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Real Estate Prices & Overview

Old Great Falls Historic District median real estate price is $348,551, which is less expensive than 80.6% of New Jersey neighborhoods and 49.2% of all U.S. neighborhoods.

The average rental price in Old Great Falls Historic District is currently $2,010, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 92.7% of New Jersey neighborhoods.

Old Great Falls Historic District is a densely urban neighborhood (based on population density) located in Paterson, New Jersey.

Old Great Falls Historic District 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 small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the Old Great Falls Historic District neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1940 and 1969.

In Old Great Falls Historic District, the current vacancy rate is 0.9%, which is a lower rate of vacancies than 91.5% of all neighborhoods in the U.S. This means that the housing supply in Old Great Falls Historic District is very tight compared to the demand for property here.

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.

Modes of Transportation

In the Old Great Falls Historic District 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 28.6% of residents here. This is a higher proportion of walking commuters than we found in 99.0% of American neighborhoods. Get ready to put on your walking shoes if you move here!

Also, more people ride the bus in this neighborhood each day to get to work than 96.8% of U.S. neighborhoods.

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 Old Great Falls Historic District neighborhood have a highly unusual car ownership. 53.7% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.9% of U.S. neighborhoods.

Real Estate

97.7% of the real estate in the Old Great Falls Historic District neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

In addition, even if you drive or take transit to your place of employment, many people enjoy being able to walk in their neighborhood. What many people don't realize is that most of America's premier vacation locations are also very walkable. The Old Great Falls Historic District neighborhood is among the top 5% of American neighborhoods in terms of walkability.

Furthermore, corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate of neighborhoods dominated by small 2, 3, and 4 unit apartment buildings. Many are in older core neighborhoods of Eastern and Midwestern cities, or historic town centers in their hinterlands. If you wax romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist at the corner, then you might find the Old Great Falls Historic District neighborhood worth a close look. This neighborhood is an absolutely outstanding example of the dominance of small 2, 3, and 4 unit apartment buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood's real estate stock. In fact, no less than 37.2% of the real estate here is made up of such dwellings, which is higher than 96.5% of all U.S. neighborhoods.

Also of note, the Old Great Falls Historic District 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 83.4% 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.

Finally, do you watch 'This Old House' on Public Television? Do you love the idea of fixing up a Colonial or Victorian era home, complete with the charm of yesteryear? Do you like to stroll or drive streets lined with gracious older residences? If you found yourself nodding yes to any of these questions, you are going to be interested in this unique neighborhood. The Old Great Falls Historic District neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 69.3% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 98.4% of the neighborhoods in the United States.

People

Of particular note, 10.5% of the people in the Old Great Falls Historic District neighborhood currently reside in a correction facility, held due to punishment for a crime.

Diversity

Did you know that the Old Great Falls Historic District neighborhood has more South American and Dominican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 18.3% of this neighborhood's residents have South American ancestry and 11.7% have Dominican ancestry.

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 Old Great Falls Historic District neighborhood in Paterson are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 93.3% of U.S. neighborhoods. With 45.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 92.2% of U.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 Old Great Falls Historic District neighborhood, 35.3% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 32.8% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (18.1%), and 13.8% in executive, management, and professional occupations.

Languages

The most common language spoken in the Old Great Falls Historic District neighborhood is Spanish, spoken by 55.5% of households. Some people also speak English (38.9%).

Ethnicity / Ancestry

Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.

In the Old Great Falls Historic District neighborhood in Paterson, NJ, residents most commonly identify their ethnicity or ancestry as South American (18.3%). There are also a number of people of Mexican ancestry (15.0%), and residents who report Dominican roots (11.7%), and some of the residents are also of Puerto Rican ancestry (7.9%), along with some Sub-Saharan African ancestry residents (5.2%), among others. In addition, 39.7% 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 Old Great Falls Historic District neighborhood spend between 15 and 30 minutes commuting one-way to work (40.9% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (39.2%) 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 (28.6%) and 17.2% of residents also carpool with coworkers, friends, or neighbors 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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