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Real Estate Prices & Overview

Downtown Melrose median real estate price is $1,051,905, which is more expensive than 86.0% of the neighborhoods in Massachusetts and 93.1% of the neighborhoods in the U.S.

The average rental price in Downtown Melrose is currently $4,029, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 76.3% of the neighborhoods in Massachusetts.

Downtown Melrose is an urban neighborhood (based on population density) located in Melrose, Massachusetts.

Downtown Melrose real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and small apartment buildings. Most of the residential real estate is owner occupied. Many of the residences in the Downtown Melrose neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1940 and 1969.

In Downtown Melrose, 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 Downtown Melrose 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 Melrose, the Downtown Melrose neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

With a real estate vacancy rate of only 0.0%, the Downtown Melrose 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.

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 4.1% of America's neighborhoods are wealthier than the Downtown Melrose 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, Downtown Melrose also has one of the lowest ratings of child poverty in the nation.

In addition, think about the people you know personally. How many of them would purchase box seats to opening night at the symphony? How many of them regularly attend gallery openings, or are the first to reserve tickets to opening night at the ballet? If they're like most of us, they don't do any of these things. But if you're among an exclusive crowd of wealthy and refined patrons of the arts, then you'll feel right at home in the Downtown Melrose neighborhood: a neighborhood in which more "urban sophisticates" live than 100.0% of neighborhoods across the U.S. Here, your neighbors are defined as having urbane tastes in literature, music, live theatre and the arts. They are wealthy, educated, travel in style, and live a big city lifestyle whether or not they live in or near a big city. 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, if knowledge is power, then imagine the cumulative power of one neighborhood where many of the adults have earned an advanced degree, such as a Masters, law degree, medical degree, or even a Ph.D. This is certainly the case in the Downtown Melrose neighborhood, where 44.8% have earned an advanced degree. Compare that to the average neighborhood in America, where just 13.4% of adults have completed a post-graduate degree, and you can see why this neighborhood is a stand out. In fact, this neighborhood has a higher rate of adults with an advanced degree than 98.3% of the neighborhoods in America.

Occupations

Executives, managers and professionals make up 74.1% of the workforce in the Downtown Melrose neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 97.4% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.

Modes of Transportation

If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 19.5% of the Downtown Melrose neighborhood's commuters ride the train to and from work each day, which is more than we found in 97.1% of America's neighborhoods.

Diversity

Did you know that the Downtown Melrose neighborhood has more Greek and Irish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 5.4% of this neighborhood's residents have Greek ancestry and 29.8% have Irish ancestry.

Downtown Melrose is also pretty special linguistically. Significantly, 2.1% of its residents five years old and above primarily speak Portuguese at home. While this may seem like a small percentage, it is higher than 97.7% 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 Downtown Melrose neighborhood in Melrose 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 95.9% 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 Downtown Melrose neighborhood, 74.1% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 11.6% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (9.1%), and 5.2% in manufacturing and laborer 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 Downtown Melrose neighborhood is English, spoken by 96.8% of households. Other important languages spoken here include Polish and Portuguese.

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 Downtown Melrose neighborhood in Melrose, MA, residents most commonly identify their ethnicity or ancestry as Irish (29.8%). There are also a number of people of English ancestry (17.1%), and residents who report Italian roots (13.6%), and some of the residents are also of German ancestry (10.7%), along with some Greek ancestry residents (5.4%), among others.

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 Downtown Melrose neighborhood spend between 45 minutes and one hour commuting one-way to work (48.5% of working residents), longer and tougher than most commutes in America.

Here most residents (51.1%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (19.5%) . 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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