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Real Estate Prices & Overview

Passaic Park median real estate price is $778,500, which is more expensive than 81.8% of the neighborhoods in New Jersey and 85.8% of the neighborhoods in the U.S.

The average rental price in Passaic Park is currently $3,020, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 51.8% of New Jersey neighborhoods.

Passaic Park is a densely urban neighborhood (based on population density) located in Passaic, New Jersey.

Passaic Park real estate is primarily made up of small (studio to two bedroom) to large (four, five or more bedroom) apartment complexes/high-rise apartments and small apartment buildings. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Passaic Park 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.

Real estate vacancies in Passaic Park are 5.8%, which is lower than one will find in 61.0% of American neighborhoods. Demand for real estate in Passaic Park is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.

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.

Occupations

With 2.2% of employed workers living in the Passaic Park neighborhood active in the military, this neighborhood has the distinction of having a higher proportion of people in the military than 96.7% of American neighborhoods. This is a major shaper of the neighborhood's culture and character.

Real Estate

Being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, American's enjoy taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and take in the sights and sounds. And, according to NeighborhoodScout's exclusive and first quantitative walkable score index, the Passaic Park neighborhood is one of the most walkable neighborhoods in America.

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 Passaic 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 33.9% of the real estate here is made up of such dwellings, which is higher than 95.8% of all U.S. neighborhoods.

Diversity

Did you know that the Passaic Park neighborhood has more Eastern European and Dominican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 9.7% of this neighborhood's residents have Eastern European ancestry and 19.0% have Dominican ancestry.

Passaic Park is also pretty special linguistically. Significantly, 0.5% of its residents five years old and above primarily speak Persian at home. While this may seem like a small percentage, it is higher than 95.1% of the neighborhoods in America.

The Neighbors

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 Passaic Park neighborhood in Passaic are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 49.0% of the neighborhoods in America. With 16.3% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 62.6% 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 Passaic Park neighborhood, 48.3% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 21.7% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (18.0%), and 11.9% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Passaic Park neighborhood is English, spoken by 58.9% of households. Some people also speak Spanish (34.9%).

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 Passaic Park neighborhood in Passaic, NJ, residents most commonly identify their ethnicity or ancestry as Dominican (19.0%). There are also a number of people of Eastern European ancestry (9.7%), and residents who report South American roots (6.0%), and some of the residents are also of Asian ancestry (5.9%), along with some Puerto Rican ancestry residents (4.6%), among others. In addition, 28.6% 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 Passaic Park neighborhood spend under 15 minutes commuting one-way to work (36.4% of working residents), one of the shortest commutes across America.

Here most residents (54.3%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (6.1%) and 6.0% of residents also take the train 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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