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Real Estate Prices & Overview

Park Lake Highland / Lake Formosa median real estate price is $669,576, which is more expensive than 71.0% of the neighborhoods in Florida and 72.2% of the neighborhoods in the U.S.

The average rental price in Park Lake Highland / Lake Formosa is currently $3,131, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 68.3% of the neighborhoods in Florida.

Park Lake Highland / Lake Formosa is a suburban neighborhood (based on population density) located in Orlando, Florida.

Park Lake Highland / Lake Formosa 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 single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Park Lake Highland / Lake Formosa neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

Park Lake Highland / Lake Formosa has a 15.4% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 78.8% 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

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 Orlando, the Park Lake Highland / Lake Formosa neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

The Park Lake Highland / Lake Formosa 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 88.1% 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.

In addition, renter-occupied real estate is dominant in the Park Lake Highland / Lake Formosa neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 85.6%, which is higher than 95.5% of the neighborhoods in America. If you were to buy and live in the property you bought here, you would be almost alone in doing so.

Furthermore, one of the really unique and interesting things about the look and setting of the Park Lake Highland / Lake Formosa neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 70.9% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 95.2% of all neighborhoods in America.

People

With more than 1.8% of residents living with a same sex partner, Park Lake Highland / Lake Formosa is truly a neighborhood that stands out from the rest in this regard. In fact, exclusive analysis by NeighborhoodScout reveals that this neighborhood has a greater concentration of same sex couples than 96.3% of U.S. neighborhoods.

Diversity

Did you know that the Park Lake Highland / Lake Formosa neighborhood has more Cuban and Dominican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.6% of this neighborhood's residents have Cuban ancestry and 4.5% have Dominican ancestry.

Park Lake Highland / Lake Formosa is also pretty special linguistically. Significantly, 0.6% of its residents five years old and above primarily speak Urdu, which is the national language of Pakistan, at home. While this may seem like a small percentage, it is higher than 95.4% of the neighborhoods in America.

Migration / Stability

Some neighborhoods have more internal cohesiveness than others. While other neighborhoods feel like a collection of strangers who just happen to live near each other. Sometimes this comes down to not only the personalities of the people in a place, but how long people have been together in that neighborhood. NeighborhoodScout's research has revealed some interesting things about the rootedness of people in the Park Lake Highland / Lake Formosa neighborhood. In the Park Lake Highland / Lake Formosa neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 96.4% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.

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 Park Lake Highland / Lake Formosa neighborhood in Orlando are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 55.0% of the neighborhoods in America. In addition, 6.8% 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 59.1% 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 Park Lake Highland / Lake Formosa neighborhood, 64.8% 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 24.0% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (5.6%), and 5.5% 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 Park Lake Highland / Lake Formosa neighborhood is English, spoken by 69.2% of households. Other important languages spoken here include Spanish, Polish and Langs. of India.

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 Park Lake Highland / Lake Formosa neighborhood in Orlando, FL, residents most commonly identify their ethnicity or ancestry as Italian (13.5%). There are also a number of people of German ancestry (9.3%), and residents who report Irish roots (8.4%), and some of the residents are also of English ancestry (8.4%), along with some Puerto Rican ancestry residents (6.0%), among others. In addition, 19.1% of the residents of this neighborhood were born in another country.

Getting to Work

How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Park Lake Highland / Lake Formosa neighborhood spend under 15 minutes commuting one-way to work (43.4% of working residents), one of the shortest commutes across America.

Here most residents (73.2%) drive alone in a private automobile to get to work. 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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