Powerhouse median real estate price is $1,340,995, which is more expensive than 95.2% of the neighborhoods in New Jersey and 94.9% of the neighborhoods in the U.S.
The average rental price in Powerhouse is currently $6,313, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 97.5% of the neighborhoods in New Jersey.
Powerhouse is a densely urban neighborhood (based on population density) located in Jersey City, New Jersey.
Powerhouse 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 renter occupied. Many of the residences in the Powerhouse neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.
Powerhouse has a 10.5% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 63.5% 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.
Real Estate
The Powerhouse 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 98.8% 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, what you'll find when you visit or move to this neighborhood is one of the most crowded neighborhoods in all of America. With an incredible 98,982 people per square mile, it is more densely populated than 99.6% of America's neighborhoods.
Furthermore, one of the really unique and interesting things about the look and setting of the Powerhouse neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 97.9% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 99.6% of all neighborhoods in America.
Also of note, if you like the look and ambience of new homes and newly built neighborhoods, you will love the Powerhouse neighborhood. A whopping 88.0% of the homes and other residential real estate here were built after 1999, which is a higher proportion of new homes then you will find in 98.5% of the neighborhoods in the U.S. Everything here just feels new. In fact, the concentration of newer homes here is so great that they completely dominate the landscape. In most neighborhoods, there is a mixture of ages of residential real estate, but here it is almost completely built during one time frame: 2000 through today.
Finally, renter-occupied real estate is dominant in the Powerhouse neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 90.7%, which is higher than 97.0% 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.
People
Do you like to read, write, and learn? Are you curious about the world? If so, this neighborhood may be a good fit for you. NeighborhoodScout's research revealed that a full 89.8% of the adults living in the Powerhouse neighborhood have earned at least a bachelor's degree. This is a higher rate than NeighborhoodScout found in 99.7% of U.S. neighborhoods. In this way, this neighborhood truly stands out.
In addition, wealth makes most things in life easier, and a few things harder. If you are wealthy and enjoy keeping up with the Jones', this neighborhood will interest you. In fact, according to NeighborhoodScout's research, the Powerhouse neighborhood is wealthier than 99.3% of the neighborhoods in the United States. Residents here are truly in a unique situation even when compared to other Americans, based on the sheer amount of wealth concentrated here. Even in times of economic downturn, residents of this neighborhood, as a group, suffered less and recovered more quickly. This is indeed a stand-out characteristic of this neighborhood.
Also, powerhouse has the amazing distinction of housing more same sex couples living together than 97.6% of neighborhoods in the U.S. If you are seeking such a neighborhood, NeighborhoodScout's analysis shows that this is one place that you should consider.
Finally, if you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the Powerhouse neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 97.0% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the Powerhouse neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for young, single professionals.
Modes of Transportation
In the Powerhouse neighborhood, 53.6% 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 99.6% of the neighborhoods in America.
Also, if you like to ride a ferry to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 1.2% of the Powerhouse neighborhood's commuters ride a ferry to and from work each day, which is more than we found in 99.1% of America's neighborhoods.
Finally, in the Powerhouse neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 28.7% 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 96.2% 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.
Occupations
Executives, managers and professionals make up 81.5% of the workforce in the Powerhouse neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 99.3% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.
Car Ownership
We Americans love our cars. Not only are they a necessity for most Americans due to the shape of our neighborhoods and the distances between where we live, work, shop, and go to school, but we also fancy them. As a result, most households in America have one, two, or three cars. But NeighborhoodScout's exclusive analysis shows that the Powerhouse neighborhood has a highly unusual pattern of car ownership. 52.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.8% of U.S. neighborhoods.
Diversity
Did you know that the Powerhouse neighborhood has more Asian and Austrian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 52.8% of this neighborhood's residents have Asian ancestry and 1.3% have Austrian ancestry.
Powerhouse is also pretty special linguistically. Significantly, 14.4% of its residents five years old and above primarily speak Langs. of India at home. While this may seem like a small percentage, it is higher than 99.7% of the neighborhoods in America.
Migration / Stability
Some neighborhoods have more internal cohesiveness than others. While other neighborhoods feel like a collection of strangers who just happen to live near each other. Sometimes this comes down to not only the personalities of the people in a place, but how long people have been together in that neighborhood. NeighborhoodScout's research has revealed some interesting things about the rootedness of people in the Powerhouse neighborhood. What is interesting to note, is that the Powerhouse neighborhood has a greater percentage of residents born in another country (56.0%) than are found in 98.7% of all U.S. neighborhoods.
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 Powerhouse neighborhood in Jersey City are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 99.3% of the neighborhoods in America. In addition, 3.4% 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 70.1% 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 Powerhouse neighborhood, 81.5% 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 12.6% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (4.7%).
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 Powerhouse neighborhood is English, spoken by 45.2% of households. Other important languages spoken here include Chinese, Langs. of India, Spanish and Korean.
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 Powerhouse neighborhood in Jersey City, NJ, residents most commonly identify their ethnicity or ancestry as Asian (52.8%). There are also a number of people of Italian ancestry (9.5%), and residents who report Irish roots (8.6%), and some of the residents are also of Russian ancestry (3.5%), along with some English ancestry residents (3.5%), among others. In addition, 56.0% 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 Powerhouse neighborhood spend between 30 and 45 minutes commuting one-way to work (42.1% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (53.6%) take the train to get to work. In addition, quite a number also drive alone in a private automobile to get to work (7.3%) and 6.8% of residents also hop out the door and walk to work for their daily commute. This neighborhood is distinguished by the high number of residents who take the train to work each day, which can be a very good way to get to work at a lower cost and with less pollution.
