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Real Estate Prices & Overview

Summit Lake median real estate price is $1,426,139, which is more expensive than 97.2% of the neighborhoods in New Jersey and 96.2% of the neighborhoods in the U.S.

The average rental price in Summit Lake is currently $4,006, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 83.1% of the neighborhoods in New Jersey.

Summit Lake is a suburban neighborhood (based on population density) located in Summit, New Jersey.

Summit Lake real estate is primarily made up of large (four, five or more bedroom) to medium sized (three or four bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner occupied. Many of the residences in the Summit Lake neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built before 1940.

Real estate vacancies in Summit Lake are 5.8%, which is lower than one will find in 61.3% of American neighborhoods. Demand for real estate in Summit Lake 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

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 Summit, the Summit Lake 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 0.5% of America's neighborhoods are wealthier than the Summit Lake 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, if you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the Summit Lake neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 98.7% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the Summit Lake neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for college students, highly educated executives and families with school-aged children.

Also, the rate of college educated adults in the Summit Lake neighborhood is a unique characteristic of the neighborhood. 82.6% of adults here have received at least a 4-year bachelor's degree, compared to the average neighborhood in America, which has 34.3% of the adults with a bachelor's degree. The rate here is higher than NeighborhoodScout found in 98.6% of all U.S. neighborhoods.

Modes of Transportation

If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 23.1% of the Summit Lake neighborhood's commuters ride the train to and from work each day, which is more than we found in 97.5% of America's neighborhoods.

Also, in the Summit Lake 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 10.8% of residents here. This is a higher proportion of walking commuters than we found in 95.2% of American neighborhoods. Get ready to put on your walking shoes if you move here!

Real Estate

One way that the Summit Lake neighborhood really stands out, is that it has more large 4, 5, or additional bedroom homes and real estate than 95.6% 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.

Diversity

Did you know that the Summit Lake neighborhood has more Czechoslovakian and Eastern European ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.1% of this neighborhood's residents have Czechoslovakian ancestry and 3.0% have Eastern European ancestry.

Summit Lake is also pretty special linguistically. Significantly, 2.6% of its residents five years old and above primarily speak Russian at home. While this may seem like a small percentage, it is higher than 99.1% of the neighborhoods in America.

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 Summit Lake neighborhood in Summit 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 99.5% of the neighborhoods in America. In addition, 1.7% 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 76.3% 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 Summit Lake neighborhood, 68.3% 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 18.3% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (10.3%), and 3.0% 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 Summit Lake neighborhood is English, spoken by 76.1% of households. Other important languages spoken here include Spanish, Chinese and Russian.

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 Summit Lake neighborhood in Summit, NJ, residents most commonly identify their ethnicity or ancestry as Irish (26.5%). There are also a number of people of Asian ancestry (10.4%), and residents who report Italian roots (10.0%), and some of the residents are also of English ancestry (8.4%), along with some German ancestry residents (8.1%), among others. In addition, 20.1% 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 Summit Lake neighborhood spend between 45 minutes and one hour commuting one-way to work (35.0% of working residents), longer and tougher than most commutes in America.

Here most residents (39.7%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (23.1%) and 10.8% 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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