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Real Estate Prices & Overview

Old Great Falls Historic District median real estate price is $375,435, which is less expensive than 81.5% of New Jersey neighborhoods and 48.0% of all U.S. neighborhoods.

The average rental price in Old Great Falls Historic District is currently $2,113, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 92.4% of New Jersey neighborhoods.

Old Great Falls Historic District is a densely urban neighborhood (based on population density) located in Paterson, New Jersey.

Old Great Falls Historic District 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 Old Great Falls Historic District 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.

In Old Great Falls Historic District, the current vacancy rate is 0.9%, which is a lower rate of vacancies than 91.5% of all neighborhoods in the U.S. This means that the housing supply in Old Great Falls Historic District is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

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.

Modes of Transportation

More people in Old Great Falls Historic District choose to walk to work each day (28.6%) 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.

Also, more people ride the bus in this neighborhood each day to get to work than 96.8% of U.S. neighborhoods.

Car Ownership

American households most often have a car, and regularly they have two or three. But households in the Old Great Falls Historic District neighborhood buck this trend. 53.7% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.9% of U.S. neighborhoods.

Real Estate

97.7% of the real estate in the Old Great Falls Historic District neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

In addition, 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 Old Great Falls Historic District neighborhood is one of the most walkable neighborhoods in America.

Furthermore, three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The Old Great Falls Historic District neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 37.2% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 96.5% of America's neighborhoods.

Also of note, the Old Great Falls Historic District 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 83.4% 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.

Finally, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 69.3% of the residential real estate in the Old Great Falls Historic District neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 98.4% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.

People

Of particular note, 10.5% of the people in the Old Great Falls Historic District neighborhood currently reside in a correction facility, held due to punishment for a crime.

Diversity

Did you know that the Old Great Falls Historic District neighborhood has more South American and Dominican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 18.3% of this neighborhood's residents have South American ancestry and 11.7% have Dominican ancestry.

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 Old Great Falls Historic District neighborhood in Paterson are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 93.3% of U.S. neighborhoods. With 45.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 92.2% 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 Old Great Falls Historic District neighborhood, 35.3% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 32.8% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (18.1%), and 13.8% in executive, management, and professional occupations.

Languages

The most common language spoken in the Old Great Falls Historic District neighborhood is Spanish, spoken by 55.5% of households. Some people also speak English (38.9%).

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 Old Great Falls Historic District neighborhood in Paterson, NJ, residents most commonly identify their ethnicity or ancestry as South American (18.3%). There are also a number of people of Mexican ancestry (15.0%), and residents who report Dominican roots (11.7%), and some of the residents are also of Puerto Rican ancestry (7.9%), along with some Sub-Saharan African ancestry residents (5.2%), among others. In addition, 39.7% 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 Old Great Falls Historic District neighborhood spend between 15 and 30 minutes commuting one-way to work (40.9% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (39.2%) drive alone in a private automobile to get to work. In addition, quite a number also hop out the door and walk to work to get to work (28.6%) and 17.2% 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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