What do we mean by a neighborhood?
NeighborhoodScout® uses the official government designation for neighborhoods - the census tract.
Census tracts are small, relatively permanent subdivisions of a county that are defined by the U.S. Census Bureau in conjunction with local authorities all across the country to define real neighborhoods that are bounded to contain areas with homogeneous population characteristics (including economic status, lifestyle, and living conditions). Census tracts usually have 4,000 persons, but can range between 1,500 and 8,000 persons. This is the most fine-grained area for which detailed information is made available from the government, to protect the individual privacy of each of us. Because census tracts are based on population, they vary in size depending on the density of settlement. In urban areas, they are small, and in rural areas they can cover an entire small town or even a few small towns in very rural areas.
Since census tracts are subdivisions of a county, we did a spatial overlay of the census tracts onto city and town boundaries using a geographic information system to properly assign each census tract to its appropriate city or town. Then we named each census tract to the local colloquially recognized neighborhood name for that spot (e.g., Boston, MA (Dorchester). If there was not a name available, we named the census tract by the largest street intersection in the census tract (e.g., Worcester, MA (Lincoln St/Plantation St)
Why we don't use Zip Codes as neighborhoods
Zip codes were developed by the Postal Service for the purpose of delivering mail, but were never intended to define coherent neighborhoods. In addition, Zip Codes can have as many as 10 distinctly different census tracts contained within them. When distinct census tracts are blended together in a single Zip Code, the data reflects their average conditions and often gives a false sense of the area. The result is that potentially great matching neighborhoods can be missed, and erroneous matches can also be produced and delivered to you.
Using census tracts makes great matches possible, and helps people find the areas that are best for them and their families. Because we are committed to providing the highest possible quality and finding the neighborhoods that best meet your criteria, we use census tracts. And, as always, we show you the actual street map of the neighborhood so you know exactly where your best matching neighborhood is located.
What is a Condition Alert?
A condition alert is a condition in the neighborhood that triggers an alert. NeighborhoodScout contains condition alerts to highlight conditions that are extreme, whether good or bad. This helps answer crucial questions about the state of the neighborhood being evaluated, such as:
What are the risks of violent crime here?
Is the risk of home break-ins or other property crimes increasing?
Does real estate here hold its value?
Are the trends in local vacancies or unemployment concerning?
...and dozens more.
Information at a glance that you need to know to invest, appraise or finance a property.
Lakes At Larchmont / The Lakes median real estate price is $371,595, which is less expensive than 76.6% of New Jersey neighborhoods and 45.8% of all U.S. neighborhoods.
The average rental price in Lakes At Larchmont / The Lakes is currently $3,352, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 64.7% of the neighborhoods in New Jersey.
Lakes At Larchmont / The Lakes is a suburban neighborhood (based on population density) located in Mount Laurel, New Jersey.
Lakes At Larchmont / The Lakes real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) townhomes and single-family homes. Most of the residential real estate is owner occupied. Many of the residences in the Lakes At Larchmont / The Lakes neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.
In Lakes At Larchmont / The Lakes, the current vacancy rate is 0.6%, which is a lower rate of vacancies than 92.7% of all neighborhoods in the U.S. This means that the housing supply in Lakes At Larchmont / The Lakes is very tight compared to the demand for property here.
Notable & Unique Neighborhood Characteristics
When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.
People
Of note is NeighborhoodScout's research finding that the Lakes At Larchmont / The Lakes neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the Lakes At Larchmont / The Lakes community truly stands out from the rest in this regard.
Real Estate
If you love row houses and attached homes, you will probably really like the Lakes At Larchmont / The Lakes neighborhood. The ambiance, the charm, of row houses is something special. And in sheer abundance of row houses, this neighborhood truly stands out. The real estate here has a higher proportion of row houses and attached homes than nearly any neighborhood in America. In fact, 55.1% of the residential real estate here is classified as row houses and attached homes.
In addition, most neighborhoods are composed of a mixture of ages of homes, but the Lakes At Larchmont / The Lakes stands out as rather unique in having nearly all of its residential real estate built in one time period, namely between 1970 and 1999, generally considered to be established, but not old housing. What you'll sense when you look around or drive the streets of this neighborhood is that many of the residences look the same because of this similarity of age. In fact, 80.2% of the residential real estate here was built in this one time period.
Diversity
Did you know that the Lakes At Larchmont / The Lakes neighborhood has more Italian and Finnish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 18.4% of this neighborhood's residents have Italian ancestry and 1.1% have Finnish ancestry.
Lakes At Larchmont / The Lakes is also pretty special linguistically. Significantly, 3.6% of its residents five years old and above primarily speak French at home. While this may seem like a small percentage, it is higher than 96.3% 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 Lakes At Larchmont / The Lakes neighborhood in Mount Laurel are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 81.1% 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 Lakes At Larchmont / The Lakes neighborhood, 64.4% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 14.9% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (11.5%), and 9.2% 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 Lakes At Larchmont / The Lakes neighborhood is English, spoken by 82.2% of households. Other important languages spoken here include Spanish, Langs. of India, French and Polish.
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 Lakes At Larchmont / The Lakes neighborhood in Mount Laurel, NJ, residents most commonly identify their ethnicity or ancestry as Irish (21.4%). There are also a number of people of Italian ancestry (18.4%), and residents who report German roots (15.7%), and some of the residents are also of Asian ancestry (9.9%), along with some Puerto Rican ancestry residents (6.6%), among others. In addition, 12.3% 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 Lakes At Larchmont / The Lakes neighborhood spend between 15 and 30 minutes commuting one-way to work (37.5% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (76.5%) 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.
SCOUT’s patented match algorithm identifies the most similar neighborhoods to a subject location, and quantifies the similarity to the subject location. This allows analysts to identify the most similar neighborhoods in a local market area for appraisals, investments, and research.
The algorithm uses 273 neighborhood conditions, identifies the dominant dimensions underlying the conditions and calculates the similarity. This captures the true culture and character of locations, economic conditions, and trends.
The closer to 100% means the locations are nearly identical. 80% is a very good, but not excellent match, and so forth.
