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Real Estate Prices & Overview

Fayette Street median real estate price is $601,268, which is more expensive than 45.2% of the neighborhoods in Massachusetts and 77.0% of the neighborhoods in the U.S.

The average rental price in Fayette Street is currently $2,750, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 62.3% of Massachusetts neighborhoods.

Fayette Street is a densely urban neighborhood (based on population density) located in Lynn, Massachusetts.

Fayette Street real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings 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 Fayette Street 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.

Real estate vacancies in Fayette Street are 4.5%, which is lower than one will find in 69.8% of American neighborhoods. Demand for real estate in Fayette Street is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.

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

Three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The Fayette Street neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 57.9% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 99.1% of America's neighborhoods.

In addition, if you like crowded places, then you will probably enjoy the the Fayette Street neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 95.6% of neighborhoods in the U.S., with 23,073 people per square mile living here. Being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, American's enjoy taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and take in the sights and sounds. And, according to NeighborhoodScout's exclusive and first quantitative walkable score index, the Fayette Street neighborhood is one of the most walkable neighborhoods in America.

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 Fayette Street neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 56.7% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 95.6% of the neighborhoods in the United States.

Occupations

From major sales accounts to fast-food workers, sales and service employees are often the backbone of the local economy. In the Fayette Street neighborhood, they truly stand out. NeighborhoodScout's exclusive analysis identifies this neighborhood as having a higher percentage of sales and service workers than 95.1% of all American neighborhoods.

Diversity

Did you know that the Fayette Street neighborhood has more Dominican and Haitian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 24.4% of this neighborhood's residents have Dominican ancestry and 3.8% have Haitian ancestry.

Fayette Street is also pretty special linguistically. Significantly, 1.8% of its residents five years old and above primarily speak Mon-Khmer, which is the dominant language of Cambodia, at home. While this may seem like a small percentage, it is higher than 99.4% 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 Fayette Street neighborhood has a greater percentage of residents born in another country (47.5%) than are found in 97.0% 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 Fayette Street neighborhood in Lynn are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 85.6% of U.S. neighborhoods. With 18.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 66.7% of U.S. neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Fayette Street neighborhood, 38.0% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 28.2% of the residents employed. Other residents here are employed in executive, management, and professional occupations (19.2%), and 14.6% 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 Fayette Street neighborhood is Spanish, spoken by 50.9% of households. Other important languages spoken here include English, French and African languages.

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 Fayette Street neighborhood in Lynn, MA, residents most commonly identify their ethnicity or ancestry as Dominican (24.4%). There are also a number of people of Irish ancestry (7.3%), and residents who report Puerto Rican roots (4.6%), and some of the residents are also of Asian ancestry (4.6%), along with some Italian ancestry residents (4.2%), among others. In addition, 47.5% 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 Fayette Street neighborhood spend between 15 and 30 minutes commuting one-way to work (33.5% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (70.0%) 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 (17.0%) and 6.7% of residents also hop out the door and walk to work for their daily commute. 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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