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Real Estate Prices & Overview

Shockoe Bottom median real estate price is $325,923, which is more expensive than 34.2% of the neighborhoods in Virginia and 44.2% of the neighborhoods in the U.S.

The average rental price in Shockoe Bottom is currently $2,458, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 42.8% of Virginia neighborhoods.

Shockoe Bottom is an urban neighborhood (based on population density) located in Richmond, Virginia.

Shockoe Bottom 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 renter occupied. Many of the residences in the Shockoe Bottom neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1940 and 1969.

Shockoe Bottom has a 11.6% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 68.1% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.

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.

Real Estate

The Shockoe Bottom neighborhood is very 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 or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 96.6% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.

In addition, renter-occupied real estate is dominant in the Shockoe Bottom neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 96.1%, which is higher than 98.3% of the neighborhoods in America. If you were to buy and live in the property you bought here, you would be almost alone in doing so.

Furthermore, one of the really unique and interesting things about the look and setting of the Shockoe Bottom neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 86.9% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 97.7% of all neighborhoods in America.

People

One of the most interesting things about the Shockoe Bottom neighborhood is that it has a greater concentration of residents who live alone than most all neighborhoods in America. With 63.1% of the households here made up of people living alone, NeighborhoodScout's research reveals that this is a larger proportion of people living alone than in 99.2% of the neighborhoods in America.

In addition, the Shockoe Bottom neighborhood stands out within Virginia for its college student friendly environment. NeighborhoodScout's analysis reveals that this neighborhood is home to a number of college students, is relatively walkable, and above average in safety. In combination, this makes it stand out for a good place for college students to consider. Because a number of college students live here, this neighborhood may be close to a college campus and offer certain amenities nearby geared towards the student body. While it's not an environment for everyone, ambitious scholars can enjoy seasonal excitement between semesters and school breaks, and parents can rest easy knowing that the area has an above average safety rating. For each of these reasons, the neighborhood is rated among the top 6.1% of college-friendly places to live in VA. In addition to being an excellent choice for college students, this neighborhood is also a very good choice for young, single professionals.

Migration / Stability

The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. In the Shockoe Bottom neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 98.3% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.

Diversity

Did you know that the Shockoe Bottom neighborhood has more Haitian and Irish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 5.3% of this neighborhood's residents have Haitian ancestry and 24.8% have Irish ancestry.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the Shockoe Bottom neighborhood in Richmond are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 76.7% of U.S. neighborhoods. In addition, 9.6% 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 51.7% of America'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 Shockoe Bottom neighborhood, 53.2% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 17.1% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (15.5%), and 14.2% in sales and service jobs, from major sales accounts, to working in fast food restaurants.

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 Shockoe Bottom neighborhood is English, spoken by 94.1% of households. Other important languages spoken here include Spanish 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 Shockoe Bottom neighborhood in Richmond, VA, residents most commonly identify their ethnicity or ancestry as Irish (24.8%). There are also a number of people of German ancestry (9.2%), and residents who report Haitian roots (5.3%), and some of the residents are also of Italian ancestry (4.7%), along with some Polish ancestry residents (4.3%), among others.

Getting to Work

How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Shockoe Bottom neighborhood spend between 15 and 30 minutes commuting one-way to work (59.6% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (65.9%) 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 (9.6%) and 9.2% of residents also ride the bus for their daily commute. 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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