Independence Park median real estate price is $476,121, which is more expensive than 43.2% of the neighborhoods in New Jersey and 66.5% of the neighborhoods in the U.S.
The average rental price in Independence Park is currently $3,041, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 51.0% of New Jersey neighborhoods.
Independence Park is a densely urban neighborhood (based on population density) located in Newark, New Jersey.
Independence Park real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and apartment complexes/high-rise apartments. Most of the residential real estate is renter occupied. Many of the residences in the Independence 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 Independence 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 Independence Park is very tight compared to the demand for property here.
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
Real Estate
88.6% of the real estate in the Independence Park neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America. 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 Independence 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, corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate of neighborhoods dominated by small 2, 3, and 4 unit apartment buildings. Many are in older core neighborhoods of Eastern and Midwestern cities, or historic town centers in their hinterlands. If you wax romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist at the corner, then you might find the Independence Park neighborhood worth a close look. This neighborhood is an absolutely outstanding example of the dominance of small 2, 3, and 4 unit apartment buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood's real estate stock. In fact, no less than 65.3% of the real estate here is made up of such dwellings, which is higher than 99.5% of all U.S. neighborhoods.
Furthermore, if you like crowded places, then you will probably enjoy the the Independence Park neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 96.1% of neighborhoods in the U.S., with 25,292 people per square mile living here.
Modes of Transportation
In the Independence Park neighborhood, carpooling is still a popular way to get to and from work. NeighborhoodScout's analysis reveals that 40.8% of commuters carpool here, which is more than in 99.8% of all U.S. neighborhoods.
Also, more people in Independence Park choose to walk to work each day (11.2%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.
Occupations
More people work in manufacturing and as laborers here in the Independence Park neighborhood than in 99.5% of the neighborhoods in America. Despite the loss of manufacturing jobs across the nation, this neighborhood remains a place where, compared to other parts of the country, you will find many laborers and manufacturers.
Car Ownership
American households most often have a car, and regularly they have two or three. But households in the Independence Park neighborhood buck this trend. 29.2% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.0% of U.S. neighborhoods.
Diversity
Did you know that the Independence Park neighborhood has more Brazilian and South American ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 21.8% of this neighborhood's residents have Brazilian ancestry and 44.3% have South American ancestry.
Independence Park is also pretty special linguistically. Significantly, 43.2% of its residents five years old and above primarily speak Portuguese at home. This is a higher percentage than 100.0% of all U.S. neighborhoods.
Migration / Stability
Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. What is interesting to note, is that the Independence Park neighborhood has a greater percentage of residents born in another country (72.3%) than are found in 99.8% of all U.S. neighborhoods.
How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.
The neighbors in the Independence Park neighborhood in Newark are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 88.7% of U.S. neighborhoods. With 19.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 68.4% of U.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 Independence Park neighborhood, 54.5% of the working population is employed in manufacturing and laborer 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 28.5% of the residents employed. Other residents here are employed in executive, management, and professional occupations (14.5%), and 2.4% 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 Independence Park neighborhood is Spanish, spoken by 58.0% of households. Other important languages spoken here include Portuguese and English.
Ethnicity / Ancestry
Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.
In the Independence Park neighborhood in Newark, NJ, residents most commonly identify their ethnicity or ancestry as South American (44.3%). There are also a number of people of Brazilian ancestry (21.8%), and residents who report Spanish roots (6.6%), and some of the residents are also of Portuguese ancestry (6.4%), along with some Italian ancestry residents (3.7%), among others. In addition, 72.3% of the residents of this neighborhood were born in another country.
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 Independence Park neighborhood spend between 15 and 30 minutes commuting one-way to work (42.3% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (40.8%) carpool with coworkers, friends, or neighbors to get to work. In addition, quite a number also drive alone in a private automobile to get to work (36.0%) and 11.2% of residents also hop out the door and walk to work for their daily commute. Despite relying on the automobile to get to work, residents of this neighborhood share the ride more than most neighborhoods, reducing traffic, pollution, and saving money.
