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Real Estate Prices & Overview

North Lake median real estate price is $464,948, which is more expensive than 72.8% of the neighborhoods in North Carolina and 60.7% of the neighborhoods in the U.S.

The average rental price in North Lake is currently $2,464, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 84.6% of the neighborhoods in North Carolina.

North Lake is a suburban neighborhood (based on population density) located in Charlotte, North Carolina.

North Lake 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 North Lake neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

North Lake has a 11.0% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 68.1% 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

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.

Modes of Transportation

In the North Lake neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 45.8% of residents worked from home. This may not seem like a large number, but Scout's research shows that this is a higher percentage of people working from home than 99.4% of the neighborhoods in America. Often people who work from home are engaged in the creative or technological economy, such as is found in areas around Boston, and in Silicon Valley. Other times, people may be engaged in other businesses like trading stocks from home, or running a small beauty salon.

Real Estate

97.4% of the real estate in the North Lake neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

In addition, the real estate in the North Lake 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, 84.0% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 97.3% of American neighborhoods.

Furthermore, the North Lake 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 86.5% 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.

Also of note, homes built from 2000 through today make up a higher proportion of the North Lake neighborhood's real estate landscape than 96.4% of the neighborhoods in America. When you are driving around this neighborhood, you'll notice right away that it is one of the newest built of any, with the smell of fresh paint, and the look of young landscaping nearly everywhere you look. In fact, 76.2% of the residential real estate here is classified as newer.

People

Single parenting is hard. But you don't have to tell the North Lake neighborhood about it; they already know. 19.3% of this neighborhood's households are run by single mothers, which is a higher concentration than NeighborhoodScout found in 96.7% of American neighborhoods. Further NeighborhoodScout research showed strong statistical correlations among high rates of children living in single parent households, and neighborhood crime, particularly violent crime, neighborhood poverty, and, importantly, the percentage of low weight births and rates of infant mortality.

Diversity

Did you know that the North Lake neighborhood has more African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 5.7% of this neighborhood's residents have African ancestry.

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 North Lake neighborhood in Charlotte are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 43.7% of the neighborhoods in America. With 19.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 69.6% of U.S. neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the North Lake neighborhood, 48.6% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 26.5% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (15.2%), and 9.7% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the North Lake neighborhood is English, spoken by 75.6% of households. Some people also speak Spanish (13.3%).

Ethnicity / Ancestry

Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.

In the North Lake neighborhood in Charlotte, NC, residents most commonly identify their ethnicity or ancestry as Asian (10.1%). There are also a number of people of Mexican ancestry (7.2%), and residents who report Sub-Saharan African roots (5.7%), and some of the residents are also of African ancestry (5.7%), along with some Irish ancestry residents (2.8%), among others. In addition, 13.0% 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 North Lake neighborhood spend between 15 and 30 minutes commuting one-way to work (55.3% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (49.2%) 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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