This is a small community in a single neighborhood.
As throughout the site, some neighborhood-level data are reserved for subscribers.
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.
Palmer Lake is a very small town located in the state of Colorado. With a population of 2,624 people and just one neighborhood, Palmer Lake is the 124th largest community in Colorado.
Housing costs in Palmer Lake are among some of the highest in the nation, although real estate prices here don't compare to real estate prices in the most expensive communities in Colorado.
Occupations and Workforce
Palmer Lake is a decidedly white-collar town, with fully 85.03% of the workforce employed in white-collar jobs, well above the national average. Overall, Palmer Lake is a town of service providers, sales and office workers, and professionals. There are especially a lot of people living in Palmer Lake who work in office and administrative support (13.51%), sales jobs (11.06%), and teaching (10.26%).
Telecommuters are a relatively large percentage of the workforce: 11.39% of people work from home. While this number may seem small overall, as a fraction of the total workforce it is high relative to the nation. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes.
Setting & Lifestyle
Because of many things, Palmer Lake is a great place for families with children to consider. First of all, many other families with children live here, making Palmer Lake a place where both parents and children are more likely to develop social ties with other families, as well as find family-oriented services and community. The town’s good public school district and large population of college-educated adults provide an environment conducive to academic values. With regard to real estate, Palmer Lake has a high rate of owner-occupied single family homes, which tends to reflect stability in the local community. Finally, Palmer Lake’s overall crime rate is lower than average for the country.
Palmer Lake 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 citizens of Palmer Lake are very well educated compared to the average community in the nation: 38.92% of adults in Palmer Lake have a bachelor's degree or even advanced degree.
The per capita income in Palmer Lake in 2022 was $48,290, which is upper middle income relative to Colorado, and wealthy relative to the rest of the US. This equates to an annual income of $193,160 for a family of four.
Palmer Lake is a somewhat ethnically-diverse town. The people who call Palmer Lake home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Palmer Lake residents report their race to be White, followed by Asian. Palmer Lake also has a sizeable Hispanic population (people of Hispanic origin can be of any race). People of Hispanic or Latino origin account for 12.38% of the town’s residents. Important ancestries of people in Palmer Lake include German, English, Irish, Norwegian, and Scottish.
The most common language spoken in Palmer Lake is English. Other important languages spoken here include Italian and Spanish.
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.
Real Estate
Unpopulated, and rural, the neighborhood is one of the least crowded neighborhoods in all of America. If you like open space, no traffic, and lots of room, this neighborhood may be just what you are looking for. According to NeighborhoodScout's leading research, this neighborhood is less densely populated than 90.1% of the neighborhoods in America.
Diversity
Did you know that the neighborhood has more Yugoslav ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 0.3% of this neighborhood's residents have Yugoslav ancestry.
is also pretty special linguistically. Significantly, 2.2% of its residents five years old and above primarily speak Korean at home. While this may seem like a small percentage, it is higher than 96.5% of the neighborhoods in America.
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 neighborhood in Palmer Lake 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 85.6% of the neighborhoods in America. With 19.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 68.4% of U.S. neighborhoods.
The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.
In the neighborhood, 42.7% 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 28.9% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (17.6%), and 10.8% in clerical, assistant, and tech support occupations.
Languages
The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the neighborhood is English, spoken by 92.1% of households. Other important languages spoken here include Italian, Spanish and Korean.
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 neighborhood in Palmer Lake, CO, residents most commonly identify their ethnicity or ancestry as German (18.1%). There are also a number of people of English ancestry (12.0%), and residents who report Irish roots (11.9%), and some of the residents are also of Norwegian ancestry (3.6%), along with some Mexican ancestry residents (3.1%), 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 neighborhood spend between 15 and 30 minutes commuting one-way to work (34.4% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (80.3%) 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.
