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Real Estate Prices & Overview

Forest View Village / Chelsea Village median real estate price is $528,664, which is more expensive than 90.4% of the neighborhoods in Michigan and 69.3% of the neighborhoods in the U.S.

The average rental price in Forest View Village / Chelsea Village is currently $2,481, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 92.2% of the neighborhoods in Michigan.

Forest View Village / Chelsea Village is a suburban neighborhood (based on population density) located in Troy, Michigan.

Forest View Village / Chelsea Village 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 Forest View Village / Chelsea Village neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

In Forest View Village / Chelsea Village, the current vacancy rate is 2.9%, which is a lower rate of vacancies than 80.6% of all neighborhoods in the U.S. This means that the housing supply in Forest View Village / Chelsea Village is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Troy, the Forest View Village / Chelsea Village neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

Most neighborhoods are composed of a mixture of ages of homes, but the Forest View Village / Chelsea Village stands out as rather unique in having nearly all of its residential real estate built in one time period, namely between 1970 and 1999, generally considered to be established, but not old housing. What you'll sense when you look around or drive the streets of this neighborhood is that many of the residences look the same because of this similarity of age. In fact, 91.6% of the residential real estate here was built in this one time period.

In addition, if you love row houses and attached homes, you will probably really like the Forest View Village / Chelsea Village neighborhood. The ambiance, the charm, of row houses is something special. And in sheer abundance of row houses, this neighborhood truly stands out. The real estate here has a higher proportion of row houses and attached homes than nearly any neighborhood in America. In fact, 24.8% of the residential real estate here is classified as row houses and attached homes.

Furthermore, one way that the Forest View Village / Chelsea Village neighborhood really stands out, is that it has more large 4, 5, or additional bedroom homes and real estate than 95.3% of the neighborhoods in America. When you walk or drive around this neighborhood, you'll instantly notice the size of the homes here which definitely makes a strong visual statement.

People

If knowledge is power, then imagine the cumulative power of one neighborhood where many of the adults have earned an advanced degree, such as a Masters, law degree, medical degree, or even a Ph.D. This is certainly the case in the Forest View Village / Chelsea Village neighborhood, where 39.2% have earned an advanced degree. Compare that to the average neighborhood in America, where just 13.4% of adults have completed a post-graduate degree, and you can see why this neighborhood is a stand out. In fact, this neighborhood has a higher rate of adults with an advanced degree than 96.8% of the neighborhoods in America.

In addition, a majority of the adults in the Forest View Village / Chelsea Village 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 Michigan by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 96.0% of the neighborhoods in Michigan. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for urban sophisticates.

Occupations

The Forest View Village / Chelsea Village neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 95.0% of the neighborhoods in America. In fact, 69.2% of the employed people here make a living as an executive, a manager, or other professional. With such a high concentration, this truly shapes the character of this neighborhood, and to a large degree defines what this neighborhood is about.

Diversity

Did you know that the Forest View Village / Chelsea Village neighborhood has more Arab and Brazilian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 10.3% of this neighborhood's residents have Arab ancestry and 2.3% have Brazilian ancestry.

Forest View Village / Chelsea Village is also pretty special linguistically. Significantly, 6.0% 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 99.2% 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 Forest View Village / Chelsea Village neighborhood in Troy 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 94.3% of the neighborhoods in America. In addition, 7.8% 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 56.5% of America'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 Forest View Village / Chelsea Village neighborhood, 69.2% 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 18.9% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (9.4%).

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 Forest View Village / Chelsea Village neighborhood is English, spoken by 58.9% of households. Other important languages spoken here include Chinese, Langs. of India, Korean and Arabic.

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 Forest View Village / Chelsea Village neighborhood in Troy, MI, residents most commonly identify their ethnicity or ancestry as Asian (31.4%). There are also a number of people of Irish ancestry (10.8%), and residents who report Arab roots (10.3%), and some of the residents are also of German ancestry (9.1%), along with some Polish ancestry residents (7.2%), among others. In addition, 31.1% 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 Forest View Village / Chelsea Village neighborhood spend between 15 and 30 minutes commuting one-way to work (47.7% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (74.5%) 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 (10.2%) . 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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