Central Business District median real estate price is $530,680, which is more expensive than 38.7% of the neighborhoods in New Jersey and 68.6% of the neighborhoods in the U.S.
The average rental price in Central Business District is currently $2,211, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 89.4% of New Jersey neighborhoods.
Central Business District is a densely urban neighborhood (based on population density) located in Newark, New Jersey.
Central Business District 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 Central Business District neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.
Real estate vacancies in Central Business District are 4.6%, which is lower than one will find in 67.2% of American neighborhoods. Demand for real estate in Central Business District is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.
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.
The types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. NeighborhoodScout's exclusive analysis reveals that this neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 65.8%. This is a higher percent living alone than we found in 99.4% of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.
In addition, the Central Business District neighborhood stands out for having an average per capita income lower than 96.3% of the neighborhoods in the United States.
Whether walking, biking, riding, or driving, the length of one's commute is an important factor for one's quality of life. The Central Business District neighborhood stands out for its commute length, according to NeighborhoodScout's analysis. Long commutes can be brutal. They take time, money, and energy, leaving less of you for yourself and your family. The residents of the Central Business District neighborhood unfortunately have the distinction of having, on average, a longer commute than most any neighborhood in America. 15.7% of commuters here travel more than one hour just one-way to work. That is more than two hours per day. This percentage with two-hour + round-trip commutes is higher than NeighborhoodScout found in 98.9% of all neighborhoods in America.
Our research revealed that more commuters here take the bus to work (19.1% ride the bus) than 98.7% of all American neighborhoods. If you like the idea of leaving your car and home and hopping the bus to work, this might be a good neighborhood for you to consider.
Also, if you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 20.6% of the Central Business District neighborhood's commuters ride the train to and from work each day, which is more than we found in 97.6% of America's neighborhoods.
Finally, in the Central Business District neighborhood, walking to work is a real option for many. In fact, NeighborhoodScout's exclusive research reveals walking to and from work is the chosen way to commute for 13.0% of residents here. This is a higher proportion of walking commuters than we found in 96.6% of American neighborhoods. Get ready to put on your walking shoes if you move here!
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 Central Business District neighborhood has a highly unusual pattern of car ownership. 44.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.3% of U.S. neighborhoods.
94.0% of the real estate in the Central Business District neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.
In addition, the Central Business District 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 90.2% 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.
Furthermore, one of the really unique and interesting things about the look and setting of the Central Business District neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 85.8% 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 97.6% of all neighborhoods in America.
Did you know that the Central Business District neighborhood has more Sub-Saharan African and African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 24.0% of this neighborhood's residents have Sub-Saharan African ancestry and 11.1% have African ancestry.
Central Business District is also pretty special linguistically. Significantly, 1.5% of its residents five years old and above primarily speak Native American languages at home. While this may seem like a small percentage, it is higher than 98.5% 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 Central Business District neighborhood in Newark are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 96.3% of U.S. neighborhoods. In addition, 5.4% 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 62.4% 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 Central Business District neighborhood, 58.0% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 20.4% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (15.0%), and 6.6% 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 Central Business District neighborhood is English, spoken by 72.1% of households. Other important languages spoken here include Spanish, French and African languages.
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 Central Business District neighborhood in Newark, NJ, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (24.0%). There are also a number of people of African ancestry (11.1%), and residents who report Puerto Rican roots (5.2%), and some of the residents are also of Asian ancestry (4.7%), along with some Brazilian ancestry residents (2.3%), among others. In addition, 18.5% of the residents of this neighborhood were born in another country.
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 Central Business District neighborhood spend between 15 and 30 minutes commuting one-way to work (31.3% of working residents), which is shorter than the time spent commuting to work for most Americans. However, there is also a significant group of residents (15.7%) who commute over an hour in each direction.
Here most residents (30.4%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (20.6%) and 19.1% 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.
