What do we mean by a neighborhood?
NeighborhoodScout® uses the official government designation for neighborhoods - the census tract.
Census tracts are small, relatively permanent subdivisions of a county that are defined by the U.S. Census Bureau in conjunction with local authorities all across the country to define real neighborhoods that are bounded to contain areas with homogeneous population characteristics (including economic status, lifestyle, and living conditions). Census tracts usually have 4,000 persons, but can range between 1,500 and 8,000 persons. This is the most fine-grained area for which detailed information is made available from the government, to protect the individual privacy of each of us. Because census tracts are based on population, they vary in size depending on the density of settlement. In urban areas, they are small, and in rural areas they can cover an entire small town or even a few small towns in very rural areas.
Since census tracts are subdivisions of a county, we did a spatial overlay of the census tracts onto city and town boundaries using a geographic information system to properly assign each census tract to its appropriate city or town. Then we named each census tract to the local colloquially recognized neighborhood name for that spot (e.g., Boston, MA (Dorchester). If there was not a name available, we named the census tract by the largest street intersection in the census tract (e.g., Worcester, MA (Lincoln St/Plantation St)
Why we don't use Zip Codes as neighborhoods
Zip codes were developed by the Postal Service for the purpose of delivering mail, but were never intended to define coherent neighborhoods. In addition, Zip Codes can have as many as 10 distinctly different census tracts contained within them. When distinct census tracts are blended together in a single Zip Code, the data reflects their average conditions and often gives a false sense of the area. The result is that potentially great matching neighborhoods can be missed, and erroneous matches can also be produced and delivered to you.
Using census tracts makes great matches possible, and helps people find the areas that are best for them and their families. Because we are committed to providing the highest possible quality and finding the neighborhoods that best meet your criteria, we use census tracts. And, as always, we show you the actual street map of the neighborhood so you know exactly where your best matching neighborhood is located.
What is a Condition Alert?
A condition alert is a condition in the neighborhood that triggers an alert. NeighborhoodScout contains condition alerts to highlight conditions that are extreme, whether good or bad. This helps answer crucial questions about the state of the neighborhood being evaluated, such as:
What are the risks of violent crime here?
Is the risk of home break-ins or other property crimes increasing?
Does real estate here hold its value?
Are the trends in local vacancies or unemployment concerning?
...and dozens more.
Information at a glance that you need to know to invest, appraise or finance a property.
3rd St / Colby St median real estate price is $132,702, which is less expensive than 93.9% of New York neighborhoods and 89.5% of all U.S. neighborhoods.
The average rental price in 3rd St / Colby St is currently $1,776, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 73.7% 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 apartment complexes/high-rise apartments. 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 1970 and 1999.
Vacant apartments or homes are a major fact of life in 3rd St / Colby St. The current real estate vacancy rate here is 27.9%. This is higher than the rate of vacancies in 93.7% 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.
Notable & Unique Neighborhood Characteristics
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
Modes of Transportation
Our research revealed that more commuters here take the bus to work (38.5% ride the bus) than 99.9% 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.
Also, our research shows that more people carpool to work here in the 3rd St / Colby St (26.9%) than in 97.9% of the neighborhoods in America.
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 3rd St / Colby St 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 65.7% of the real estate here is made up of such dwellings, which is higher than 99.5% 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 3rd St / Colby St neighborhood is among the top 5% of American neighborhoods in terms of walkability.
Furthermore, 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: 67.7% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 98.2% of the neighborhoods in the United States.
Occupations
The 3rd St / Colby St neighborhood has a greater proportion of government workers living in it than 98.7% of the neighborhoods in America, according to NeighborhoodScout's exclusive analysis. This is a unique feature of this neighborhood, and one that shapes its character.
Car Ownership
We Americans love our cars. Not only are they a necessity for most Americans due to the shape of our neighborhoods and the distances between where we live, work, shop, and go to school, but we also fancy them. As a result, most households in America have one, two, or three cars. But NeighborhoodScout's exclusive analysis shows that the 3rd St / Colby St neighborhood has a highly unusual pattern of car ownership. 39.3% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.0% of U.S. neighborhoods.
Diversity
Did you know that the 3rd St / Colby St neighborhood has more Dominican and Puerto Rican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 9.0% of this neighborhood's residents have Dominican ancestry and 11.6% have Puerto Rican 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.
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 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 87.4% of U.S. neighborhoods. With 46.5% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 92.6% 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 3rd St / Colby St neighborhood, 31.5% 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 27.5% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (21.0%), and 20.0% in clerical, assistant, and tech support occupations.
Languages
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 79.1% of households. Other important languages spoken here include Spanish and Urdu (the national language of Pakistan).
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 3rd St / Colby St neighborhood in Albany, NY, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (12.6%). There are also a number of people of Puerto Rican ancestry (11.6%), and residents who report Dominican roots (9.0%), and some of the residents are also of Irish ancestry (8.5%), along with some Italian ancestry residents (6.0%), among others. In addition, 18.7% 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 3rd St / Colby St neighborhood spend between 15 and 30 minutes commuting one-way to work (61.1% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (38.5%) ride the bus to get to work. In addition, quite a number also drive alone in a private automobile to get to work (31.1%) and 26.9% of residents also carpool with coworkers, friends, or neighbors for their daily commute. The bus provides a valuable service in the 3rd St / Colby St neighborhood of Albany by getting a lot of residents to and from work daily, reducing the costs of commuting and reducing some congestion on the roads as well.
SCOUT’s patented match algorithm identifies the most similar neighborhoods to a subject location, and quantifies the similarity to the subject location. This allows analysts to identify the most similar neighborhoods in a local market area for appraisals, investments, and research.
The algorithm uses 273 neighborhood conditions, identifies the dominant dimensions underlying the conditions and calculates the similarity. This captures the true culture and character of locations, economic conditions, and trends.
The closer to 100% means the locations are nearly identical. 80% is a very good, but not excellent match, and so forth.
