Colby Lake Park median real estate price is $469,250, which is more expensive than 70.2% of the neighborhoods in Minnesota and 60.7% of the neighborhoods in the U.S.
The average rental price in Colby Lake Park is currently $3,127, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 97.8% of the neighborhoods in Minnesota.
Colby Lake Park is a suburban neighborhood (based on population density) located in Woodbury, Minnesota.
Colby Lake Park 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 Colby Lake Park neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.
In Colby Lake Park, 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 Colby Lake Park 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 Woodbury, the Colby Lake Park neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Real Estate
This neighborhood has the distinction of having one of the lowest real estate vacancy rates of any neighborhood in America. With just 0.0% of the real estate vacant, this indicates an exceptionally strong demand for real estate in the Colby Lake Park neighborhood, and/or an issue with creating enough supply for the demand. This could have the effect of increasing real estate prices, increasing supply to meet demand, or both.
In addition, most neighborhoods are composed of a mixture of ages of homes, but the Colby Lake Park stands out as rather unique in having nearly all of its residential real estate built in one time period, namely between 1970 and 1999, generally considered to be established, but not old housing. What you'll sense when you look around or drive the streets of this neighborhood is that many of the residences look the same because of this similarity of age. In fact, 94.7% of the residential real estate here was built in this one time period.
Furthermore, one way that the Colby Lake Park neighborhood really stands out, is that it has more large 4, 5, or additional bedroom homes and real estate than 97.8% 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
In a nation where 1 out of every 4 children lives in poverty, the Colby Lake Park neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.
In addition, a majority of the adults in the Colby Lake Park neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for Minnesota by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 98.9% of the neighborhoods in Minnesota. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for college students and urban sophisticates.
Also, priests and therapists would like to think they know the secrets to a truly successful marriage, but according to NeighborhoodScout's research, the folks of the Colby Lake Park neighborhood may actually hold the key. 73.2% of its residents are married, which is a higher percentage than is found in 98.3% of the neighborhoods in America.
Finally, do you like to read, write, and learn? Are you curious about the world? If so, this neighborhood may be a good fit for you. NeighborhoodScout's research revealed that a full 80.3% of the adults living in the Colby Lake Park neighborhood have earned at least a bachelor's degree. This is a higher rate than NeighborhoodScout found in 97.9% of U.S. neighborhoods. In this way, this neighborhood truly stands out.
Occupations
Executives, managers and professionals make up 71.4% of the workforce in the Colby Lake Park neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 96.2% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.
Diversity
Did you know that the Colby Lake Park neighborhood has more Finnish and Norwegian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.1% of this neighborhood's residents have Finnish ancestry and 11.5% have Norwegian ancestry.
Colby Lake Park is also pretty special linguistically. Significantly, 5.5% of its residents five years old and above primarily speak Chinese at home. While this may seem like a small percentage, it is higher than 95.4% 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 Colby Lake Park neighborhood in Woodbury 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 87.4% 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 Colby Lake Park neighborhood, 71.4% 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 19.2% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (5.1%), and 4.2% 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 Colby Lake Park neighborhood is English, spoken by 91.0% of households. Other important languages spoken here include Chinese and Polish.
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 Colby Lake Park neighborhood in Woodbury, MN, residents most commonly identify their ethnicity or ancestry as German (33.3%). There are also a number of people of Asian ancestry (12.1%), and residents who report Norwegian roots (11.5%), and some of the residents are also of English ancestry (8.6%), along with some Irish ancestry residents (6.3%), among others.
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 Colby Lake Park neighborhood spend between 15 and 30 minutes commuting one-way to work (40.7% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (69.6%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (7.4%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
