Neighborhood Summary

Nestled in a vibrant part of the city, this neighborhood offers a unique blend of economic resilience and cultural homogeneity, characterized predominantly by its higher-than-average median home price of $1,230,900. While this figure sits significantly above the national median, it reflects the area’s desirability and the premium placed on housing here. The median household income of $163,286 substantially surpasses the national average, suggesting a population of affluent residents who contribute to and benefit from the local economy. Despite this financial affluence, the neighborhood maintains a poverty rate of 7%, which is relatively low, indicating a stable economic environment. The unemployment rate stands at an impressive 1%, far below the national average, painting a picture of robust employment opportunities and financial security.

The community is predominantly white, with a presence of non-US citizens accounting for 9%, adding a touch of diversity. With 54% of the residents holding college degrees, the area is home to a well-educated populace that values lifelong learning and career development. The crime index remains unavailable, but given the high-income levels and low unemployment, the area likely enjoys a sense of safety and security, though potential buyers should inquire for specific data. Housing dynamics reveal a preference for renting, with 60% of residents opting for rental properties, compared to 34% who own their homes. This is a stark contrast to national trends, suggesting a transient or investment-driven community profile. However, the vacancy rate of 6% indicates a relatively balanced market, minimizing concerns over potential overbuilding or underutilization of homes.

Married-couple families comprise a modest 16% of households, hinting at a diverse range of family structures or single-resident living situations. Interestingly, 32% of owners live without mortgages, revealing a substantial segment of financially secure long-term residents. Yet, for those with mortgages, 57% allocate at least 30% of their income to housing costs, indicating a burden that might lead prospective buyers to seek alternative neighborhoods if budget constraints are a concern. However, with the median contract rent at $2,448, renters enjoy a relatively affordable option compared to purchasing, especially as data on rent burden remains unavailable.

For those seeking similar home prices but potentially more favorable demographics, exploring nearby neighborhoods may be advantageous. Areas with comparable median home prices yet offering wider housing diversity, lower mortgage burdens, and a different cultural mix could present compelling options. As always, engaging with local real estate experts will provide deeper insights tailored to individual preferences and financial situations, ensuring informed decision-making for homebuyers and investors alike.