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Real Estate Prices & Overview

Silver Lake Park median real estate price is $268,799, which is more expensive than 55.7% of the neighborhoods in Michigan and 35.7% of the neighborhoods in the U.S.

The average rental price in Silver Lake Park is currently $2,066, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 83.8% of the neighborhoods in Michigan.

Silver Lake Park is a suburban neighborhood (based on population density) located in Fenton, Michigan.

Silver Lake Park 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 Silver Lake 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.

Silver Lake Park has a 11.5% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 67.7% 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

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 Fenton, the Silver Lake Park neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

In a nation where 1 out of every 4 children lives in poverty, the Silver Lake Park neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

In addition, the types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. NeighborhoodScout's exclusive analysis reveals that this neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 50.9%. This is a higher percent living alone than we found in 96.1% of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.

Also, with a nice mix of college students, safety from crime, and decent walkability, the Silver Lake Park neighborhood rates highly as a college student friendly place to live, and one that college students and their parents may want to consider. NeighborhoodScout's analysis shows that it rates more highly for a good place for college students to live than 88.0% of the neighborhoods in MI. This often also means that the area has certain amenities and services geared towards college students, from undergraduates to graduate students.

Diversity

Did you know that the Silver Lake Park neighborhood has more Hungarian and Finnish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.8% of this neighborhood's residents have Hungarian ancestry and 1.2% have Finnish ancestry.

Silver Lake Park is also pretty special linguistically. Significantly, 9.6% of its residents five years old and above primarily speak Polish at home. While this may seem like a small percentage, it is higher than 98.0% 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 Silver Lake Park neighborhood in Fenton are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 68.9% of U.S. neighborhoods. 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.

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 Silver Lake Park neighborhood, 48.1% 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 24.1% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (19.5%), and 8.3% 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 Silver Lake Park neighborhood is English, spoken by 93.7% of households. Other important languages spoken here include Polish and Italian.

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 Silver Lake Park neighborhood in Fenton, MI, residents most commonly identify their ethnicity or ancestry as German (17.3%). There are also a number of people of Irish ancestry (14.3%), and residents who report English roots (12.8%), and some of the residents are also of Polish ancestry (10.1%), along with some Mexican ancestry residents (5.2%), among others.

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 Silver Lake Park neighborhood spend between 15 and 30 minutes commuting one-way to work (34.1% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (83.8%) drive alone in a private automobile to get to work. 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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