Oak Island median real estate price is $511,176, which is less expensive than 75.3% of Massachusetts neighborhoods and 33.3% of all U.S. neighborhoods.
The average rental price in Oak Island is currently $3,518, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 62.5% of the neighborhoods in Massachusetts.
Oak Island is a densely urban neighborhood (based on population density) located in Revere, Massachusetts. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).
Oak Island 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 occupied by a mixture of owners and renters. Many of the residences in the Oak Island neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built before 1940.
In Oak Island, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in Oak Island is very tight compared to the demand for property here.
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.
Oak Island is a neighborhood that is on the ocean, a bay, or inlet. Many times, such places have amenities that bring locals and visitors to the waterfront for recreational activities or to check out the scenery. In some densely populated areas that are less financially well-off, the neighborhood waterfront can be relatively industrial and less open to recreation. In addition to being coastal, Oak Island is a very nautical neighborhood, meaning that it is somewhat historic, walkable, densely populated and on the water. This gives the neighborhood a very nautical feel, with some seaside and shipping feel, which some may really enjoy the sights and sounds of.
In addition, this neighborhood has the distinction of having one of the lowest real estate vacancy rates of any neighborhood in America. With just 0.0% of the real estate vacant, this indicates an exceptionally strong demand for real estate in the Oak Island neighborhood, and/or an issue with creating enough supply for the demand. This could have the effect of increasing real estate prices, increasing supply to meet demand, or both.
Astoundingly, the Oak Island neighborhood has one of the highest concentrations of divorcees living here than of any neighborhood, a higher concentration than NeighborhoodScout found in 99.7% of U.S. neighborhoods. This may be because people living here divorce more often than others, or that divorced people move here after they become divorced. If you are divorced, you will be in good company in this particular Revere neighborhood.
In the Oak Island neighborhood, 15.2% of people ride the train to work each day. This is a very high percentage compared to most places. In fact, NeighborhoodScout's analysis reveals that this is a higher level of train ridership than in 96.9% of the neighborhoods in America.
Did you know that the Oak Island neighborhood has more Arab and Italian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 13.2% of this neighborhood's residents have Arab ancestry and 31.8% have Italian ancestry.
Oak Island is also pretty special linguistically. Significantly, 7.6% of its residents five years old and above primarily speak Portuguese at home. While this may seem like a small percentage, it is higher than 99.6% of the neighborhoods in America.
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 Oak Island neighborhood in Revere are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 69.5% of U.S. neighborhoods. With 25.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 77.7% 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 Oak Island neighborhood, 49.3% 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 22.7% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (18.9%), and 9.1% in clerical, assistant, and tech support 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 Oak Island neighborhood is English, spoken by 62.8% of households. Other important languages spoken here include Spanish, Portuguese, Arabic and Russian.
Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.
In the Oak Island neighborhood in Revere, MA, residents most commonly identify their ethnicity or ancestry as Italian (31.8%). There are also a number of people of Irish ancestry (15.8%), and residents who report Arab roots (13.2%), and some of the residents are also of Dominican ancestry (10.1%), along with some German ancestry residents (5.3%), among others. In addition, 29.9% of the residents of this neighborhood were born in another country.
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 Oak Island neighborhood spend between 45 minutes and one hour commuting one-way to work (29.7% of working residents), longer and tougher than most commutes in America.
Here most residents (44.6%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (15.2%) and 13.2% 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.