Packanack Lake median real estate price is $797,622, which is more expensive than 77.1% of the neighborhoods in New Jersey and 84.5% of the neighborhoods in the U.S.
The average rental price in Packanack Lake 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 is a suburban neighborhood (based on population density) located in Wayne, New Jersey.
Packanack Lake real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Packanack Lake neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built before 1940.
In Packanack Lake, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in Packanack Lake is very tight compared to the demand for property here.
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 Wayne, the Packanack Lake neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Real Estate
Owner-occupied real estate dominates the Packanack Lake neighborhood. In fact, according to NeighborhoodScout research, the percentage of residential real estate occupied by its owner is higher here than in 99.4% of neighborhoods in America. With a real estate vacancy rate of only 0.0%, the Packanack Lake neighborhood has a lower vacancy rate than 100.0% of U.S. neighborhoods, a very elite group. Such a low vacancy rate may indicate very strong real estate demand in the neighborhood combined with some impediments to increasing supply, such as zoning or existing density of development, among other potential reasons.
In addition, the Packanack Lake neighborhood has earned the amazing distinction of having one of the highest rates of detached, single-family homes of any neighborhood in the U.S. With 99.0% of the residential real estate here made up of free-standing single-family homes, there is a greater proportion of single-family homes here than in 97.6% of all neighborhoods in America.
Furthermore, one way that the Packanack Lake neighborhood really stands out, is that it has more large 4, 5, or additional bedroom homes and real estate than 95.0% of the neighborhoods in America. When you walk or drive around this neighborhood, you'll instantly notice the size of the homes here which definitely makes a strong visual statement.
People
If you come to know the people here, you will recognize that you're in the company of one of the wealthiest communities in the nation. In fact, a mere 1.6% of America's neighborhoods are wealthier than the Packanack Lake neighborhood. Real estate here is exceedingly well-maintained, and similarly, tends to maintain its value over time. The cars driven are mostly luxury brands like Mercedes, Audi, BMW, and Lexus. If the public schools aren't up to snuff, the residents of this neighborhood preferentially send their children to private preparatory schools. Vacation to Disney? Yes, but equally popular are summers in Europe. As one would expect in a considerably wealthy neighborhood such as this, Packanack Lake also has one of the lowest ratings of child poverty in the nation.
In addition, if you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the Packanack Lake neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 98.9% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the Packanack Lake neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for families with school-aged children and highly educated executives.
Also, astoundingly, NeighborhoodScout's research reveals that this single neighborhood has a higher concentration of married couples living here than 98.1% of all U.S. neighborhoods. Whether they have school-aged children or not, married couples are the rule in the Packanack Lake 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.
Diversity
Did you know that the Packanack Lake neighborhood has more Italian and Brazilian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 27.7% of this neighborhood's residents have Italian ancestry and 1.4% have Brazilian ancestry.
Packanack Lake is also pretty special linguistically. Significantly, 8.5% of its residents five years old and above primarily speak Polish at home. While this may seem like a small percentage, it is higher than 97.4% 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 Packanack Lake 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 98.4% 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.
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 Packanack Lake neighborhood, 66.8% 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 19.6% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (7.8%), and 5.8% 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 Packanack Lake neighborhood is English, spoken by 88.3% of households. Other important languages spoken here include Polish and Spanish.
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 Packanack Lake neighborhood in Wayne, NJ, residents most commonly identify their ethnicity or ancestry as Italian (27.7%). There are also a number of people of German ancestry (17.1%), and residents who report Irish roots (15.6%), and some of the residents are also of English ancestry (9.7%), along with some Polish ancestry residents (7.0%), among others.
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 Packanack Lake 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 (65.1%) drive alone in a private automobile to get to work. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
