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Real Estate Prices & Overview

Central Business District median real estate price is $549,059, which is more expensive than 46.8% of the neighborhoods in New Jersey and 70.8% of the neighborhoods in the U.S.

The average rental price in Central Business District is currently $2,212, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 89.8% of New Jersey neighborhoods.

Central Business District is a densely urban neighborhood (based on population density) located in Newark, New Jersey.

Central Business District 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 small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the Central Business District neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

Real estate vacancies in Central Business District are 4.3%, which is lower than one will find in 71.3% of American neighborhoods. Demand for real estate in Central Business District is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.

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.

People

The types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. NeighborhoodScout's exclusive analysis reveals that this neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 62.2%. This is a higher percent living alone than we found in 99.1% of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.

In addition, one of the unique characteristics of the Central Business District neighborhood revealed by analysis is that the per capita income of residents here is lower than that found in 97.8% of the neighborhoods in America.

Real Estate

Renter-occupied real estate is dominant in the Central Business District neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 97.7%, which is higher than 98.6% of the neighborhoods in America. If you were to buy and live in the property you bought here, you would be almost alone in doing so.

In addition, the real estate in the Central Business District neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 89.0% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 98.0% of American neighborhoods.

Furthermore, the Central Business District neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 90.0% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.

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 Central Business District neighborhood have a highly unusual car ownership. 40.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.2% of U.S. neighborhoods.

Modes of Transportation

More people ride the bus in this neighborhood each day to get to work than 97.7% of U.S. neighborhoods.

Also, in the Central Business District neighborhood, 17.1% of people ride the train to work each day. This is a very high percentage compared to most places. In fact, NeighborhoodScout's analysis reveals that this is a higher level of train ridership than in 96.8% of the neighborhoods in America.

Finally, more people in Central Business District choose to walk to work each day (11.8%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.

Diversity

Did you know that the Central Business District neighborhood has more African and Sub-Saharan African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 13.2% of this neighborhood's residents have African ancestry and 18.1% have Sub-Saharan African ancestry.

Central Business District is also pretty special linguistically. Significantly, 9.6% of its residents five years old and above primarily speak French at home. While this may seem like a small percentage, it is higher than 99.1% of the neighborhoods in America.

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 Central Business District neighborhood in Newark are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 97.8% of U.S. neighborhoods. With 23.0% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 73.0% 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 Central Business District neighborhood, 39.5% 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 23.8% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (20.3%), and 16.3% 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 Central Business District neighborhood is English, spoken by 64.6% of households. Other important languages spoken here include Spanish, French and African languages.

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 Central Business District neighborhood in Newark, NJ, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (18.1%). There are also a number of people of African ancestry (13.2%), and residents who report Puerto Rican roots (8.5%), and some of the residents are also of Italian ancestry (3.1%), along with some Irish ancestry residents (3.1%), among others. In addition, 19.9% of the residents of this neighborhood were born in another country.

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 Central Business District neighborhood spend between 30 and 45 minutes commuting one-way to work (31.8% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.

Here most residents (42.4%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (17.1%) and 16.1% of residents also ride the bus for their daily commute. 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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