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Real Estate Prices & Overview

Riverside Southwest median real estate price is $384,381, which is less expensive than 70.7% of New Jersey neighborhoods and 41.0% of all U.S. neighborhoods.

The average rental price in Riverside Southwest is currently $2,468, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 78.1% of New Jersey neighborhoods.

Riverside Southwest is a densely urban neighborhood (based on population density) located in Paterson, New Jersey.

Riverside Southwest real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and single-family homes. Most of the residential real estate is renter occupied. Many of the residences in the Riverside Southwest neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1940 and 1969.

Real estate vacancies in Riverside Southwest are 5.9%, which is lower than one will find in 61.9% of American neighborhoods. Demand for real estate in Riverside Southwest 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 Paterson, the Riverside Southwest neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

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 Riverside Southwest 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 86.9% of the real estate here is made up of such dwellings, which is higher than 100.0% of all U.S. neighborhoods.

In addition, being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, American's enjoy taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and take in the sights and sounds. And, according to NeighborhoodScout's exclusive and first quantitative walkable score index, the Riverside Southwest neighborhood is one of the most walkable neighborhoods in America.

Furthermore, 90.2% of the real estate in the Riverside Southwest neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

Also of note, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 60.6% of the residential real estate in the Riverside Southwest neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 96.5% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.

People

Whether by choice, divorce, or unplanned pregnancy, single moms may have the toughest job in the book. NeighborhoodScout's exclusive analysis reveals that the Riverside Southwest neighborhood has more single mother households than 99.8% of the neighborhoods in the U.S. Often high concentrations of single mother homes can be a strong indicator of family and social issues such as poverty, high rates of school dropouts, crime, and other societal problems.

In addition, the Riverside Southwest neighborhood has a greater percentage of children living in poverty (57.7%) than found in 96.2% of all U.S. neighborhoods. Children living in poverty is one of the challenges facing America, and the world, and in this neighborhood in particular, the problem can be considered acute.

Occupations

NeighborhoodScout's exclusive research identifies the Riverside Southwest neighborhood as having one of the highest concentrations of people employed in manufacturing or as laborers of any neighborhood in America. In fact, despite the loss of manufacturing jobs nationally, this neighborhood has 49.7% of its working residents employed in such fields, which is a higher proportion than 98.8% of American neighborhoods.

Modes of Transportation

In the Riverside Southwest neighborhood, carpooling is still a popular way to get to and from work. NeighborhoodScout's analysis reveals that 24.5% of commuters carpool here, which is more than in 96.9% of all U.S. neighborhoods.

Also, more people ride the bus in this neighborhood each day to get to work than 96.0% of U.S. neighborhoods.

Diversity

Did you know that the Riverside Southwest neighborhood has more Dominican and Puerto Rican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 36.9% of this neighborhood's residents have Dominican ancestry and 21.8% have Puerto Rican ancestry.

Riverside Southwest is also pretty special linguistically. Significantly, 72.7% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 97.7% of all U.S. neighborhoods.

The Neighbors

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 Riverside Southwest neighborhood in Paterson are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 91.4% of U.S. neighborhoods. With 57.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 96.2% 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 Riverside Southwest neighborhood, 49.7% 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 26.4% of the residents employed. Other residents here are employed in executive, management, and professional occupations (13.4%), and 10.4% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Riverside Southwest neighborhood is Spanish, spoken by 72.7% of households. Some people also speak English (26.6%).

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 Riverside Southwest neighborhood in Paterson, NJ, residents most commonly identify their ethnicity or ancestry as Dominican (36.9%). There are also a number of people of Puerto Rican ancestry (21.8%), and residents who report South American roots (12.3%), and some of the residents are also of Sub-Saharan African ancestry (6.2%), along with some African ancestry residents (2.9%), among others. In addition, 39.9% 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 Riverside Southwest neighborhood spend between 15 and 30 minutes commuting one-way to work (38.2% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (55.4%) 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 (24.5%) and 12.7% 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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