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Real Estate Prices & Overview

Milltown median real estate price is $739,115, which is more expensive than 72.7% of the neighborhoods in New Jersey and 82.1% of the neighborhoods in the U.S.

The average rental price in Milltown is currently $3,948, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 77.3% of the neighborhoods in New Jersey.

Milltown is a suburban neighborhood (based on population density) located in Springfield, New Jersey.

Milltown real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner occupied. Many of the residences in the Milltown 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 Milltown are 5.0%, which is lower than one will find in 66.5% of American neighborhoods. Demand for real estate in Milltown 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 Springfield, the Milltown neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Diversity

Did you know that the Milltown neighborhood has more Austrian and Eastern European ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.4% of this neighborhood's residents have Austrian ancestry and 3.5% have Eastern European ancestry.

Milltown is also pretty special linguistically. Significantly, 1.9% of its residents five years old and above primarily speak Russian at home. While this may seem like a small percentage, it is higher than 98.5% of the neighborhoods in America.

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 Milltown neighborhood in Springfield are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 93.2% of the neighborhoods in America. In addition, 3.1% 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 71.1% 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 Milltown neighborhood, 58.1% 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 16.9% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (15.6%), and 9.4% 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 Milltown neighborhood is English, spoken by 75.4% of households. Other important languages spoken here include Spanish, Langs. of India, Chinese and Italian.

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 Milltown neighborhood in Springfield, NJ, residents most commonly identify their ethnicity or ancestry as Italian (18.0%). There are also a number of people of Irish ancestry (6.9%), and residents who report Polish roots (6.5%), and some of the residents are also of Asian ancestry (6.3%), along with some Russian ancestry residents (6.1%), among others. In addition, 18.2% 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 Milltown neighborhood spend between 15 and 30 minutes commuting one-way to work (31.3% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (58.3%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (5.6%) . 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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