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Real Estate Prices & Overview

South Broad Street median real estate price is $538,831, which is more expensive than 45.2% of the neighborhoods in New Jersey and 69.7% of the neighborhoods in the U.S.

The average rental price in South Broad Street is currently $1,830, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 96.6% of New Jersey neighborhoods.

South Broad Street is a densely urban neighborhood (based on population density) located in Newark, New Jersey.

South Broad Street 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 small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the South Broad Street neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.

South Broad Street has a 15.0% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 78.0% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.

Notable & Unique Neighborhood Characteristics

When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.

Modes of Transportation

Our research revealed that more commuters here take the bus to work (21.3% ride the bus) than 98.8% of all American neighborhoods. If you like the idea of leaving your car and home and hopping the bus to work, this might be a good neighborhood for you to consider.

People

One of the unique characteristics of the South Broad Street neighborhood revealed by analysis is that the per capita income of residents here is lower than that found in 98.8% of the neighborhoods in America.

Real Estate

89.9% of the real estate in the South Broad Street neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

Diversity

Did you know that the South Broad Street neighborhood has more Sub-Saharan African and Dominican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 17.0% of this neighborhood's residents have Sub-Saharan African ancestry and 6.9% have Dominican ancestry.

South Broad Street is also pretty special linguistically. Significantly, 8.2% of its residents five years old and above primarily speak French at home. While this may seem like a small percentage, it is higher than 98.8% 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 South Broad Street 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 98.8% of U.S. neighborhoods. With 51.9% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 94.7% of U.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 South Broad Street neighborhood, 35.8% 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 27.5% of the residents employed. Other residents here are employed in executive, management, and professional occupations (20.7%), and 16.1% 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 South Broad Street neighborhood is English, spoken by 58.6% of households. Other important languages spoken here include Spanish, French, African languages and Portuguese.

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 South Broad Street neighborhood in Newark, NJ, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (17.0%). There are also a number of people of Puerto Rican ancestry (9.4%), and residents who report South American roots (9.1%), and some of the residents are also of Dominican ancestry (6.9%), along with some Jamaican ancestry residents (5.6%), among others. In addition, 36.4% 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 South Broad Street neighborhood spend between 15 and 30 minutes commuting one-way to work (42.9% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (69.5%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (21.3%) and 7.7% 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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