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Real Estate Prices & Overview

Exchange Place median real estate price is $1,001,360, which is more expensive than 92.2% of the neighborhoods in New Jersey and 92.5% of the neighborhoods in the U.S.

The average rental price in Exchange Place is currently $6,950, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 99.3% of the neighborhoods in New Jersey.

Exchange Place is a densely urban neighborhood (based on population density) located in Jersey City, New Jersey.

Exchange Place 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 Exchange Place neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

Exchange Place has a 10.8% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 63.2% 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 Jersey City, the Exchange Place neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

Wealth makes most things in life easier, and a few things harder. If you are wealthy and enjoy keeping up with the Jones', this neighborhood will interest you. In fact, according to NeighborhoodScout's research, the Exchange Place neighborhood is wealthier than 99.1% of the neighborhoods in the United States. Residents here are truly in a unique situation even when compared to other Americans, based on the sheer amount of wealth concentrated here. Even in times of economic downturn, residents of this neighborhood, as a group, suffered less and recovered more quickly. This is indeed a stand-out characteristic of this neighborhood. As one would expect in a considerably wealthy neighborhood such as this, Exchange Place also has one of the lowest ratings of child poverty in the nation.

In addition, the rate of college educated adults in the Exchange Place neighborhood is a unique characteristic of the neighborhood. 88.9% of adults here have received at least a 4-year bachelor's degree, compared to the average neighborhood in America, which has 33.7% of the adults with a bachelor's degree. The rate here is higher than NeighborhoodScout found in 99.6% of all U.S. neighborhoods.

Also, exchange Place has the amazing distinction of housing more same sex couples living together than 98.0% of neighborhoods in the U.S. If you are seeking such a neighborhood, NeighborhoodScout's analysis shows that this is one place that you should consider.

Finally, think about the people you know personally. How many of them would purchase box seats to opening night at the symphony? How many of them regularly attend gallery openings, or are the first to reserve tickets to opening night at the ballet? If they're like most of us, they don't do any of these things. But if you're among an exclusive crowd of wealthy and refined patrons of the arts, then you'll feel right at home in the Exchange Place neighborhood: a neighborhood in which more "urban sophisticates" live than 96.7% of neighborhoods across the U.S. Here, your neighbors are defined as having urbane tastes in literature, music, live theatre and the arts. They are wealthy, educated, travel in style, and live a big city lifestyle whether or not they live in or near a big city.

Modes of Transportation

If you like to ride a ferry to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 8.4% of the Exchange Place neighborhood's commuters ride a ferry to and from work each day, which is more than we found in 99.9% of America's neighborhoods.

Also, if you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 46.7% of the Exchange Place neighborhood's commuters ride the train to and from work each day, which is more than we found in 99.0% of America's neighborhoods.

Finally, a unique way of commuting is simply not to. And in the Exchange Place neighborhood, analysis shows that 25.8% of the residents work from home, avoiding a commute altogether. This may not seem like a large number, but it is a higher proportion of people working from home than is found in 97.0% of the neighborhoods in the United States. One thing NeighborhoodScout's research reveals is that the wealthier and/or more isolated the neighborhood, the greater the proportion of residents who choose to work from home.

Real Estate

The real estate in the Exchange Place neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 98.8% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 99.8% of American neighborhoods.

In addition, the Exchange Place 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 97.2% 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.

Furthermore, the Exchange Place neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 60,034 persons per square mile in the neighborhood, it is more packed with people than 98.8% of the nation's neighborhoods.

Also of note, homes built from 2000 through today make up a higher proportion of the Exchange Place neighborhood's real estate landscape than 96.1% of the neighborhoods in America. When you are driving around this neighborhood, you'll notice right away that it is one of the newest built of any, with the smell of fresh paint, and the look of young landscaping nearly everywhere you look. In fact, 69.6% of the residential real estate here is classified as newer.

Occupations

Executives, managers and professionals make up 79.9% of the workforce in the Exchange Place neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 99.1% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.

Car Ownership

American households most often have a car, and regularly they have two or three. But households in the Exchange Place neighborhood buck this trend. 32.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.5% of U.S. neighborhoods.

Diversity

Did you know that the Exchange Place neighborhood has more British and Asian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.1% of this neighborhood's residents have British ancestry and 36.2% have Asian ancestry.

Exchange Place is also pretty special linguistically. Significantly, 8.5% of its residents five years old and above primarily speak Langs. of India at home. While this may seem like a small percentage, it is higher than 98.9% of the neighborhoods in America.

Migration / Stability

Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. In the Exchange Place neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 96.5% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas. What is also interesting to note, is that the Exchange Place neighborhood has a greater percentage of residents born in another country (43.2%) than are found in 95.4% 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 Exchange Place neighborhood in Jersey City are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 99.1% 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 Exchange Place neighborhood, 79.9% 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 12.5% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (5.7%), and 2.1% in government jobs, whether they are in local, state, or federal positions.

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 Exchange Place neighborhood is English, spoken by 59.3% of households. Other important languages spoken here include Langs. of India, Chinese and Spanish.

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 Exchange Place neighborhood in Jersey City, NJ, residents most commonly identify their ethnicity or ancestry as Asian (36.2%). There are also a number of people of Irish ancestry (6.9%), and residents who report Italian roots (5.8%), and some of the residents are also of English ancestry (5.4%), along with some Polish ancestry residents (4.0%), among others. In addition, 43.2% of the residents of this neighborhood were born in another country.

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 Exchange Place neighborhood spend between 30 and 45 minutes commuting one-way to work (39.4% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.

Here most residents (46.7%) take the train to get to work. In addition, quite a number also drive alone in a private automobile to get to work (8.9%) and 8.4% of residents also ride a ferry for their daily commute. This neighborhood is distinguished by the high number of residents who take the train to work each day, which can be a very good way to get to work at a lower cost and with less pollution.


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