Central Business District median real estate price is $676,417, which is more expensive than 63.2% of the neighborhoods in New Jersey and 78.2% of the neighborhoods in the U.S.
The average rental price in Central Business District is currently $1,930, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 94.3% 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 3.9%, which is lower than one will find in 72.7% 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.
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
One of the most interesting things about the Central Business District neighborhood is that it has a greater concentration of residents who live alone than most all neighborhoods in America. With 65.9% of the households here made up of people living alone, NeighborhoodScout's research reveals that this is a larger proportion of people living alone than in 99.4% of the neighborhoods in America.
In addition, one of the unique characteristics of the Central Business District neighborhood revealed by analysis is that the per capita income of residents here is lower than that found in 98.2% of the neighborhoods in America.
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. 15.5% 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 98.8% of all neighborhoods in America.
Renter-occupied real estate is dominant in the Central Business District neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 97.4%, which is higher than 98.6% 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.
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 91.6% 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, the real estate in the Central Business District 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, 89.4% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 98.1% of American neighborhoods.
Our research revealed that more commuters here take the bus to work (17.4% ride the bus) than 98.2% 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, 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 13.8% of residents here. This is a higher proportion of walking commuters than we found in 96.8% of American neighborhoods. Get ready to put on your walking shoes if you move here!
Finally, if you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 15.1% of the Central Business District neighborhood's commuters ride the train to and from work each day, which is more than we found in 96.7% of America's neighborhoods.
Most American households own a car or other vehicle. Many own two cars or perhaps three. In the United States, it is useful to have an automobile not only for commuting, but also for shopping and getting to other services one needs. But NeighborhoodScout's analysis revealed that households in the Central Business District neighborhood have a highly unusual car ownership. 41.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.2% of U.S. neighborhoods.
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, 20.2% of this neighborhood's residents have Sub-Saharan African ancestry and 12.2% 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 98.2% of U.S. neighborhoods. With 21.3% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 71.6% 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 Central Business District neighborhood, 46.2% 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 21.2% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (16.6%), and 16.0% 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 68.7% of households. Other important languages spoken here include Spanish, French and African languages.
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 Central Business District neighborhood in Newark, NJ, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (20.2%). There are also a number of people of African ancestry (12.2%), and residents who report Puerto Rican roots (6.8%), and some of the residents are also of Asian ancestry (4.1%), along with some Italian ancestry residents (2.9%), among others. In addition, 20.3% 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 30 and 45 minutes commuting one-way to work (26.7% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods. However, there is also a significant group of residents (15.5%) who commute over an hour in each direction.
Here most residents (42.7%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (17.4%) and 15.1% of residents also take the train 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.
