The Estate Section median real estate price is $3,488,473, which is more expensive than 92.5% of the neighborhoods in Florida and 91.4% of the neighborhoods in the U.S.
The average rental price in The Estate Section is currently $3,507, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 78.5% of the neighborhoods in Florida.
The Estate Section is a suburban neighborhood (based on population density) located in Palm Beach, Florida. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).
The Estate Section 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 single-family homes. Most of the residential real estate is owner occupied. Many of the residences in the The Estate Section neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.
Vacant apartments or homes are a major fact of life in The Estate Section. The current real estate vacancy rate here is 52.8%. This is higher than the rate of vacancies in 98.9% of all U.S. neighborhoods. A relatively large percentage of housing here is seasonally occupied (49.3%). This can occur in vacation areas, and occasionally it is also found in neighborhoods that are primarily filled with college students, as some apartments could be vacant when school is not in session. If you live here year round, you may find that a number of buildings in your neighborhood are actually empty.
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 Palm Beach, the The Estate Section neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
The Estate Section 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, The Estate Section 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, despite all of the residential real estate here in the The Estate Section neighborhood, NeighborhoodScout has discovered that much of it is vacant. In resort or second-home vacation areas, this naturally occurs because homes and apartments are seasonally occupied, and empty for a portion of the year. In non-vacation or resort areas, however, this can be an indicator of property abandonment or a weak real estate market. The vacancy rate here is 52.8%, which is higher than 98.9% of all U.S. neighborhoods.
Furthermore, the real estate in the The Estate Section 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, 82.3% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 97.0% of American neighborhoods.
Wealth makes most things in life easier, and a few things harder. If you are wealthy and enjoy keeping up with the Jones', this neighborhood will interest you. In fact, according to NeighborhoodScout's research, the The Estate Section neighborhood is wealthier than 99.1% of the neighborhoods in the United States. Residents here are truly in a unique situation even when compared to other Americans, based on the sheer amount of wealth concentrated here. Even in times of economic downturn, residents of this neighborhood, as a group, suffered less and recovered more quickly. This is indeed a stand-out characteristic of this neighborhood. As one would expect in a considerably wealthy neighborhood such as this, The Estate Section also has one of the lowest ratings of child poverty in the nation.
In addition, if you are planning to retire in Florida, this neighborhood should be on your must-see list. For many reasons, The Estate Section may be considered a retiree's dream neighborhood. According to NeighborhoodScout's exclusive analysis and metrics, it's peaceful and quiet, has above average safety from crime compared to other neighborhoods in Florida, while also offering a diverse range of housing options. This, along with the vibrant mix of very educated seniors and other age groups who choose to live here, makes the neighborhood more retiree-friendly than 99.4% of neighborhoods in FL. If a Florida retirement is in your future, this neighborhood should be one of the places you visit. In addition to being an excellent choice for active retirees, this neighborhood is also a very good choice for urban sophisticates and highly educated executives.
In the The Estate Section neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 48.1% of residents worked from home. This may not seem like a large number, but Scout's research shows that this is a higher percentage of people working from home than 99.9% of the neighborhoods in America. Often people who work from home are engaged in the creative or technological economy, such as is found in areas around Boston, and in Silicon Valley. Other times, people may be engaged in other businesses like trading stocks from home, or running a small beauty salon.
Whether walking, biking, riding, or driving, the length of one's commute is an important factor for one's quality of life. The The Estate Section neighborhood stands out for its commute length, according to NeighborhoodScout's analysis. Residents of the The Estate Section neighborhood have the pleasure of having one of the shortest commutes to work of any neighborhood in America. 67.5% of the residents have a commute time from home to work (one way) of less than fifteen minutes. This is a higher proportion of residents enjoying a short trip to work than NeighborhoodScout found in 98.0% of U.S. neighborhoods. Less time commuting means more time for other things in life.
Did you know that the The Estate Section neighborhood has more Russian and Eastern European ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 11.1% of this neighborhood's residents have Russian ancestry and 3.2% have Eastern European ancestry.
The Estate Section is also pretty special linguistically. Significantly, 2.1% of its residents five years old and above primarily speak Greek at home. While this may seem like a small percentage, it is higher than 99.2% of the neighborhoods in America.
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 The Estate Section neighborhood in Palm Beach 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 99.1% 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.
A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.
In the The Estate Section neighborhood, 65.7% 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 26.1% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (8.2%).
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 The Estate Section neighborhood is English, spoken by 91.8% of households. Other important languages spoken here include Italian, Spanish and Greek.
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 The Estate Section neighborhood in Palm Beach, FL, residents most commonly identify their ethnicity or ancestry as Italian (17.7%). There are also a number of people of English ancestry (16.7%), and residents who report Russian roots (11.1%), and some of the residents are also of German ancestry (9.6%), along with some Polish ancestry residents (6.2%), among others. In addition, 18.1% of the residents of this neighborhood were born in another country.
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 The Estate Section neighborhood spend under 15 minutes commuting one-way to work (67.5% of working residents), one of the shortest commutes across America.
Here most residents (35.7%) 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 (13.8%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
