Independence Park median real estate price is $512,150, which is more expensive than 40.2% of the neighborhoods in New Jersey and 67.2% of the neighborhoods in the U.S.
The average rental price in Independence Park is currently $3,197, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 51.2% of New Jersey neighborhoods.
Independence Park is a densely urban neighborhood (based on population density) located in Newark, New Jersey.
Independence Park real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and apartment complexes/high-rise apartments. Most of the residential real estate is renter occupied. Many of the residences in the Independence Park 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 Independence Park, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in Independence Park is very tight compared to the demand for property here.
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 Newark, the Independence Park neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Real Estate
88.6% of the real estate in the Independence Park neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America. This neighborhood has the distinction of having one of the lowest real estate vacancy rates of any neighborhood in America. With just 0.0% of the real estate vacant, this indicates an exceptionally strong demand for real estate in the Independence Park neighborhood, and/or an issue with creating enough supply for the demand. This could have the effect of increasing real estate prices, increasing supply to meet demand, or both.
In addition, corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate of neighborhoods dominated by small 2, 3, and 4 unit apartment buildings. Many are in older core neighborhoods of Eastern and Midwestern cities, or historic town centers in their hinterlands. If you wax romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist at the corner, then you might find the Independence Park neighborhood worth a close look. This neighborhood is an absolutely outstanding example of the dominance of small 2, 3, and 4 unit apartment buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood's real estate stock. In fact, no less than 65.3% of the real estate here is made up of such dwellings, which is higher than 99.5% of all U.S. neighborhoods.
Furthermore, if you like crowded places, then you will probably enjoy the the Independence Park neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 96.1% of neighborhoods in the U.S., with 25,292 people per square mile living here.
Modes of Transportation
In the Independence Park neighborhood, carpooling is still a popular way to get to and from work. NeighborhoodScout's analysis reveals that 40.8% of commuters carpool here, which is more than in 99.8% of all U.S. neighborhoods.
Also, in the Independence Park 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 11.2% of residents here. This is a higher proportion of walking commuters than we found in 95.6% of American neighborhoods. Get ready to put on your walking shoes if you move here!
Occupations
More people work in manufacturing and as laborers here in the Independence Park neighborhood than in 99.5% of the neighborhoods in America. Despite the loss of manufacturing jobs across the nation, this neighborhood remains a place where, compared to other parts of the country, you will find many laborers and manufacturers.
Car Ownership
American households most often have a car, and regularly they have two or three. But households in the Independence Park neighborhood buck this trend. 29.2% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.0% of U.S. neighborhoods.
Diversity
Did you know that the Independence Park neighborhood has more Brazilian and South American ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 21.8% of this neighborhood's residents have Brazilian ancestry and 44.3% have South American ancestry.
Independence Park is also pretty special linguistically. Significantly, 43.2% of its residents five years old and above primarily speak Portuguese at home. This is a higher percentage than 100.0% of all U.S. neighborhoods.
Migration / Stability
The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. What is interesting to note, is that the Independence Park neighborhood has a greater percentage of residents born in another country (72.3%) than are found in 99.8% of all U.S. neighborhoods.
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 Independence Park 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 88.7% of U.S. neighborhoods. With 19.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 68.4% of U.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 Independence Park neighborhood, 54.5% of the working population is employed in manufacturing and laborer 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 28.5% of the residents employed. Other residents here are employed in executive, management, and professional occupations (14.5%), and 2.4% 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 Independence Park neighborhood is Spanish, spoken by 58.0% of households. Other important languages spoken here include Portuguese and English.
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 Independence Park neighborhood in Newark, NJ, residents most commonly identify their ethnicity or ancestry as South American (44.3%). There are also a number of people of Brazilian ancestry (21.8%), and residents who report Spanish roots (6.6%), and some of the residents are also of Portuguese ancestry (6.4%), along with some Italian ancestry residents (3.7%), among others. In addition, 72.3% 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 Independence Park neighborhood spend between 15 and 30 minutes commuting one-way to work (42.3% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (40.8%) carpool with coworkers, friends, or neighbors to get to work. In addition, quite a number also drive alone in a private automobile to get to work (36.0%) and 11.2% of residents also hop out the door and walk to work for their daily commute. Despite relying on the automobile to get to work, residents of this neighborhood share the ride more than most neighborhoods, reducing traffic, pollution, and saving money.
