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Real Estate Prices & Overview

Old Great Falls Historic District median real estate price is $407,730, which is less expensive than 80.7% of New Jersey neighborhoods and 45.7% of all U.S. neighborhoods.

The average rental price in Old Great Falls Historic District is currently $2,727, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 76.5% of New Jersey neighborhoods.

Old Great Falls Historic District is a densely urban neighborhood (based on population density) located in Paterson, New Jersey.

Old Great Falls Historic 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 Old Great Falls Historic District 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 2000 and the present.

Real estate vacancies in Old Great Falls Historic District are 5.1%, which is lower than one will find in 63.1% of American neighborhoods. Demand for real estate in Old Great Falls Historic 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.

Notable & Unique Neighborhood Characteristics

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 Paterson, the Old Great Falls Historic District neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

Single parenting is hard. But you don't have to tell the Old Great Falls Historic District neighborhood about it; they already know. 29.9% of this neighborhood's households are run by single mothers, which is a higher concentration than NeighborhoodScout found in 99.5% 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.

Real Estate

100.0% of the real estate in the Old Great Falls Historic District neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

In addition, 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 Old Great Falls Historic District neighborhood is among the top 5% of American neighborhoods in terms of walkability.

Furthermore, corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate of neighborhoods dominated by small 2, 3, and 4 unit apartment buildings. Many are in older core neighborhoods of Eastern and Midwestern cities, or historic town centers in their hinterlands. If you wax romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist at the corner, then you might find the Old Great Falls Historic District neighborhood worth a close look. This neighborhood is an absolutely outstanding example of the dominance of small 2, 3, and 4 unit apartment buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood's real estate stock. In fact, no less than 32.1% of the real estate here is made up of such dwellings, which is higher than 95.4% of all U.S. neighborhoods.

Modes of Transportation

In the Old Great Falls Historic 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 20.8% of residents here. This is a higher proportion of walking commuters than we found in 98.3% of American neighborhoods. Get ready to put on your walking shoes if you move here!

Also, more people ride the bus in this neighborhood each day to get to work than 97.5% of U.S. neighborhoods.

Finally, our research shows that more people carpool to work here in the Old Great Falls Historic District (23.7%) than in 95.9% of the neighborhoods in America.

Car Ownership

American households most often have a car, and regularly they have two or three. But households in the Old Great Falls Historic District neighborhood buck this trend. 31.0% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.2% of U.S. neighborhoods.

Diversity

Did you know that the Old Great Falls Historic District neighborhood has more South American and Dominican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 34.7% of this neighborhood's residents have South American ancestry and 4.4% have Dominican ancestry.

Old Great Falls Historic District is also pretty special linguistically. Significantly, 57.3% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 95.2% of all U.S. neighborhoods.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the Old Great Falls Historic District neighborhood in Paterson are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 82.9% of U.S. neighborhoods. With 40.3% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 89.7% 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 Old Great Falls Historic District neighborhood, 34.3% of the working population is employed in manufacturing and laborer 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 25.4% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (22.0%), and 18.3% in executive, management, and professional occupations.

Languages

The most common language spoken in the Old Great Falls Historic District neighborhood is Spanish, spoken by 57.3% of households. Some people also speak English (40.7%).

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 Old Great Falls Historic District neighborhood in Paterson, NJ, residents most commonly identify their ethnicity or ancestry as South American (34.7%). There are also a number of people of Mexican ancestry (12.4%), and residents who report Puerto Rican roots (5.3%), and some of the residents are also of Sub-Saharan African ancestry (4.9%), along with some African ancestry residents (4.9%), among others. In addition, 41.9% of the residents of this neighborhood were born in another country.

Getting to Work

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 Old Great Falls Historic District neighborhood spend under 15 minutes commuting one-way to work (52.3% of working residents), one of the shortest commutes across America.

Here most residents (40.5%) 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 (23.7%) and 20.8% 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.


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