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Real Estate Prices & Overview

Central Business District median real estate price is $509,238, which is more expensive than 49.6% of the neighborhoods in New Jersey and 70.1% of the neighborhoods in the U.S.

The average rental price in Central Business District is currently $2,104, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 90.3% 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

The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.

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

97.7% of the real estate in the Central Business District neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

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

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 Central Business District neighborhood has a highly unusual pattern of 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

Our research revealed that more commuters here take the bus to work (16.1% ride the bus) than 97.7% of all American neighborhoods. If you like the idea of leaving your car and home and hopping the bus to work, this might be a good neighborhood for you to consider.

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, in the Central Business District neighborhood, walking to work is a real option for many. In fact, NeighborhoodScout's exclusive research reveals walking to and from work is the chosen way to commute for 11.8% of residents here. This is a higher proportion of walking commuters than we found in 95.8% of American neighborhoods. Get ready to put on your walking shoes if you move here!

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

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 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.

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 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

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 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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