Park Lake Highland / Lake Formosa median real estate price is $728,274, which is more expensive than 70.7% of the neighborhoods in Florida and 71.6% of the neighborhoods in the U.S.
The average rental price in Park Lake Highland / Lake Formosa is currently $2,692, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 65.0% 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 11.3% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 69.2% 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.
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.
The types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. NeighborhoodScout's exclusive analysis reveals that this neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 52.2%. This is a higher percent living alone than we found in 96.3% of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.
In addition, an extraordinary 10.3% of the residents of the Park Lake Highland / Lake Formosa neighborhood are currently enrolled in college. This is such a large part of life in this neighborhood that the neighborhood changes a great deal with the change of semesters and is far quieter during the summer when many students are away.
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 85.5% 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, the real estate in the Park Lake Highland / Lake Formosa neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 77.1% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 96.2% of American neighborhoods.
Did you know that the Park Lake Highland / Lake Formosa neighborhood has more Ukrainian and Hungarian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.1% of this neighborhood's residents have Ukrainian ancestry and 2.6% have Hungarian 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.
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 upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 66.6% of the neighborhoods in America. In addition, 7.2% 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 56.9% 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, 68.2% 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 25.6% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (4.1%), and 2.1% in manufacturing and laborer occupations.
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 69.8% of households. Other important languages spoken here include Spanish, Polish and Langs. of India.
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 Irish (12.2%). There are also a number of people of Italian ancestry (12.2%), and residents who report English roots (12.0%), and some of the residents are also of German ancestry (8.5%), along with some South American ancestry residents (7.3%), among others. In addition, 19.7% of the residents of this neighborhood were born in another country.
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 (55.0% of working residents), one of the shortest commutes across America.
Here most residents (71.3%) 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.