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Real Estate Prices & Overview

Prospect Gardens median real estate price is $308,276, which is more expensive than 62.6% of the neighborhoods in Michigan and 40.7% of the neighborhoods in the U.S.

The average rental price in Prospect Gardens is currently $1,385, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 73.1% of Michigan neighborhoods.

Prospect Gardens is a suburban neighborhood (based on population density) located in Ypsilanti, Michigan.

Prospect Gardens 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 renter occupied. Many of the residences in the Prospect Gardens neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built before 1940.

In Prospect Gardens, the current vacancy rate is 2.5%, which is a lower rate of vacancies than 83.6% of all neighborhoods in the U.S. This means that the housing supply in Prospect Gardens 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.

People

An extraordinary 16.4% of the residents of the Prospect Gardens 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.

Diversity

Did you know that the Prospect Gardens neighborhood has more Belgian and Lithuanian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.6% of this neighborhood's residents have Belgian ancestry and 1.6% have Lithuanian ancestry.

Prospect Gardens is also pretty special linguistically. Significantly, 3.2% of its residents five years old and above primarily speak Korean at home. While this may seem like a small percentage, it is higher than 97.8% of the neighborhoods in America.

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 Prospect Gardens neighborhood in Ypsilanti are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 94.8% of U.S. neighborhoods. With 33.3% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 84.2% 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 Prospect Gardens neighborhood, 31.3% 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 29.5% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (20.1%), and 19.1% 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 Prospect Gardens neighborhood is English, spoken by 93.0% of households. Other important languages spoken here include Italian, Korean and Polish.

Ethnicity / Ancestry

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 Prospect Gardens neighborhood in Ypsilanti, MI, residents most commonly identify their ethnicity or ancestry as German (12.8%). There are also a number of people of English ancestry (9.5%), and residents who report Irish roots (7.6%), and some of the residents are also of Italian ancestry (5.3%), along with some Asian ancestry residents (4.2%), 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 Prospect Gardens neighborhood spend between 15 and 30 minutes commuting one-way to work (42.7% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (52.2%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (21.2%) and 6.2% of residents also ride the bus 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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