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Real Estate Prices & Overview

Washington Valley median real estate price is $843,763, which is more expensive than 88.3% of the neighborhoods in New Jersey and 89.8% of the neighborhoods in the U.S.

The average rental price in Washington Valley 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.

Washington Valley is a suburban neighborhood (based on population density) located in Morristown, New Jersey.

Washington Valley real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Washington Valley neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.

In Washington Valley, the current vacancy rate is 1.3%, which is a lower rate of vacancies than 90.9% of all neighborhoods in the U.S. This means that the housing supply in Washington Valley 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 Morristown, the Washington Valley neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

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 0.9% of America's neighborhoods are wealthier than the Washington Valley 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.

In addition, do you like to read, write, and learn? Are you curious about the world? If so, this neighborhood may be a good fit for you. NeighborhoodScout's research revealed that a full 80.2% of the adults living in the Washington Valley neighborhood have earned at least a bachelor's degree. This is a higher rate than NeighborhoodScout found in 97.9% of U.S. neighborhoods. In this way, this neighborhood truly stands out.

Also, a majority of the adults in the Washington Valley neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for New Jersey by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 96.7% of the neighborhoods in New Jersey. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for urban sophisticates, active retirees and families with school-aged children.

Finally, priests and therapists would like to think they know the secrets to a truly successful marriage, but according to NeighborhoodScout's research, the folks of the Washington Valley neighborhood may actually hold the key. 66.8% of its residents are married, which is a higher percentage than is found in 95.4% of the neighborhoods in America.

Real Estate

One way that the Washington Valley neighborhood really stands out, is that it has more large 4, 5, or additional bedroom homes and real estate than 97.9% of the neighborhoods in America. When you walk or drive around this neighborhood, you'll instantly notice the size of the homes here which definitely makes a strong visual statement.

Occupations

The Washington Valley neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 95.6% of the neighborhoods in America. In fact, 69.4% of the employed people here make a living as an executive, a manager, or other professional. With such a high concentration, this truly shapes the character of this neighborhood, and to a large degree defines what this neighborhood is about.

Modes of Transportation

In the Washington Valley neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 23.4% of residents worked from home. This may not seem like a large number, but Scout's research shows that this is a higher percentage of people working from home than 95.4% of the neighborhoods in America. Often people who work from home are engaged in the creative or technological economy, such as is found in areas around Boston, and in Silicon Valley. Other times, people may be engaged in other businesses like trading stocks from home, or running a small beauty salon.

Diversity

Did you know that the Washington Valley neighborhood has more Hungarian and Austrian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.5% of this neighborhood's residents have Hungarian ancestry and 1.7% have Austrian ancestry.

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 Washington Valley neighborhood in Morristown 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, 2.8% 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 72.7% 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 Washington Valley neighborhood, 69.4% 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 19.1% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (6.5%), and 4.9% 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 Washington Valley neighborhood is English, spoken by 86.0% of households. Other important languages spoken here include Spanish and Chinese.

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 Washington Valley neighborhood in Morristown, NJ, residents most commonly identify their ethnicity or ancestry as Italian (18.1%). There are also a number of people of Irish ancestry (16.8%), and residents who report German roots (16.2%), and some of the residents are also of English ancestry (9.6%), along with some Polish ancestry residents (6.9%), among others. In addition, 12.0% 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 Washington Valley neighborhood spend between 15 and 30 minutes commuting one-way to work (36.2% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (58.8%) 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 (8.1%) and 5.7% 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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