4% of households. Some people also speak Spanish (4.1%).
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 Magnolia Place / Rizer Point neighborhood in Franklin, TN, residents most commonly identify their ethnicity or ancestry as English (19.7%). There are also a number of people of German ancestry (13.6%), and residents who report Irish roots (12.5%), and some of the residents are also of Swedish ancestry (11.0%), along with some Asian ancestry residents (8.2%), 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 Magnolia Place / Rizer Point neighborhood spend between 15 and 30 minutes commuting one-way to work (37.3% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (67.0%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (6.7%) . 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.
