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Real Estate Prices & Overview

Central Business District North median real estate price is $288,637, which is less expensive than 87.0% of New Jersey neighborhoods and 60.8% of all U.S. neighborhoods.

The average rental price in Central Business District North is currently $2,394, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 82.0% of New Jersey neighborhoods.

Central Business District North is a densely urban neighborhood (based on population density) located in Newark, New Jersey.

Central Business District North 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 townhomes. Most of the residential real estate is renter occupied. Many of the residences in the Central Business District North neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1940 and 1969.

Home and apartment vacancy rates are 6.3% in Central Business District North. NeighborhoodScout analysis shows that this rate is lower than 57.9% of the neighborhoods in the nation, approximately near the middle range for vacancies.

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 Newark, the Central Business District North neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

97.6% of the real estate in the Central Business District North neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

In addition, the Central Business District North 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 93.2% 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.

People

An extraordinary 27.0% of the residents of the Central Business District North 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.

Modes of Transportation

If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 28.3% of the Central Business District North neighborhood's commuters ride the train to and from work each day, which is more than we found in 98.0% of America's neighborhoods.

Also, more people in Central Business District North choose to walk to work each day (12.1%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.

Car Ownership

Most American households own a car or other vehicle. Many own two cars or perhaps three. In the United States, it is useful to have an automobile not only for commuting, but also for shopping and getting to other services one needs. But NeighborhoodScout's analysis revealed that households in the Central Business District North neighborhood have a highly unusual car ownership. 35.0% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.7% of U.S. neighborhoods.

Diversity

Did you know that the Central Business District North neighborhood has more Jamaican and Haitian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 5.2% of this neighborhood's residents have Jamaican ancestry and 2.8% have Haitian ancestry.

Central Business District North is also pretty special linguistically. Significantly, 3.7% of its residents five years old and above primarily speak African languages at home. While this may seem like a small percentage, it is higher than 97.9% 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 Central Business District North neighborhood in Newark are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 72.4% of U.S. neighborhoods. With 34.1% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 84.9% 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 Central Business District North neighborhood, 38.9% 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 26.6% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (20.2%), and 14.3% 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 Central Business District North neighborhood is English, spoken by 70.7% of households. Other important languages spoken here include Spanish, French, African languages and Langs. of India.

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 Central Business District North neighborhood in Newark, NJ, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (13.3%). There are also a number of people of Asian ancestry (10.6%), and residents who report Jamaican roots (5.2%), and some of the residents are also of Italian ancestry (5.2%), along with some Puerto Rican ancestry residents (4.5%), among others. In addition, 24.8% 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 Central Business District North neighborhood spend between 45 minutes and one hour commuting one-way to work (33.6% of working residents), longer and tougher than most commutes in America.

Here most residents (38.3%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (28.3%) and 12.1% of residents also hop out the door and walk to work 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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