60 really isn't a problem at all. I will drive a 1,000 miles going 60, if I can do it in a straight line, it would still save a large amount of time. The problem is absolutely that 20mph range. Not useful at all.
I'm not even sure you can take off or land in your own neighborhood. Is a neighborhood a settlement? shrug
https://www.ecfr.gov/current/title-14/section-103.15
See Simmons (2010 legal interpretation from the FAA chief legal counsel. https://drs.faa.gov/browse/excelExternalWindow/FAA000000000L...
---
Also, no operations in common types of airspace: no bravo, charlie, or delta (or class e surface area). This may not be difficult seeing as they tend to exist over congested areas which must be avoided anyway.
https://www.ecfr.gov/current/title-14/section-103.17
---
Part 103 ultralights are vehicles, not aircraft, therefore not general aviation. Therefore, I'm not sure who will insure these operations. It may be the realm of self-insured.