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Real Estate Prices & Overview

Riverside Southwest median real estate price is $289,887, which is less expensive than 84.8% of New Jersey neighborhoods and 60.2% of all U.S. neighborhoods.

The average rental price in Riverside Southwest is currently $2,491, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 78.2% of New Jersey neighborhoods.

Riverside Southwest is a densely urban neighborhood (based on population density) located in Paterson, New Jersey.

Riverside Southwest 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 renter occupied. Many of the residences in the Riverside Southwest 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.

Real estate vacancies in Riverside Southwest are 5.0%, which is lower than one will find in 66.4% of American neighborhoods. Demand for real estate in Riverside Southwest 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

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.

Real Estate

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 Riverside Southwest 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 85.8% of the real estate here is made up of such dwellings, which is higher than 100.0% of all U.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 Riverside Southwest neighborhood is among the top 5% of American neighborhoods in terms of walkability.

People

Single parenting is hard. But you don't have to tell the Riverside Southwest neighborhood about it; they already know. 31.9% of this neighborhood's households are run by single mothers, which is a higher concentration than NeighborhoodScout found in 99.7% 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.

In addition, the Riverside Southwest neighborhood has a greater percentage of children living in poverty (55.7%) than found in 95.8% of all U.S. neighborhoods. Children living in poverty is one of the challenges facing America, and the world, and in this neighborhood in particular, the problem can be considered acute.

Modes of Transportation

More people ride the bus in this neighborhood each day to get to work than 97.3% of U.S. neighborhoods.

Car Ownership

American households most often have a car, and regularly they have two or three. But households in the Riverside Southwest neighborhood buck this trend. 20.8% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 95.4% of U.S. neighborhoods.

Diversity

Did you know that the Riverside Southwest neighborhood has more Dominican and Puerto Rican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 33.6% of this neighborhood's residents have Dominican ancestry and 20.3% have Puerto Rican ancestry.

Riverside Southwest is also pretty special linguistically. Significantly, 73.0% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 97.8% of all U.S. neighborhoods.

The Neighbors

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 Riverside Southwest neighborhood in Paterson are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 89.9% of U.S. neighborhoods. With 55.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 95.8% 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 Riverside Southwest neighborhood, 41.3% 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 27.6% of the residents employed. Other residents here are employed in executive, management, and professional occupations (18.7%), and 12.5% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Riverside Southwest neighborhood is Spanish, spoken by 73.0% of households. Some people also speak English (26.4%).

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 Riverside Southwest neighborhood in Paterson, NJ, residents most commonly identify their ethnicity or ancestry as Dominican (33.6%). There are also a number of people of Puerto Rican ancestry (20.3%), and residents who report South American roots (13.8%), and some of the residents are also of Sub-Saharan African ancestry (5.1%), along with some African ancestry residents (5.1%), among others. In addition, 38.5% of the residents of this neighborhood were born in another country.

Getting to Work

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 Riverside Southwest neighborhood spend between 15 and 30 minutes commuting one-way to work (38.8% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (58.4%) 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 (18.8%) and 14.8% 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.


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