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Real Estate Prices & Overview

Five Mile Prairie median real estate price is $722,457, which is more expensive than 68.3% of the neighborhoods in Washington and 83.5% of the neighborhoods in the U.S.

The average rental price in Five Mile Prairie is currently $3,186, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 76.6% of the neighborhoods in Washington.

Five Mile Prairie is a suburban neighborhood (based on population density) located in Spokane, Washington.

Five Mile Prairie real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Five Mile Prairie neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

In Five Mile Prairie, 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 Five Mile Prairie is very tight compared to the demand for property here.

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

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 Five Mile Prairie 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.

In addition, homes built from 2000 through today make up a higher proportion of the Five Mile Prairie neighborhood's real estate landscape than 96.1% of the neighborhoods in America. When you are driving around this neighborhood, you'll notice right away that it is one of the newest built of any, with the smell of fresh paint, and the look of young landscaping nearly everywhere you look. In fact, 71.4% of the residential real estate here is classified as newer.

People

A majority of the adults in the Five Mile Prairie neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for Washington by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 99.5% of the neighborhoods in Washington. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for families with school-aged children and urban sophisticates.

In addition, priests and therapists would like to think they know the secrets to a truly successful marriage, but according to NeighborhoodScout's research, the folks of the Five Mile Prairie neighborhood may actually hold the key. 72.2% of its residents are married, which is a higher percentage than is found in 97.8% of the neighborhoods in America.

Diversity

Did you know that the Five Mile Prairie neighborhood has more Romanian and Ukrainian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.1% of this neighborhood's residents have Romanian ancestry and 6.0% have Ukrainian 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 Five Mile Prairie neighborhood in Spokane are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 92.4% of the neighborhoods in America. With 10.4% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 50.2% of U.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 Five Mile Prairie neighborhood, 53.7% 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 17.0% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (16.4%), and 12.9% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Five Mile Prairie neighborhood is English, spoken by 89.1% of households.

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 Five Mile Prairie neighborhood in Spokane, WA, residents most commonly identify their ethnicity or ancestry as German (18.2%). There are also a number of people of Irish ancestry (15.6%), and residents who report English roots (10.3%), and some of the residents are also of Ukrainian ancestry (6.0%), along with some Italian ancestry residents (5.8%), 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 Five Mile Prairie neighborhood spend between 15 and 30 minutes commuting one-way to work (58.4% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (80.6%) 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 (8.4%) . 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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