3rd St / Colby St median real estate price is $134,360, which is less expensive than 94.5% of New York neighborhoods and 90.6% of all U.S. neighborhoods.
The average rental price in 3rd St / Colby St is currently $2,008, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 72.8% of New York neighborhoods.
3rd St / Colby St is a densely urban neighborhood (based on population density) located in Albany, New York.
3rd St / Colby St real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the 3rd St / Colby 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 1940 and 1969.
Vacant apartments or homes are a major fact of life in 3rd St / Colby St. The current real estate vacancy rate here is 29.6%. This is higher than the rate of vacancies in 95.3% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.
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 Albany, the 3rd St / Colby St neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
More people ride the bus in this neighborhood each day to get to work than 99.6% of U.S. neighborhoods.
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 3rd St / Colby 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, 64.2% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 99.5% of America's neighborhoods.
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 3rd St / Colby St neighborhood is among the top 5% of American neighborhoods in terms of walkability.
Furthermore, vacant homes and apartments are a significant characteristic of this neighborhood. In fact, with 29.6% of the residential real estate vacant, the 3rd St / Colby St neighborhood claims the distinction of having a higher vacancy rate than 95.3% of the neighborhoods in America. This can either be because much of the property is seasonally occupied, like in many vacation areas, or that much of the real estate is more permanently abandoned.
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 3rd St / Colby St neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 62.0% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 97.2% of the neighborhoods in the United States.
The government often provides some of the more stable jobs in the economy. From local, to state, to federal government workers, the government can also be a major employer. What NeighborhoodScout's analysis revealed, is that the 3rd St / Colby St neighborhood in particular stands out when compared nationally for the proportion of its working residents who are employed by the government. At 15.5% of its workforce, this neighborhood has a greater concentration of government workers than 97.5% of U.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 3rd St / Colby St neighborhood have a highly unusual car ownership. 27.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 96.7% of U.S. neighborhoods.
Did you know that the 3rd St / Colby St neighborhood has more Sub-Saharan African and Welsh ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 22.1% of this neighborhood's residents have Sub-Saharan African ancestry and 2.2% have Welsh ancestry.
3rd St / Colby St is also pretty special linguistically. Significantly, 6.6% of its residents five years old and above primarily speak Urdu, which is the national language of Pakistan, at home. While this may seem like a small percentage, it is higher than 99.9% 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 3rd St / Colby St neighborhood in Albany are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 90.8% of U.S. neighborhoods. With 40.4% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 89.8% of U.S. neighborhoods.
A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.
In the 3rd St / Colby St neighborhood, 35.1% of the working population is employed in manufacturing and laborer occupations. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 31.2% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (21.4%), and 15.5% in government jobs, whether they are in local, state, or federal positions.
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 3rd St / Colby St neighborhood is English, spoken by 81.6% of households. Other important languages spoken here include Spanish and Urdu (the national language of Pakistan).
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 3rd St / Colby St neighborhood in Albany, NY, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (22.1%). There are also a number of people of Irish ancestry (9.8%), and residents who report English roots (7.4%), and some of the residents are also of German ancestry (7.4%), along with some Italian ancestry residents (5.5%), among others. In addition, 13.3% 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 3rd St / Colby St neighborhood spend between 15 and 30 minutes commuting one-way to work (47.8% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (48.3%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (26.8%) and 19.7% of residents also carpool with coworkers, friends, or neighbors 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.