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Real Estate Prices & Overview

Morsemere median real estate price is $890,973, which is more expensive than 82.5% of the neighborhoods in New Jersey and 87.2% of the neighborhoods in the U.S.

The average rental price in Morsemere is currently $3,950, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 77.4% of the neighborhoods in New Jersey.

Morsemere is a densely urban neighborhood (based on population density) located in Palisades Park, New Jersey.

Morsemere 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 occupied by a mixture of owners and renters. Many of the residences in the Morsemere neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1940 and 1969.

Real estate vacancies in Morsemere are 3.3%, which is lower than one will find in 78.5% of American neighborhoods. Demand for real estate in Morsemere 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

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.

Modes of Transportation

Our research revealed that more commuters here take the bus to work (22.3% ride the bus) than 99.0% 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.

Car Ownership

Most American households own a car or other vehicle. Many own two cars or perhaps three. In the United States, it is useful to have an automobile not only for commuting, but also for shopping and getting to other services one needs. But NeighborhoodScout's analysis revealed that households in the Morsemere neighborhood have a highly unusual car ownership. 26.1% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 96.6% of U.S. neighborhoods.

Real Estate

Three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The Morsemere neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 32.5% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 95.4% of America's neighborhoods.

Diversity

Did you know that the Morsemere neighborhood has more Asian and Greek ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 60.5% of this neighborhood's residents have Asian ancestry and 2.8% have Greek ancestry.

Morsemere is also pretty special linguistically. Significantly, 52.2% of its residents five years old and above primarily speak Korean at home. This is a higher percentage than 100.0% of all U.S. neighborhoods.

Migration / Stability

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 Morsemere neighborhood has a greater percentage of residents born in another country (58.4%) than are found in 99.0% 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 Morsemere neighborhood in Palisades Park are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 67.3% of the neighborhoods in America. In addition, 9.7% 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 51.3% 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 Morsemere neighborhood, 37.0% 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 29.1% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (17.4%), and 16.5% 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 Morsemere neighborhood is Korean, spoken by 52.2% of households. Other important languages spoken here include English 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 Morsemere neighborhood in Palisades Park, NJ, residents most commonly identify their ethnicity or ancestry as Asian (60.5%). There are also a number of people of French ancestry (4.0%), and residents who report Dutch roots (4.0%), and some of the residents are also of Italian ancestry (3.9%), along with some Greek ancestry residents (2.8%), among others. In addition, 58.4% 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 Morsemere neighborhood spend between 15 and 30 minutes commuting one-way to work (28.4% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (47.4%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (22.3%) and 16.4% of residents also carpool with coworkers, friends, or neighbors 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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