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Real Estate Prices & Overview

Residence Park median real estate price is $341,507, which is less expensive than 76.8% of New York neighborhoods and 67.2% of all U.S. neighborhoods.

The average rental price in Residence Park is currently $4,102, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 79.3% of the neighborhoods in New York.

Residence Park is a densely urban neighborhood (based on population density) located in New Rochelle, New York. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).

Residence Park 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 Residence Park neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built before 1940.

In Residence Park, the current vacancy rate is 1.9%, which is a lower rate of vacancies than 86.4% of all neighborhoods in the U.S. This means that the housing supply in Residence Park is very tight compared to the demand for property here.

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 New Rochelle, the Residence Park neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

Residence Park is a neighborhood that is on the ocean, a bay, or inlet. Many times, such places have amenities that bring locals and visitors to the waterfront for recreational activities or to check out the scenery. In some densely populated areas that are less financially well-off, the neighborhood waterfront can be relatively industrial and less open to recreation. In addition to being coastal, Residence Park is a very nautical neighborhood, meaning that it is somewhat historic, walkable, densely populated and on the water. This gives the neighborhood a very nautical feel, with some seaside and shipping feel, which some may really enjoy the sights and sounds of.

In addition, the real estate in the Residence Park 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 95.1% of American neighborhoods.

Occupations

The Residence Park neighborhood has a greater proportion of government workers living in it than 98.9% of the neighborhoods in America, according to NeighborhoodScout's exclusive analysis. This is a unique feature of this neighborhood, and one that shapes its character.

Modes of Transportation

In the Residence Park neighborhood, 11.7% of people ride the train to work each day. This is a very high percentage compared to most places. In fact, NeighborhoodScout's analysis reveals that this is a higher level of train ridership than in 95.9% of the neighborhoods in America.

Diversity

Did you know that the Residence Park neighborhood has more Arab and Croatian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 6.2% of this neighborhood's residents have Arab ancestry and 1.3% have Croatian ancestry.

Residence Park is also pretty special linguistically. Significantly, 4.4% of its residents five years old and above primarily speak French at home. While this may seem like a small percentage, it is higher than 97.1% 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 Residence Park neighborhood in New Rochelle are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 45.4% of the neighborhoods in America. With 17.5% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 65.5% 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 Residence Park neighborhood, 49.0% 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 20.5% of the residents employed. Other residents here are employed in government jobs, whether they are in local, state, or federal positions (19.3%), and 19.3% 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 Residence Park neighborhood is English, spoken by 48.1% of households. Other important languages spoken here include Spanish, Italian and French.

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 Residence Park neighborhood in New Rochelle, NY, residents most commonly identify their ethnicity or ancestry as Mexican (10.0%). There are also a number of people of Italian ancestry (8.9%), and residents who report South American roots (8.8%), and some of the residents are also of Puerto Rican ancestry (8.7%), along with some Asian ancestry residents (7.9%), among others. In addition, 31.7% 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 Residence Park neighborhood spend between 30 and 45 minutes commuting one-way to work (28.9% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.

Here most residents (48.8%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (11.7%) and 11.7% 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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