Powerhouse median real estate price is $1,321,006, which is more expensive than 93.2% of the neighborhoods in New Jersey and 94.1% of the neighborhoods in the U.S.
The average rental price in Powerhouse is currently $6,432, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 97.5% of the neighborhoods in New Jersey.
Powerhouse is a densely urban neighborhood (based on population density) located in Jersey City, New Jersey.
Powerhouse 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 single-family homes. Most of the residential real estate is renter occupied. Many of the residences in the Powerhouse neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.
Powerhouse has a 11.3% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 68.1% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.
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 Jersey City, the Powerhouse neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
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 1.0% of America's neighborhoods are wealthier than the Powerhouse 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. As one would expect in a considerably wealthy neighborhood such as this, Powerhouse also has one of the lowest ratings of child poverty in the nation.
In addition, do you like to read, write, and learn? Are you curious about the world? If so, this neighborhood may be a good fit for you. NeighborhoodScout's research revealed that a full 90.3% of the adults living in the Powerhouse neighborhood have earned at least a bachelor's degree. This is a higher rate than NeighborhoodScout found in 99.7% of U.S. neighborhoods. In this way, this neighborhood truly stands out.
Also, powerhouse has the amazing distinction of housing more same sex couples living together than 97.6% of neighborhoods in the U.S. If you are seeking such a neighborhood, NeighborhoodScout's analysis shows that this is one place that you should consider.
Finally, if you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the Powerhouse neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 96.4% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the Powerhouse neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for young, single professionals.
The real estate in the Powerhouse 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, 98.8% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 99.8% of American neighborhoods.
In addition, the Powerhouse 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 98.8% 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.
Furthermore, what you'll find when you visit or move to this neighborhood is one of the most crowded neighborhoods in all of America. With an incredible 98,982 people per square mile, it is more densely populated than 99.6% of America's neighborhoods.
Also of note, if you like the look and ambience of new homes and newly built neighborhoods, you will love the Powerhouse neighborhood. A whopping 90.7% of the homes and other residential real estate here were built after 1999, which is a higher proportion of new homes then you will find in 98.8% of the neighborhoods in the U.S. Everything here just feels new. 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.
Finally, 90.7% of the real estate in the Powerhouse neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.
If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 51.9% of the Powerhouse neighborhood's commuters ride the train to and from work each day, which is more than we found in 99.6% of America's neighborhoods.
Also, in the Powerhouse neighborhood, 1.2% of people ride a ferry 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 ferry ridership than in 99.1% of the neighborhoods in America.
Finally, in the Powerhouse neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 32.1% 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 96.1% 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.
Executives, managers and professionals make up 81.2% of the workforce in the Powerhouse neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 99.1% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.
We Americans love our cars. Not only are they a necessity for most Americans due to the shape of our neighborhoods and the distances between where we live, work, shop, and go to school, but we also fancy them. As a result, most households in America have one, two, or three cars. But NeighborhoodScout's exclusive analysis shows that the Powerhouse neighborhood has a highly unusual pattern of car ownership. 54.4% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.9% of U.S. neighborhoods.
Did you know that the Powerhouse neighborhood has more Asian and Iranian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 49.4% of this neighborhood's residents have Asian ancestry and 1.0% have Iranian ancestry.
Powerhouse is also pretty special linguistically. Significantly, 14.4% of its residents five years old and above primarily speak Langs. of India at home. While this may seem like a small percentage, it is higher than 99.7% of the neighborhoods in America.
Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. What is interesting to note, is that the Powerhouse neighborhood has a greater percentage of residents born in another country (52.9%) than are found in 98.2% of all U.S. neighborhoods.
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 Powerhouse neighborhood in Jersey City 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 99.0% of the neighborhoods in America. In addition, 0.0% 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 100.0% 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 Powerhouse neighborhood, 81.2% 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 11.4% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (5.5%).
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 Powerhouse neighborhood is English, spoken by 48.1% of households. Other important languages spoken here include Chinese, Langs. of India and Spanish.
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 Powerhouse neighborhood in Jersey City, NJ, residents most commonly identify their ethnicity or ancestry as Asian (49.4%). There are also a number of people of Italian ancestry (10.9%), and residents who report Irish roots (7.8%), and some of the residents are also of English ancestry (3.6%), along with some Polish ancestry residents (2.0%), among others. In addition, 52.9% of the residents of this neighborhood were born in another country.
How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Powerhouse neighborhood spend between 30 and 45 minutes commuting one-way to work (40.4% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (51.9%) take the train to get to work. In addition, quite a number also drive alone in a private automobile to get to work (7.1%) and 5.5% of residents also hop out the door and walk to work for their daily commute. This neighborhood is distinguished by the high number of residents who take the train to work each day, which can be a very good way to get to work at a lower cost and with less pollution.
