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Real Estate Prices & Overview

Georgetown / Penny Layne median real estate price is $521,975, which is more expensive than 52.1% of the neighborhoods in New Jersey and 71.2% of the neighborhoods in the U.S.

The average rental price in Georgetown / Penny Layne is currently $709, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 100.0% of New Jersey neighborhoods.

Georgetown / Penny Layne is a suburban neighborhood (based on population density) located in Toms River, New Jersey.

Georgetown / Penny Layne real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Georgetown / Penny Layne neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

In Georgetown / Penny Layne, 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 Georgetown / Penny Layne is very tight compared to the demand for property here.

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 Toms River, the Georgetown / Penny Layne neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

Owner-occupied real estate dominates the Georgetown / Penny Layne neighborhood. In fact, according to NeighborhoodScout research, the percentage of residential real estate occupied by its owner is higher here than in 97.5% of neighborhoods in America. 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 Georgetown / Penny Layne 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, most neighborhoods are composed of a mixture of ages of homes, but the Georgetown / Penny Layne stands out as rather unique in having nearly all of its residential real estate built in one time period, namely between 1970 and 1999, generally considered to be established, but not old housing. What you'll sense when you look around or drive the streets of this neighborhood is that many of the residences look the same because of this similarity of age. In fact, 86.8% of the residential real estate here was built in this one time period.

People

For many reasons, Georgetown / Penny Layne is rated by NeighborhoodScout as one of the top 4.7% of ideal neighborhoods for first-time home buyers in the state of New Jersey. Homes here are priced below median housing values in the state, yet the neighborhood has a track record according to NeighborhoodScout's exclusive neighborhood home appreciation rates of above average real estate appreciation over the last five years compared to other NJ neighborhoods, protecting your investment in your first home, while simultaneously making it less risky for your lender. Not only does this neighborhood stand out for combining price and home value stability or increases, it also is a neighborhood with a high quality resident population according exclusive data, meaning this is likely a good place to buy, live, and enjoy. While many first time home buyers focus purely on low cost and convenient location, which can risk your investment in your first home and put you in a less than desirable neighborhood, this neighborhood is a true standout for a lot of reasons, and definitely worth a look if you are a first time home buyer.

Diversity

Did you know that the Georgetown / Penny Layne neighborhood has more Lithuanian and Italian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 5.9% of this neighborhood's residents have Lithuanian ancestry and 31.9% have Italian ancestry.

Georgetown / Penny Layne is also pretty special linguistically. Significantly, 1.1% of its residents five years old and above primarily speak Russian at home. While this may seem like a small percentage, it is higher than 96.3% of the neighborhoods in America.

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 Georgetown / Penny Layne neighborhood in Toms River are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 81.8% of the neighborhoods in America. In addition, 8.6% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 54.2% of America'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 Georgetown / Penny Layne neighborhood, 42.3% 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 24.5% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (19.7%), and 13.5% in manufacturing and laborer occupations.

Languages

The most common language spoken in the Georgetown / Penny Layne neighborhood is English, spoken by 90.6% of households. Some people also speak Spanish (2.8%).

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 Georgetown / Penny Layne neighborhood in Toms River, NJ, residents most commonly identify their ethnicity or ancestry as Italian (31.9%). There are also a number of people of Irish ancestry (14.8%), and residents who report German roots (12.0%), and some of the residents are also of English ancestry (8.5%), along with some Lithuanian ancestry residents (5.9%), among others.

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 Georgetown / Penny Layne neighborhood spend under 15 minutes commuting one-way to work (31.7% of working residents), one of the shortest commutes across America.

Here most residents (71.0%) 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 (7.9%) . 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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