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Real Estate Prices & Overview

Hollywood median real estate price is $57,012, which is less expensive than 99.2% of Tennessee neighborhoods and 98.6% of all U.S. neighborhoods.

The average rental price in Hollywood is currently $1,124, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 93.5% of Tennessee neighborhoods.

Hollywood is a suburban neighborhood (based on population density) located in Memphis, Tennessee.

Hollywood real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four 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 Hollywood neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built before 1940.

Vacant apartments or homes are a major fact of life in Hollywood. The current real estate vacancy rate here is 17.3%. This is higher than the rate of vacancies in 82.6% 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

When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.

Occupations

There are more people living in the Hollywood neighborhood employed as sales and service workers (51.5%) than almost any neighborhood in the country. From fast-food service workers to major sales accounts, sales and service workers make up the largest proportion of our national employment picture. But despite that size and importance nationally, this neighborhood still stands out as unique due to the dominance of people living here who work in such occupations.

People

The Hollywood neighborhood stands out for having an average per capita income lower than 98.8% of the neighborhoods in the United States. Also of note, 77.0% of the children in this area live in poverty; an extraordinarily high percentage compared to other neighborhoods in the nation. In a nation where approximately one in four children grows up in poverty, this neighborhood stands out for the depth of the problem manifested here.

In addition, neighborhoodScout's exclusive research revealed that 96.8% of the adult residents in the Hollywood neighborhood do not have a 4-year college degree, which is a lower rate of college graduated adults than found in 98.2% of the neighborhoods in America.

Also, single parenting is hard. But you don't have to tell the Hollywood neighborhood about it; they already know. 19.5% of this neighborhood's households are run by single mothers, which is a higher concentration than NeighborhoodScout found in 96.7% of American neighborhoods. Further NeighborhoodScout research showed strong statistical correlations among high rates of children living in single parent households, and neighborhood crime, particularly violent crime, neighborhood poverty, and, importantly, the percentage of low weight births and rates of infant mortality.

Modes of Transportation

Our research revealed that more commuters here take the bus to work (20.4% ride the bus) than 98.7% of all American neighborhoods. If you like the idea of leaving your car and home and hopping the bus to work, this might be a good neighborhood for you to consider.

Car Ownership

Most American households own a car or other vehicle. Many own two cars or perhaps three. In the United States, it is useful to have an automobile not only for commuting, but also for shopping and getting to other services one needs. But NeighborhoodScout's analysis revealed that households in the Hollywood neighborhood have a highly unusual car ownership. 27.9% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 96.9% of U.S. neighborhoods.

Diversity

Did you know that the Hollywood neighborhood has more Sub-Saharan African and African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 26.0% of this neighborhood's residents have Sub-Saharan African ancestry and 18.4% have African 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 Hollywood neighborhood in Memphis are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 98.8% of U.S. neighborhoods. With 77.0% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 99.2% 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 Hollywood neighborhood, 48.5% 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 manufacturing and laborer occupations, with 29.3% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (16.8%), and 5.4% in executive, management, and professional occupations.

Languages

The most common language spoken in the Hollywood neighborhood is English, spoken by 98.7% of households.

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 Hollywood neighborhood in Memphis, TN, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (26.0%). There are also a number of people of African ancestry (18.4%).

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 Hollywood neighborhood spend between 15 and 30 minutes commuting one-way to work (72.6% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (77.3%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (20.4%) . 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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