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Real Estate Prices & Overview

Oakland Vale median real estate price is $762,066, which is more expensive than 70.6% of the neighborhoods in Massachusetts and 86.8% of the neighborhoods in the U.S.

The average rental price in Oakland Vale is currently $4,104, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 72.9% of the neighborhoods in Massachusetts.

Oakland Vale is an urban neighborhood (based on population density) located in Melrose, Massachusetts.

Oakland Vale real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) single-family homes 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 Oakland Vale 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 1940 and 1969.

In Oakland Vale, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in Oakland Vale is very tight compared to the demand for property here.

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 Melrose, the Oakland Vale neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

This neighborhood has the distinction of having one of the lowest real estate vacancy rates of any neighborhood in America. With just 0.0% of the real estate vacant, this indicates an exceptionally strong demand for real estate in the Oakland Vale neighborhood, and/or an issue with creating enough supply for the demand. This could have the effect of increasing real estate prices, increasing supply to meet demand, or both.

People

Of note is NeighborhoodScout's research finding that the Oakland Vale neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the Oakland Vale community truly stands out from the rest in this regard.

In addition, the first thing that you'll notice if you moved to this neighborhood is that an astounding 3.0% of the households are same sex couples. According to NeighborhoodScout's analysis, this is a higher proportion of same sex households than in 99.1% of the neighborhoods in America. This is one indicator that this neighborhood is likely a gay-friendly neighborhood. So if you are looking for such a neighborhood, the Oakland Vale neighborhood should definitely be on your list of places to consider.

Also, one of the really interesting characteristics about the Oakland Vale 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 4.5% of college-friendly places to live in the state of Massachusetts.

Modes of Transportation

In the Oakland Vale neighborhood, 20.6% of people ride the train to work each day. This is a very high percentage compared to most places. In fact, NeighborhoodScout's analysis reveals that this is a higher level of train ridership than in 97.1% of the neighborhoods in America.

Diversity

Did you know that the Oakland Vale neighborhood has more Greek and Canadian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.5% of this neighborhood's residents have Greek ancestry and 2.5% have Canadian ancestry.

Oakland Vale is also pretty special linguistically. Significantly, 5.4% 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 99.3% of the neighborhoods in America.

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 Oakland Vale neighborhood in Melrose are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 75.6% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America'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 Oakland Vale neighborhood, 49.8% 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 21.9% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (14.6%), and 13.7% 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 Oakland Vale neighborhood is English, spoken by 85.7% of households. Other important languages spoken here include Portuguese, Arabic and French.

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 Oakland Vale neighborhood in Melrose, MA, residents most commonly identify their ethnicity or ancestry as Irish (23.4%). There are also a number of people of Italian ancestry (18.4%), and residents who report German roots (10.3%), and some of the residents are also of English ancestry (5.3%), along with some French Canadian ancestry residents (4.8%), among others. In addition, 12.8% 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 Oakland Vale neighborhood spend between 45 minutes and one hour commuting one-way to work (32.5% of working residents), longer and tougher than most commutes in America.

Here most residents (56.5%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (20.6%) and 6.3% of residents also carpool with coworkers, friends, or neighbors 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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