What do we mean by a neighborhood?
NeighborhoodScout® uses the official government designation for neighborhoods - the census tract.
Census tracts are small, relatively permanent subdivisions of a county that are defined by the U.S. Census Bureau in conjunction with local authorities all across the country to define real neighborhoods that are bounded to contain areas with homogeneous population characteristics (including economic status, lifestyle, and living conditions). Census tracts usually have 4,000 persons, but can range between 1,500 and 8,000 persons. This is the most fine-grained area for which detailed information is made available from the government, to protect the individual privacy of each of us. Because census tracts are based on population, they vary in size depending on the density of settlement. In urban areas, they are small, and in rural areas they can cover an entire small town or even a few small towns in very rural areas.
Since census tracts are subdivisions of a county, we did a spatial overlay of the census tracts onto city and town boundaries using a geographic information system to properly assign each census tract to its appropriate city or town. Then we named each census tract to the local colloquially recognized neighborhood name for that spot (e.g., Boston, MA (Dorchester). If there was not a name available, we named the census tract by the largest street intersection in the census tract (e.g., Worcester, MA (Lincoln St/Plantation St)
Why we don't use Zip Codes as neighborhoods
Zip codes were developed by the Postal Service for the purpose of delivering mail, but were never intended to define coherent neighborhoods. In addition, Zip Codes can have as many as 10 distinctly different census tracts contained within them. When distinct census tracts are blended together in a single Zip Code, the data reflects their average conditions and often gives a false sense of the area. The result is that potentially great matching neighborhoods can be missed, and erroneous matches can also be produced and delivered to you.
Using census tracts makes great matches possible, and helps people find the areas that are best for them and their families. Because we are committed to providing the highest possible quality and finding the neighborhoods that best meet your criteria, we use census tracts. And, as always, we show you the actual street map of the neighborhood so you know exactly where your best matching neighborhood is located.
What is a Condition Alert?
A condition alert is a condition in the neighborhood that triggers an alert. NeighborhoodScout contains condition alerts to highlight conditions that are extreme, whether good or bad. This helps answer crucial questions about the state of the neighborhood being evaluated, such as:
What are the risks of violent crime here?
Is the risk of home break-ins or other property crimes increasing?
Does real estate here hold its value?
Are the trends in local vacancies or unemployment concerning?
...and dozens more.
Information at a glance that you need to know to invest, appraise or finance a property.
Vail Rd / US Hwy 46 median real estate price is $837,385, which is more expensive than 79.0% of the neighborhoods in New Jersey and 85.6% of the neighborhoods in the U.S.
The average rental price in Vail Rd / US Hwy 46 is currently $3,340, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 43.3% of New Jersey neighborhoods.
Vail Rd / US Hwy 46 is a suburban neighborhood (based on population density) located in Parsippany, New Jersey.
Vail Rd / US Hwy 46 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 Vail Rd / US Hwy 46 neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.
Real estate vacancies in Vail Rd / US Hwy 46 are 5.1%, which is lower than one will find in 65.9% of American neighborhoods. Demand for real estate in Vail Rd / US Hwy 46 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
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 Parsippany, the Vail Rd / US Hwy 46 neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Real Estate
The Vail Rd / US Hwy 46 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 87.2% 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.
In addition, renter-occupied real estate is dominant in the Vail Rd / US Hwy 46 neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 85.7%, which is higher than 95.6% of the neighborhoods in America. If you were to buy and live in the property you bought here, you would be almost alone in doing so.
Furthermore, the real estate in the Vail Rd / US Hwy 46 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, 70.6% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 95.2% of American neighborhoods.
Diversity
Did you know that the Vail Rd / US Hwy 46 neighborhood has more Asian and Russian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 41.1% of this neighborhood's residents have Asian ancestry and 3.7% have Russian ancestry.
Vail Rd / US Hwy 46 is also pretty special linguistically. Significantly, 22.0% 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 99.9% 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 Vail Rd / US Hwy 46 neighborhood in Parsippany are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 76.4% of the neighborhoods in America. In addition, 5.1% 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 64.2% 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 Vail Rd / US Hwy 46 neighborhood, 63.8% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 14.0% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (14.0%), and 8.2% in manufacturing and laborer 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 Vail Rd / US Hwy 46 neighborhood is English, spoken by 52.8% of households. Other important languages spoken here include Langs. of India, Spanish and Chinese.
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 Vail Rd / US Hwy 46 neighborhood in Parsippany, NJ, residents most commonly identify their ethnicity or ancestry as Asian (41.1%). There are also a number of people of Italian ancestry (14.4%), and residents who report Irish roots (12.7%), and some of the residents are also of German ancestry (10.5%), along with some Sub-Saharan African ancestry residents (5.8%), among others. In addition, 41.9% 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 Vail Rd / US Hwy 46 neighborhood spend between 15 and 30 minutes commuting one-way to work (37.4% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (75.5%) 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 (9.8%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
SCOUT’s patented match algorithm identifies the most similar neighborhoods to a subject location, and quantifies the similarity to the subject location. This allows analysts to identify the most similar neighborhoods in a local market area for appraisals, investments, and research.
The algorithm uses 273 neighborhood conditions, identifies the dominant dimensions underlying the conditions and calculates the similarity. This captures the true culture and character of locations, economic conditions, and trends.
The closer to 100% means the locations are nearly identical. 80% is a very good, but not excellent match, and so forth.
