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Real Estate Prices & Overview

Naval Academy median real estate price is $560,169, which is more expensive than 67.3% of the neighborhoods in Maryland and 71.2% of the neighborhoods in the U.S.

The average rental price in Naval Academy is currently $4,095, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 94.4% of the neighborhoods in Maryland.

Naval Academy is a suburban neighborhood (based on population density) located in Annapolis, Maryland. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).

Naval Academy real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) apartment complexes/high-rise apartments and townhomes. Most of the residential real estate is renter occupied. Many of the residences in the Naval Academy neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built before 1940.

In Naval Academy, 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 Naval Academy is very tight compared to the demand for property here.

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.

Real Estate

Naval Academy 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, Naval Academy 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, renter-occupied real estate is dominant in the Naval Academy neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 100.0%, which is higher than 99.3% 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. 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 Naval Academy 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.

Furthermore, if you love row houses and attached homes, you will probably really like the Naval Academy neighborhood. The ambiance, the charm, of row houses is something special. And in sheer abundance of row houses, this neighborhood truly stands out. The real estate here has a higher proportion of row houses and attached homes than nearly any neighborhood in America. In fact, 44.5% of the residential real estate here is classified as row houses and attached homes.

People

Of note is NeighborhoodScout's research finding that the Naval Academy neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the Naval Academy community truly stands out from the rest in this regard.

Occupations

With 66.9% of employed workers living in the Naval Academy neighborhood active in the military, this neighborhood has the distinction of having a higher proportion of people in the military than 100.0% of American neighborhoods. This is a major shaper of the neighborhood's culture and character.

Modes of Transportation

More people in Naval Academy choose to walk to work each day (55.8%) 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.

Length of Commute

Regardless of the means by which residents commute, this neighborhood has a length of commute that is notable. Residents of the Naval Academy neighborhood have the pleasure of having one of the shortest commutes to work of any neighborhood in America. 86.4% of the residents have a commute time from home to work (one way) of less than fifteen minutes. This is a higher proportion of residents enjoying a short trip to work than NeighborhoodScout found in 99.8% of U.S. neighborhoods. Less time commuting means more time for other things in life.

The Neighbors

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 Naval Academy neighborhood in Annapolis are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 83.3% of the neighborhoods in America. In addition, 0.0% 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 100.0% 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 Naval Academy neighborhood, 66.9% of the working population is employed in the military. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 53.2% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (32.3%), and 10.8% in government jobs, whether they are in local, state, or federal positions.

Languages

The most common language spoken in the Naval Academy neighborhood is English, spoken by 82.9% of households. Some people also speak Spanish (10.0%).

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 Naval Academy neighborhood in Annapolis, MD, residents most commonly identify their ethnicity or ancestry as Irish (7.6%). There are also a number of people of Asian ancestry (6.5%), and residents who report German roots (4.9%), and some of the residents are also of Mexican ancestry (4.7%), along with some Puerto Rican ancestry residents (4.3%), among others.

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 Naval Academy neighborhood spend under 15 minutes commuting one-way to work (86.4% of working residents), one of the shortest commutes across America.

Here most residents (55.8%) hop out the door and walk to work to get to work. In addition, quite a number also drive alone in a private automobile to get to work (34.6%) and 5.4% of residents also carpool with coworkers, friends, or neighbors for their daily commute. This is a special neighborhood for the number of people who walk to work. Combining exercise, low cost, and reduced pollution, plus the chance to see your neighbors, walking to work is fairly uncommon in America but likely to increase as people try to reduce their dependence on automobiles, and this neighborhood offers that opportunity today.

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