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Real Estate Prices & Overview

Parasol Park median real estate price is $1,521,343, which is more expensive than 86.2% of the neighborhoods in California and 97.1% of the neighborhoods in the U.S.

The average rental price in Parasol Park is currently $5,618, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 98.0% of the neighborhoods in California.

Parasol Park is a suburban neighborhood (based on population density) located in Irvine, California.

Parasol Park real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Parasol Park neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1940 and 1969.

Vacant apartments or homes are a major fact of life in Parasol Park. The current real estate vacancy rate here is 17.8%. This is higher than the rate of vacancies in 83.5% 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.

Real Estate

Homes built from 2000 through today make up a higher proportion of the Parasol Park neighborhood's real estate landscape than 99.7% of the neighborhoods in America. When you are driving around this neighborhood, you'll notice right away that it is one of the newest built of any, with the smell of fresh paint, and the look of young landscaping nearly everywhere you look. In fact, 97.0% of the residential real estate here is classified as newer. In fact, the concentration of newer homes here is so great that they completely dominate the landscape. In most neighborhoods, there is a mixture of ages of residential real estate, but here it is almost completely built during one time frame: 2000 through today.

In addition, many people dream of living along a street lined with row houses or other attached homes. Such places do often have an abundance of charm. If you are one of these people, the Parasol Park neighborhood could be your paradise. With 32.7% of the homes and real estate here classified as rowhouses or other attached homes, this neighborhood brims with opportunity to find the right place for you. Only 2.8% of U.S. neighborhoods have more row houses than this neighborhood, making it one of the most interesting things about this special neighborhood.

People

A majority of the adults in the Parasol Park neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for California by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 98.9% of the neighborhoods in California.

In addition, if you come to know the people here, you will recognize that you're in the company of one of the wealthiest communities in the nation. In fact, a mere 2.9% of America's neighborhoods are wealthier than the Parasol Park neighborhood. Real estate here is exceedingly well-maintained, and similarly, tends to maintain its value over time. The cars driven are mostly luxury brands like Mercedes, Audi, BMW, and Lexus. If the public schools aren't up to snuff, the residents of this neighborhood preferentially send their children to private preparatory schools. Vacation to Disney? Yes, but equally popular are summers in Europe.

Modes of Transportation

In the Parasol Park neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 35.3% of residents worked from home. This may not seem like a large number, but Scout's research shows that this is a higher percentage of people working from home than 98.8% of the neighborhoods in America. Often people who work from home are engaged in the creative or technological economy, such as is found in areas around Boston, and in Silicon Valley. Other times, people may be engaged in other businesses like trading stocks from home, or running a small beauty salon.

Occupations

Executives, managers and professionals make up 75.0% of the workforce in the Parasol Park neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 97.7% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.

Diversity

Did you know that the Parasol Park neighborhood has more Asian and Iranian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 58.3% of this neighborhood's residents have Asian ancestry and 2.5% have Iranian ancestry.

Parasol Park is also pretty special linguistically. Significantly, 10.1% 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 99.6% of the neighborhoods in America.

Migration / Stability

Some neighborhoods have more internal cohesiveness than others. While other neighborhoods feel like a collection of strangers who just happen to live near each other. Sometimes this comes down to not only the personalities of the people in a place, but how long people have been together in that neighborhood. NeighborhoodScout's research has revealed some interesting things about the rootedness of people in the Parasol Park neighborhood. What is interesting to note, is that the Parasol Park neighborhood has a greater percentage of residents born in another country (46.0%) than are found in 96.4% of all U.S. neighborhoods.

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 Parasol Park neighborhood in Irvine 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 97.1% of the neighborhoods in America. In addition, 6.8% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 59.3% of America's neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Parasol Park neighborhood, 75.0% 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 14.2% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (5.5%), and 5.3% 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 Parasol Park neighborhood is English, spoken by 40.0% of households. Other important languages spoken here include Chinese, Korean, Vietnamese and Spanish.

Ethnicity / Ancestry

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

In the Parasol Park neighborhood in Irvine, CA, residents most commonly identify their ethnicity or ancestry as Asian (58.3%). There are also a number of people of Irish ancestry (4.9%), and residents who report Italian roots (3.6%), and some of the residents are also of German ancestry (3.0%), along with some Mexican ancestry residents (2.7%), among others. In addition, 46.0% 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 Parasol Park neighborhood spend between 15 and 30 minutes commuting one-way to work (44.8% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (56.1%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (8.3%) . 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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