Hope Ave / Monroe St median real estate price is $581,802, which is more expensive than 47.7% of the neighborhoods in New Jersey and 72.9% of the neighborhoods in the U.S.
The average rental price in Hope Ave / Monroe St is currently $3,287, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 54.0% of New Jersey neighborhoods.
Hope Ave / Monroe St is a densely urban neighborhood (based on population density) located in Passaic, New Jersey.
Hope Ave / Monroe St real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and apartment complexes/high-rise apartments. Most of the residential real estate is renter occupied. Many of the residences in the Hope Ave / Monroe St neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1970 and 1999.
In Hope Ave / Monroe St, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in Hope Ave / Monroe St is very tight compared to the demand for property here.
Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Passaic, the Hope Ave / Monroe St neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Renter-occupied real estate is dominant in the Hope Ave / Monroe St neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 95.6%, which is higher than 98.2% 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. This neighborhood has the distinction of having one of the lowest real estate vacancy rates of any neighborhood in America. With just 0.0% of the real estate vacant, this indicates an exceptionally strong demand for real estate in the Hope Ave / Monroe St neighborhood, and/or an issue with creating enough supply for the demand. This could have the effect of increasing real estate prices, increasing supply to meet demand, or both.
In addition, the Hope Ave / Monroe St neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 43,291 persons per square mile in the neighborhood, it is more packed with people than 98.1% of the nation's neighborhoods. Even if you drive or take transit to your place of employment, many people enjoy being able to walk in their neighborhood. What many people don't realize is that most of America's premier vacation locations are also very walkable. The Hope Ave / Monroe St neighborhood is among the top 5% of American neighborhoods in terms of walkability.
Furthermore, three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The Hope Ave / Monroe St neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 53.2% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 98.8% of America's neighborhoods.
Also of note, do you watch 'This Old House' on Public Television? Do you love the idea of fixing up a Colonial or Victorian era home, complete with the charm of yesteryear? Do you like to stroll or drive streets lined with gracious older residences? If you found yourself nodding yes to any of these questions, you are going to be interested in this unique neighborhood. The Hope Ave / Monroe St neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 78.8% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 99.6% of the neighborhoods in the United States.
Whether by choice, divorce, or unplanned pregnancy, single moms may have the toughest job in the book. NeighborhoodScout's exclusive analysis reveals that the Hope Ave / Monroe St neighborhood has more single mother households than 99.6% of the neighborhoods in the U.S. Often high concentrations of single mother homes can be a strong indicator of family and social issues such as poverty, high rates of school dropouts, crime, and other societal problems.
In addition, neighborhoodScout's exclusive research revealed that 96.0% of the adult residents in the Hope Ave / Monroe St neighborhood do not have a 4-year college degree, which is a lower rate of college graduated adults than found in 98.1% of the neighborhoods in America.
More people in Hope Ave / Monroe St choose to walk to work each day (19.2%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.
Also, our research revealed that more commuters here take the bus to work (13.3% ride the bus) than 97.1% 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.
Finally, in the Hope Ave / Monroe St neighborhood, carpooling is still a popular way to get to and from work. NeighborhoodScout's analysis reveals that 24.4% of commuters carpool here, which is more than in 96.4% of all U.S. neighborhoods.
There are more people living in the Hope Ave / Monroe St neighborhood employed as sales and service workers (60.0%) than almost any neighborhood in the country. From fast-food service workers to major sales accounts, sales and service workers make up the largest proportion of our national employment picture. But despite that size and importance nationally, this neighborhood still stands out as unique due to the dominance of people living here who work in such occupations.
Did you know that the Hope Ave / Monroe St neighborhood has more Dominican and Puerto Rican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 16.0% of this neighborhood's residents have Dominican ancestry and 9.3% have Puerto Rican ancestry.
Hope Ave / Monroe St is also pretty special linguistically. Significantly, 89.5% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 99.6% of all U.S. neighborhoods.
Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. What is interesting to note, is that the Hope Ave / Monroe St neighborhood has a greater percentage of residents born in another country (48.7%) than are found in 97.1% 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 Hope Ave / Monroe St neighborhood in Passaic are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 83.6% of U.S. neighborhoods. With 46.3% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 92.8% 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 Hope Ave / Monroe St neighborhood, 40.0% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 34.6% of the residents employed. Other residents here are employed in executive, management, and professional occupations (14.6%), and 10.7% in clerical, assistant, and tech support occupations.
Languages
The most common language spoken in the Hope Ave / Monroe St neighborhood is Spanish, spoken by 89.5% of households. Some people also speak English (7.8%).
Ethnicity / Ancestry
Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.
In the Hope Ave / Monroe St neighborhood in Passaic, NJ, residents most commonly identify their ethnicity or ancestry as Mexican (53.8%). There are also a number of people of Dominican ancestry (16.0%), and residents who report Puerto Rican roots (9.3%), and some of the residents are also of South American ancestry (1.9%), along with some Italian ancestry residents (1.6%), among others. In addition, 48.7% 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 Hope Ave / Monroe St neighborhood spend between 15 and 30 minutes commuting one-way to work (44.9% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (37.8%) 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 (24.4%) and 19.2% of residents also hop out the door and walk to work 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.
