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Real Estate Prices & Overview

Oak Grove - Pine Banks median real estate price is $883,375, which is more expensive than 68.0% of the neighborhoods in Massachusetts and 86.0% of the neighborhoods in the U.S.

The average rental price in Oak Grove - Pine Banks is currently $4,905, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 88.8% of the neighborhoods in Massachusetts.

Oak Grove - Pine Banks is an urban neighborhood (based on population density) located in Melrose, Massachusetts.

Oak Grove - Pine Banks 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 occupied by a mixture of owners and renters. Many of the residences in the Oak Grove - Pine Banks neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1940 and 1969.

In Oak Grove - Pine Banks, the current vacancy rate is 2.6%, which is a lower rate of vacancies than 82.8% of all neighborhoods in the U.S. This means that the housing supply in Oak Grove - Pine Banks 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 Oak Grove - Pine Banks neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

The first thing that you'll notice if you moved to this neighborhood is that an astounding 3.0% of the households are same sex couples. According to NeighborhoodScout's analysis, this is a higher proportion of same sex households than in 99.1% of the neighborhoods in America. This is one indicator that this neighborhood is likely a gay-friendly neighborhood. So if you are looking for such a neighborhood, the Oak Grove - Pine Banks neighborhood should definitely be on your list of places to consider.

Modes of Transportation

In the Oak Grove - Pine Banks neighborhood, 25.7% 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 97.8% of the neighborhoods in America.

Real Estate

The Oak Grove - Pine Banks 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 87.7% 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.

In addition, the real estate in the Oak Grove - Pine Banks 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, 74.1% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 95.8% of American neighborhoods.

Diversity

Did you know that the Oak Grove - Pine Banks neighborhood has more Arab and French Canadian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 7.2% of this neighborhood's residents have Arab ancestry and 5.2% have French Canadian ancestry.

Oak Grove - Pine Banks is also pretty special linguistically. Significantly, 5.4% 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 99.3% 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 Oak Grove - Pine Banks 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 86.1% of the neighborhoods in America. In addition, 5.7% 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 62.5% of America's neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Oak Grove - Pine Banks neighborhood, 59.5% 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 22.8% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (9.2%), and 8.5% 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 Oak Grove - Pine Banks neighborhood is English, spoken by 69.2% of households. Other important languages spoken here include Spanish, Portuguese, Arabic and Chinese.

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 Oak Grove - Pine Banks neighborhood in Melrose, MA, residents most commonly identify their ethnicity or ancestry as Irish (17.6%). There are also a number of people of English ancestry (14.2%), and residents who report Italian roots (13.9%), and some of the residents are also of Asian ancestry (11.6%), along with some Polish ancestry residents (7.7%), among others. In addition, 26.7% of the residents of this neighborhood were born in another country.

Getting to Work

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 Oak Grove - Pine Banks neighborhood spend between 45 minutes and one hour commuting one-way to work (33.8% of working residents), longer and tougher than most commutes in America.

Here most residents (43.2%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (25.7%) and 10.1% of residents also carpool with coworkers, friends, or neighbors 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.


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