Central Business District median real estate price is $571,616, which is more expensive than 47.0% of the neighborhoods in New Jersey and 71.6% of the neighborhoods in the U.S.
The average rental price in Central Business District is currently $2,247, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 89.7% of New Jersey neighborhoods.
Central Business District is a densely urban neighborhood (based on population density) located in Newark, New Jersey.
Central Business District 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 Central Business District neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.
Real estate vacancies in Central Business District are 4.3%, which is lower than one will find in 71.3% of American neighborhoods. Demand for real estate in Central Business District 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.
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 Newark, the Central Business District neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
The types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. NeighborhoodScout's exclusive analysis reveals that this neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 62.2%. This is a higher percent living alone than we found in 99.1% of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.
In addition, the Central Business District neighborhood stands out for having an average per capita income lower than 97.8% of the neighborhoods in the United States.
Renter-occupied real estate is dominant in the Central Business District neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 97.7%, which is higher than 98.6% of the neighborhoods in America. If you were to buy and live in the property you bought here, you would be almost alone in doing so.
In addition, one of the really unique and interesting things about the look and setting of the Central Business District neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 89.0% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 98.0% of all neighborhoods in America.
Furthermore, the Central Business District neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 90.0% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.
We Americans love our cars. Not only are they a necessity for most Americans due to the shape of our neighborhoods and the distances between where we live, work, shop, and go to school, but we also fancy them. As a result, most households in America have one, two, or three cars. But NeighborhoodScout's exclusive analysis shows that the Central Business District neighborhood has a highly unusual pattern of car ownership. 40.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.2% of U.S. neighborhoods.
Our research revealed that more commuters here take the bus to work (16.1% ride the bus) than 97.7% of all American neighborhoods. If you like the idea of leaving your car and home and hopping the bus to work, this might be a good neighborhood for you to consider.
Also, in the Central Business District neighborhood, 17.1% 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 96.8% of the neighborhoods in America.
Finally, in the Central Business District neighborhood, walking to work is a real option for many. In fact, NeighborhoodScout's exclusive research reveals walking to and from work is the chosen way to commute for 11.8% of residents here. This is a higher proportion of walking commuters than we found in 95.8% of American neighborhoods. Get ready to put on your walking shoes if you move here!
Did you know that the Central Business District neighborhood has more African and Sub-Saharan African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 13.2% of this neighborhood's residents have African ancestry and 18.1% have Sub-Saharan African ancestry.
Central Business District is also pretty special linguistically. Significantly, 9.6% 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 99.1% of the neighborhoods in America.
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 Central Business District neighborhood in Newark are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 97.8% of U.S. neighborhoods. With 23.0% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 73.0% 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 Central Business District neighborhood, 39.5% 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 23.8% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (20.3%), and 16.3% 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 Central Business District neighborhood is English, spoken by 64.6% of households. Other important languages spoken here include Spanish, French and African languages.
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 Central Business District neighborhood in Newark, NJ, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (18.1%). There are also a number of people of African ancestry (13.2%), and residents who report Puerto Rican roots (8.5%), and some of the residents are also of Italian ancestry (3.1%), along with some Irish ancestry residents (3.1%), among others. In addition, 19.9% of the residents of this neighborhood were born in another country.
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 Central Business District neighborhood spend between 30 and 45 minutes commuting one-way to work (31.8% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (42.4%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (17.1%) and 16.1% 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.
