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Real Estate Prices & Overview

Lakes by the Bay median real estate price is $631,134, which is more expensive than 69.8% of the neighborhoods in Florida and 72.9% of the neighborhoods in the U.S.

The average rental price in Lakes by the Bay is currently $3,065, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 68.7% of the neighborhoods in Florida.

Lakes by the Bay is a suburban neighborhood (based on population density) located in Cutler Bay, Florida. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).

Lakes by the Bay 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 single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Lakes by the Bay neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.

Home and apartment vacancy rates are 6.2% in Lakes by the Bay. NeighborhoodScout analysis shows that this rate is lower than 58.8% of the neighborhoods in the nation, approximately near the middle range for vacancies.

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 Cutler Bay, the Lakes by the Bay neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

Lakes by the Bay is a neighborhood that is on the ocean, a bay, or inlet. Many times, such places have amenities that bring locals and visitors to the waterfront for recreational activities or to check out the scenery. In some densely populated areas that are less financially well-off, the neighborhood waterfront can be relatively industrial and less open to recreation. In addition to being coastal, Lakes by the Bay is a very nautical neighborhood, meaning that it is somewhat historic, walkable, densely populated and on the water. This gives the neighborhood a very nautical feel, with some seaside and shipping feel, which some may really enjoy the sights and sounds of.

Diversity

Did you know that the Lakes by the Bay neighborhood has more Cuban and Brazilian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 40.4% of this neighborhood's residents have Cuban ancestry and 4.6% have Brazilian ancestry.

Lakes by the Bay is also pretty special linguistically. Significantly, 7.0% of its residents five years old and above primarily speak Portuguese at home. While this may seem like a small percentage, it is higher than 99.5% of the neighborhoods in America.

Migration / Stability

The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. What is interesting to note, is that the Lakes by the Bay neighborhood has a greater percentage of residents born in another country (53.2%) than are found in 98.3% 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 Lakes by the Bay neighborhood in Cutler Bay are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 70.1% of U.S. neighborhoods. With 10.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 51.0% 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 Lakes by the Bay neighborhood, 37.3% 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 34.5% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (16.9%), and 11.3% 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 Lakes by the Bay neighborhood is Spanish, spoken by 63.6% of households. Other important languages spoken here include English and Portuguese.

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 Lakes by the Bay neighborhood in Cutler Bay, FL, residents most commonly identify their ethnicity or ancestry as Cuban (40.4%). There are also a number of people of South American ancestry (16.7%), and residents who report Puerto Rican roots (4.7%), and some of the residents are also of Brazilian ancestry (4.6%), along with some Asian ancestry residents (3.5%), among others. In addition, 53.2% 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 Lakes by the Bay neighborhood spend between 30 and 45 minutes commuting one-way to work (36.0% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.

Here most residents (73.2%) 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 (18.2%) . 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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