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Real Estate Prices & Overview

Fairwoods / Drew University median real estate price is $973,137, which is more expensive than 90.2% of the neighborhoods in New Jersey and 91.0% of the neighborhoods in the U.S.

The average rental price in Fairwoods / Drew University is currently $3,987, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 82.6% of the neighborhoods in New Jersey.

Fairwoods / Drew University is a suburban neighborhood (based on population density) located in Madison, New Jersey.

Fairwoods / Drew University 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 Fairwoods / Drew University neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.

Real estate vacancies in Fairwoods / Drew University are 5.7%, which is lower than one will find in 61.6% of American neighborhoods. Demand for real estate in Fairwoods / Drew University 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.

People

NeighborhoodScout's analysis shows that the Fairwoods / Drew University neighborhood has a greater concentration of residents currently enrolled in college than 98.5% of the neighborhoods in the U.S. With 29.7% of the population here attending college, this is very much a college-focused neighborhood.

In addition, one of the really interesting characteristics about the Fairwoods / Drew University 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 3.4% of college-friendly places to live in the state of New Jersey. In addition to being an excellent choice for college students, this neighborhood is also a very good choice for urban sophisticates and young, single professionals.

Also, if you come to know the people here, you will recognize that you're in the company of one of the wealthiest communities in the nation. In fact, a mere 3.6% of America's neighborhoods are wealthier than the Fairwoods / Drew University neighborhood. Real estate here is exceedingly well-maintained, and similarly, tends to maintain its value over time. The cars driven are mostly luxury brands like Mercedes, Audi, BMW, and Lexus. If the public schools aren't up to snuff, the residents of this neighborhood preferentially send their children to private preparatory schools. Vacation to Disney? Yes, but equally popular are summers in Europe.

Modes of Transportation

In the Fairwoods / Drew University neighborhood, walking to work is a real option for many. In fact, NeighborhoodScout's exclusive research reveals walking to and from work is the chosen way to commute for 21.6% of residents here. This is a higher proportion of walking commuters than we found in 98.4% of American neighborhoods. Get ready to put on your walking shoes if you move here!

Diversity

Did you know that the Fairwoods / Drew University neighborhood has more Italian and Armenian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 19.8% of this neighborhood's residents have Italian ancestry and 0.7% have Armenian ancestry.

Fairwoods / Drew University is also pretty special linguistically. Significantly, 0.9% of its residents five years old and above primarily speak Persian at home. While this may seem like a small percentage, it is higher than 97.4% 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 Fairwoods / Drew University neighborhood in Madison 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 96.4% of the neighborhoods in America. In addition, 2.7% 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 72.5% 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 Fairwoods / Drew University neighborhood, 59.9% 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 17.9% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (13.3%), and 8.9% 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 Fairwoods / Drew University neighborhood is English, spoken by 86.9% of households. Other important languages spoken here include Spanish and Chinese.

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 Fairwoods / Drew University neighborhood in Madison, NJ, residents most commonly identify their ethnicity or ancestry as Italian (19.8%). There are also a number of people of Irish ancestry (19.6%), and residents who report German roots (11.1%), and some of the residents are also of English ancestry (10.1%), along with some Asian ancestry residents (5.0%), 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 Fairwoods / Drew University neighborhood spend under 15 minutes commuting one-way to work (43.2% of working residents), one of the shortest commutes across America.

Here most residents (54.8%) drive alone in a private automobile to get to work. In addition, quite a number also hop out the door and walk to work to get to work (21.6%) and 5.8% of residents also take the train 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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