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Real Estate Prices & Overview

Lago Mar Park median real estate price is $625,042, which is more expensive than 80.0% of the neighborhoods in Florida and 78.6% of the neighborhoods in the U.S.

The average rental price in Lago Mar Park is currently $3,695, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 85.1% of the neighborhoods in Florida.

Lago Mar Park is an urban neighborhood (based on population density) located in Miami, Florida.

Lago Mar Park 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 Lago Mar Park 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.

In Lago Mar Park, the current vacancy rate is 1.0%, which is a lower rate of vacancies than 91.3% of all neighborhoods in the U.S. This means that the housing supply in Lago Mar Park is very tight compared to the demand for property here.

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.

Real Estate

Most neighborhoods are composed of a mixture of ages of homes, but the Lago Mar Park 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, 98.5% of the residential real estate here was built in this one time period.

In addition, owner-occupied real estate dominates the Lago Mar Park neighborhood. In fact, according to NeighborhoodScout research, the percentage of residential real estate occupied by its owner is higher here than in 97.3% of neighborhoods in America.

People

If you are an executive or professional seeking a neighborhood affording an executive lifestyle, or just wanting to find where other executives live in the area, the Lago Mar Park neighborhood should be on your list. It has an enviable mix of spacious homes, relatively stable real estate values, and residents that include a number of wealthy executives, managers, and professionals. NeighborhoodScout's exclusive analysis places it as one of the top 12.4% executive lifestyle neighborhoods in the state of Florida.

Diversity

Did you know that the Lago Mar Park neighborhood has more Cuban and South American ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 48.6% of this neighborhood's residents have Cuban ancestry and 14.8% have South American ancestry.

Lago Mar Park is also pretty special linguistically. Significantly, 79.8% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 98.6% of all U.S. neighborhoods.

Migration / Stability

Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. More residents of the Lago Mar Park neighborhood live here today that also were living in this same neighborhood five years ago than is found in 98.5% of U.S. neighborhoods. This neighborhood is really made up of people who know each other, don't move often, and have lived here in this very neighborhood for quite a while. What is interesting to note, is that the Lago Mar Park neighborhood has a greater percentage of residents born in another country (51.0%) than are found in 97.9% of all U.S. neighborhoods.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the Lago Mar Park neighborhood in Miami are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 84.8% of the neighborhoods in America. With 33.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 84.5% 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 Lago Mar Park neighborhood, 50.7% 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 20.2% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (19.4%), and 9.7% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Lago Mar Park neighborhood is Spanish, spoken by 79.8% of households. Some people also speak English (19.1%).

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 Lago Mar Park neighborhood in Miami, FL, residents most commonly identify their ethnicity or ancestry as Cuban (48.6%). There are also a number of people of South American ancestry (14.8%), and residents who report Mexican roots (5.3%), and some of the residents are also of Dominican ancestry (4.8%), along with some Asian ancestry residents (4.0%), among others. In addition, 51.0% 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 Lago Mar Park neighborhood spend between 45 minutes and one hour commuting one-way to work (36.3% of working residents), longer and tougher than most commutes in America.

Here most residents (77.1%) 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 (10.7%) . 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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