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Real Estate Prices & Overview

Area 2 MIT / Massachusetts Institute of Technology median real estate price is $1,402,082, which is more expensive than 93.6% of the neighborhoods in Massachusetts and 96.6% of the neighborhoods in the U.S.

The average rental price in Area 2 MIT / Massachusetts Institute of Technology is currently $6,604, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 99.4% of the neighborhoods in Massachusetts.

Area 2 MIT / Massachusetts Institute of Technology is a densely urban neighborhood (based on population density) located in Cambridge, Massachusetts.

Area 2 MIT / Massachusetts Institute of Technology 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 small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the Area 2 MIT / Massachusetts Institute of Technology neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 2000 and the present.

Area 2 MIT / Massachusetts Institute of Technology has a 10.0% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 61.8% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are 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

More people in Area 2 MIT / Massachusetts Institute of Technology choose to walk to work each day (62.0%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.

Also, would you like to be able to ride your bike to work? If you are attracted to the idea of getting a little exercise of the two-wheeled type while reducing your carbon footprint, bicycling to work might be the answer. But which neighborhood you live in can make this either impossible, or alternatively, a great and realistic option. NeighborhoodScout's analysis revealed that the Area 2 MIT / Massachusetts Institute of Technology neighborhood is a fantastic option for bicycle commuters, as 2.9% of commuters here do ride their bikes to and from work on a daily basis. This is a higher amount than we found in 95.5% of the neighborhoods in America.

People

Do you like to read, write, and learn? Are you curious about the world? If so, this neighborhood may be a good fit for you. NeighborhoodScout's research revealed that a full 94.5% of the adults living in the Area 2 MIT / Massachusetts Institute of Technology neighborhood have earned at least a bachelor's degree. This is a higher rate than NeighborhoodScout found in 99.9% of U.S. neighborhoods. In this way, this neighborhood truly stands out.

In addition, one of the really interesting characteristics about the Area 2 MIT / Massachusetts Institute of Technology neighborhood is that, according to NeighborhoodScout's exclusive research, it is an excellent choice in which to reside for college students. Due to its popularity among college students who already choose to live here, its walkability, and its above average safety from crime, the neighborhood is ideal for prospective or already-enrolled college students. Between semesters and during school breaks, you'll notice that the excitement here fluctuates with the college seasons. Despite the excitement however, parents of college-age children can rest easy knowing that this neighborhood has an above average safety rating. For each of these reasons, the neighborhood is rated among the top 4.4% of college-friendly places to live in the state of Massachusetts.

Occupations

Executives, managers and professionals make up 84.6% of the workforce in the Area 2 MIT / Massachusetts Institute of Technology neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 99.7% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.

Real Estate

The Area 2 MIT / Massachusetts Institute of Technology neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 96.9% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.

In addition, 100.0% of the real estate in the Area 2 MIT / Massachusetts Institute of Technology neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

Furthermore, one of the really unique and interesting things about the look and setting of the Area 2 MIT / Massachusetts Institute of Technology neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 95.6% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 99.1% of all neighborhoods in America.

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 Area 2 MIT / Massachusetts Institute of Technology neighborhood has a highly unusual pattern of car ownership. 50.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.7% of U.S. neighborhoods.

Diversity

Did you know that the Area 2 MIT / Massachusetts Institute of Technology neighborhood has more Asian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 37.9% of this neighborhood's residents have Asian ancestry.

Area 2 MIT / Massachusetts Institute of Technology is also pretty special linguistically. Significantly, 15.2% of its residents five years old and above primarily speak Chinese at home. While this may seem like a small percentage, it is higher than 98.8% 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. In the Area 2 MIT / Massachusetts Institute of Technology neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 97.2% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.

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 Area 2 MIT / Massachusetts Institute of Technology neighborhood in Cambridge are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 46.3% of the neighborhoods in America. With 16.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 63.2% 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 Area 2 MIT / Massachusetts Institute of Technology neighborhood, 84.6% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 7.7% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (6.7%).

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 Area 2 MIT / Massachusetts Institute of Technology neighborhood is English, spoken by 53.2% of households. Other important languages spoken here include Chinese, Spanish, Langs. of India and Korean.

Ethnicity / Ancestry

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

In the Area 2 MIT / Massachusetts Institute of Technology neighborhood in Cambridge, MA, residents most commonly identify their ethnicity or ancestry as Asian (37.9%). There are also a number of people of Irish ancestry (4.2%), and residents who report German roots (3.8%), and some of the residents are also of Italian ancestry (3.7%), along with some Puerto Rican ancestry residents (3.5%), among others. In addition, 32.7% 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 Area 2 MIT / Massachusetts Institute of Technology neighborhood spend under 15 minutes commuting one-way to work (52.2% of working residents), one of the shortest commutes across America.

Here most residents (62.0%) hop out the door and walk to work to get to work. In addition, quite a number also take the train to get to work (6.1%) . This is a special neighborhood for the number of people who walk to work. Combining exercise, low cost, and reduced pollution, plus the chance to see your neighbors, walking to work is fairly uncommon in America but likely to increase as people try to reduce their dependence on automobiles, and this neighborhood offers that opportunity today.


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