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.
Market Common median real estate price is $434,785, which is more expensive than 78.6% of the neighborhoods in South Carolina and 59.5% of the neighborhoods in the U.S.
The average rental price in Market Common is currently $2,153, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 75.0% of the neighborhoods in South Carolina.
Market Common is a remote neighborhood (based on population density) located in Myrtle Beach, South Carolina.
Market Common 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 single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Market Common neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.
Vacant apartments or homes are a major fact of life in Market Common. The current real estate vacancy rate here is 34.7%. This is higher than the rate of vacancies in 96.3% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.
Notable & Unique Neighborhood Characteristics
Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Myrtle Beach, the Market Common neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Modes of Transportation
A unique way of commuting is simply not to. And in the Market Common neighborhood, analysis shows that 52.1% of the residents work from home, avoiding a commute altogether. This may not seem like a large number, but it is a higher proportion of people working from home than is found in 99.9% of the neighborhoods in the United States. One thing NeighborhoodScout's research reveals is that the wealthier and/or more isolated the neighborhood, the greater the proportion of residents who choose to work from home.
People
Divorcees may find friendship and understanding in this neighborhood, as 25.0% of its residents are divorced. NeighborhoodScout's exclusive analysis found that this divorce rate is higher than in 99.1% of the neighborhoods in America.
In addition, if you're planning where to retire, the Market Common neighborhood in Myrtle Beach is a great option to consider. According to NeighborhoodScout's exclusive retirement dream area analysis, it's peaceful and quiet, has above average safety ratings compared to other neighborhoods in SC, offers a wide range of housing options, and has already attracted an enviable mix of college educated seniors. This neighborhood ranks as better for retirement living than 89.8% of the neighborhoods in South Carolina. If you are considering retiring to South Carolina, this is a good neighborhood to look at.
Real Estate
One of the notable things about Market Common is that it is one of the quietest neighborhoods in America, according to NeighborhoodScout's exclusive analysis and quantitative rating of quietness. When you are here, you will find it to be very quiet. If quiet and peaceful are your cup of tea, you may have found a great place for you.
In addition, if you like the look and ambience of new homes and newly built neighborhoods, you will love the Market Common neighborhood. A whopping 77.1% of the homes and other residential real estate here were built after 1999, which is a higher proportion of new homes then you will find in 97.0% of the neighborhoods in the U.S. Everything here just feels new.
Furthermore, despite all of the residential real estate here in the Market Common neighborhood, NeighborhoodScout has discovered that much of it is vacant. In resort or second-home vacation areas, this naturally occurs because homes and apartments are seasonally occupied, and empty for a portion of the year. In non-vacation or resort areas, however, this can be an indicator of property abandonment or a weak real estate market. The vacancy rate here is 34.7%, which is higher than 96.3% of all U.S. neighborhoods.
Diversity
Did you know that the Market Common neighborhood has more English and Scottish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 33.1% of this neighborhood's residents have English ancestry and 9.0% have Scottish 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 Market Common neighborhood in Myrtle Beach are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 75.9% of U.S. neighborhoods. With 37.5% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 87.5% 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 Market Common neighborhood, 33.3% of the working population is employed in clerical, assistant, and tech support occupations. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 29.2% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (25.0%), and 12.5% in manufacturing and laborer occupations.
Languages
The most common language spoken in the Market Common neighborhood is English, spoken by 100.0% of households. Some people also speak Polish (4.1%).
Ethnicity / Ancestry
Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.
In the Market Common neighborhood in Myrtle Beach, SC, residents most commonly identify their ethnicity or ancestry as English (33.1%). There are also a number of people of Italian ancestry (20.3%), and residents who report Irish roots (17.3%), and some of the residents are also of Scottish ancestry (9.0%), along with some German ancestry residents (6.8%), 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 Market Common neighborhood spend between 15 and 30 minutes commuting one-way to work (73.9% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (47.9%) drive alone in a private automobile to get to work. 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.
