This is a small community in a single neighborhood.
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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.
Panacea is a tiny coastal town (i.e. on the ocean, a bay, or inlet) located in the state of Florida. With a population of 735 people and just one neighborhood, Panacea is the 448th largest community in Florida.
Occupations and Workforce
Panacea is a decidedly white-collar town, with fully 89.63% of the workforce employed in white-collar jobs, well above the national average. Overall, Panacea is a town of service providers, sales and office workers, and construction workers and builders. There are especially a lot of people living in Panacea who work in food service (40.13%), maintenance occupations (26.42%), and sales jobs (15.05%).
Setting & Lifestyle
Another notable thing is that Panacea is a major vacation destination. Much of the town’s population is seasonal: many people own second homes and only live there part-time, during the vacation season. The effect on the local economy is that many of the businesses are dependent on tourist dollars, and may operate only during the high season. As the vacation season ends, Panacea’s population drops significantly, such that year-round residents will notice that the city is a much quieter place to live.
It is a fairly quiet town because there are relatively few of those groups of people who have a tendency to be noisy. (Children, for example, often can't help themselves from being noisy, and being parents ourselves, we know!) Panacea has relatively few families with children living at home, and is quieter because of it. Renters and college students, for their own reasons, can also be noisy. Panacea has few renters and college students. But the biggest reason it is quieter in Panacea than in most places in America, is that there are just simply fewer people living here. If you think trees make good neighbors, Panacea may be for you.
One of the nice things about Panacea is that it is nautical, which means that parts of it are somewhat historic and touch the ocean or tidal bodies of water, such as inlets and bays. Because of this, visitors and locals will often go to these areas to take in the scenery or to enjoy waterfront activities.
Panacea is a small town, and as such doesn't have a public transit system that people use to get to and from their jobs every day.
Demographics
The education level of Panacea citizens, measured as those with bachelor's degrees or advanced degrees, is similar to the national average for all American cities and towns. 20.53% of adults 25 and older in Panacea have a college degree.
The per capita income in Panacea in 2022 was $14,216, which is low income relative to Florida and the nation. This equates to an annual income of $56,864 for a family of four.
The people who call Panacea home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Panacea residents report their race to be White. Important ancestries of people in Panacea include Irish, German, European, French, and English.
The most common language spoken in Panacea is English. Other important languages spoken here include Slavic languages and Portuguese.
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
Uncrowded roads, rural America and space to be the individual you are. If you like these characteristics, this neighborhood may fit you. With just 36 residents per square mile, is less crowded than 91.5% of all U.S. neighborhoods. Do you like a coastal setting? If so, this neighborhood may be to your liking. The neighborhood is on the ocean, a bay, or inlet. Often such coastal places have amenities and recreational activities on the waterfront that are attractive to residents and visitors alike. In addition to being coastal, is a very nautical neighborhood, meaning that it is somewhat historic, walkable, densely populated and on the water. This gives the neighborhood a very nautical feel, with some seaside and shipping feel, which some may really enjoy the sights and sounds of.
In addition, the real estate in this neighborhood consists of more mobile homes than 96.5% of all neighborhoods in America, with 34.2% of the occupied housing here being classified as mobile homes. So if you are looking for a mobile home, or you like the look and feel of mobile home parks, this neighborhood might have the setting you desire.
Furthermore, vacant homes and apartments are a significant characteristic of this neighborhood. In fact, with 33.9% of the residential real estate vacant, the neighborhood claims the distinction of having a higher vacancy rate than 96.4% of the neighborhoods in America. This can either be because much of the property is seasonally occupied, like in many vacation areas, or that much of the real estate is more permanently abandoned.
Occupations
From major sales accounts to fast-food workers, sales and service employees are often the backbone of the local economy. In the neighborhood, they truly stand out. NeighborhoodScout's exclusive analysis identifies this neighborhood as having a higher percentage of sales and service workers than 99.4% of all American neighborhoods.
Furthermore, each year, fewer and fewer Americans make their living as farmers, foresters, or fishers. But the neighborhood truly stands out among U.S. neighborhoods. According to exclusive NeighborhoodScout analysis, this neighborhood has a greater proportion of farmers, foresters, or fishers than 97.3% of all American neighborhoods. This is truly a unique cultural characteristic of this neighborhood.
Modes of Transportation
Our research shows that more people carpool to work here in the (23.1%) than in 95.7% of the neighborhoods in America.
Diversity
Did you know that the neighborhood has more Romanian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.8% of this neighborhood's residents have Romanian 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 neighborhood in Panacea are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 81.5% of U.S. neighborhoods. With 17.9% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 66.1% of U.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 neighborhood, 49.6% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 24.9% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (15.8%), and 5.3% in farming, forestry, or commercial fishing.
Languages
The most common language spoken in the neighborhood is English, spoken by 95.6% of households. Some people also speak Spanish (2.1%).
Ethnicity / Ancestry
Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.
In the neighborhood in Panacea, FL, residents most commonly identify their ethnicity or ancestry as English (15.8%). There are also a number of people of Irish ancestry (6.2%), and residents who report German roots (4.8%), and some of the residents are also of Italian ancestry (1.9%), along with some Romanian ancestry residents (1.8%), 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 neighborhood spend between 15 and 30 minutes commuting one-way to work (44.7% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (67.5%) 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 (23.1%) . 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.
