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Real Estate Prices & Overview

Prospect Gardens median real estate price is $268,746, which is more expensive than 57.3% of the neighborhoods in Michigan and 36.3% of the neighborhoods in the U.S.

The average rental price in Prospect Gardens is currently $1,324, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 71.8% of Michigan neighborhoods.

Prospect Gardens is a suburban neighborhood (based on population density) located in Ypsilanti, Michigan.

Prospect Gardens 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 renter occupied. Many of the residences in the Prospect Gardens neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built before 1940.

In Prospect Gardens, the current vacancy rate is 2.5%, which is a lower rate of vacancies than 83.6% of all neighborhoods in the U.S. This means that the housing supply in Prospect Gardens 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 Ypsilanti, the Prospect Gardens neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

An extraordinary 16.4% of the residents of the Prospect Gardens neighborhood are currently enrolled in college. This is such a large part of life in this neighborhood that the neighborhood changes a great deal with the change of semesters and is far quieter during the summer when many students are away.

Diversity

Did you know that the Prospect Gardens neighborhood has more Belgian and Lithuanian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.6% of this neighborhood's residents have Belgian ancestry and 1.6% have Lithuanian ancestry.

Prospect Gardens is also pretty special linguistically. Significantly, 3.2% of its residents five years old and above primarily speak Korean at home. While this may seem like a small percentage, it is higher than 97.8% of the neighborhoods in America.

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 Prospect Gardens neighborhood in Ypsilanti are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 94.8% of U.S. neighborhoods. With 33.3% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 84.2% 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 Prospect Gardens neighborhood, 31.3% 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 29.5% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (20.1%), and 19.1% in manufacturing and laborer 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 Prospect Gardens neighborhood is English, spoken by 93.0% of households. Other important languages spoken here include Italian, Korean and Polish.

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 Prospect Gardens neighborhood in Ypsilanti, MI, residents most commonly identify their ethnicity or ancestry as German (12.8%). There are also a number of people of English ancestry (9.5%), and residents who report Irish roots (7.6%), and some of the residents are also of Italian ancestry (5.3%), along with some Asian ancestry residents (4.2%), among others.

Getting to Work

How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Prospect Gardens neighborhood spend between 15 and 30 minutes commuting one-way to work (42.7% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (52.2%) 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 (21.2%) and 6.2% of residents also ride the bus 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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