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Real Estate Prices & Overview

Packanack Lake South median real estate price is $875,056, which is more expensive than 81.0% of the neighborhoods in New Jersey and 86.6% of the neighborhoods in the U.S.

The average rental price in Packanack Lake South is currently $5,145, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 93.6% of the neighborhoods in New Jersey.

Packanack Lake South is a suburban neighborhood (based on population density) located in Wayne, New Jersey.

Packanack Lake South real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more 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 Packanack Lake South neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built before 1940.

Real estate vacancies in Packanack Lake South are 3.1%, which is lower than one will find in 79.4% of American neighborhoods. Demand for real estate in Packanack Lake South 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.

People

In a nation where 1 out of every 4 children lives in poverty, the Packanack Lake South neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

In addition, think about the people you know personally. How many of them would purchase box seats to opening night at the symphony? How many of them regularly attend gallery openings, or are the first to reserve tickets to opening night at the ballet? If they're like most of us, they don't do any of these things. But if you're among an exclusive crowd of wealthy and refined patrons of the arts, then you'll feel right at home in the Packanack Lake South neighborhood: a neighborhood in which more "urban sophisticates" live than 95.5% of neighborhoods across the U.S. Here, your neighbors are defined as having urbane tastes in literature, music, live theatre and the arts. They are wealthy, educated, travel in style, and live a big city lifestyle whether or not they live in or near a big city. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for families with school-aged children.

Also, astoundingly, NeighborhoodScout's research reveals that this single neighborhood has a higher concentration of married couples living here than 95.1% of all U.S. neighborhoods. Whether they have school-aged children or not, married couples are the rule in the Packanack Lake South neighborhood. If you are a married couple, you may find many people here with a similar lifestyle, and perhaps common interests. But if you are single, you might not find many other singles here.

Real Estate

Owner-occupied real estate dominates the Packanack Lake South neighborhood. In fact, according to NeighborhoodScout research, the percentage of residential real estate occupied by its owner is higher here than in 97.4% of neighborhoods in America.

In addition, some neighborhoods are made up of apartments. Some consist of row houses, and most - by far - consist of a mixture of housing types. But the Packanack Lake South neighborhood stands out due to the total dominance of detached, single-family homes here. There are nearly no other types of residential real estate in the neighborhood. In fact, this neighborhood has a higher proportion of single-family homes in its real estate stock than 96.8% of all American neighborhoods.

Diversity

Did you know that the Packanack Lake South neighborhood has more Italian and Croatian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 26.1% of this neighborhood's residents have Italian ancestry and 1.6% have Croatian ancestry.

Packanack Lake South is also pretty special linguistically. Significantly, 5.1% of its residents five years old and above primarily speak Chinese at home. While this may seem like a small percentage, it is higher than 95.1% of the neighborhoods in America.

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. More residents of the Packanack Lake South neighborhood live here today that also were living in this same neighborhood five years ago than is found in 96.6% of U.S. neighborhoods. This neighborhood is really made up of people who know each other, don't move often, and have lived here in this very neighborhood for quite a while.

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 Packanack Lake South neighborhood in Wayne 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 91.5% of the neighborhoods in America. In addition, 0.0% 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 100.0% of America's neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Packanack Lake South neighborhood, 54.7% 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 19.3% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (13.4%), and 12.6% 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 Packanack Lake South neighborhood is English, spoken by 75.3% of households. Other important languages spoken here include Chinese, Spanish and Italian.

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the Packanack Lake South neighborhood in Wayne, NJ, residents most commonly identify their ethnicity or ancestry as Italian (26.1%). There are also a number of people of German ancestry (13.2%), and residents who report Irish roots (10.9%), and some of the residents are also of Asian ancestry (8.2%), along with some Polish ancestry residents (7.2%), among others. In addition, 15.6% 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 Packanack Lake South neighborhood spend between 15 and 30 minutes commuting one-way to work (29.3% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (74.3%) 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 (5.1%) . 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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