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Real Estate Prices & Overview

Preakness South median real estate price is $744,953, which is more expensive than 82.1% of the neighborhoods in New Jersey and 86.0% of the neighborhoods in the U.S.

The average rental price in Preakness South is currently $1,747, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 96.4% of New Jersey neighborhoods.

Preakness South is a suburban neighborhood (based on population density) located in Wayne, New Jersey.

Preakness South real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Preakness South neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.

In Preakness South, the current vacancy rate is 0.5%, which is a lower rate of vacancies than 93.2% of all neighborhoods in the U.S. This means that the housing supply in Preakness South 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.

People

Of note is NeighborhoodScout's research finding that the Preakness South 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 Preakness South community truly stands out from the rest in this regard.

In addition, if you're planning where to retire, the Preakness South neighborhood in Wayne is a great option to consider. According to NeighborhoodScout's exclusive retirement dream area analysis, it's peaceful and quiet, has above average safety ratings compared to other neighborhoods in NJ, offers a wide range of housing options, and has already attracted an enviable mix of college educated seniors. This neighborhood ranks as better for retirement living than 88.3% of the neighborhoods in New Jersey. If you are considering retiring to New Jersey, this is a good neighborhood to look at.

Diversity

Did you know that the Preakness South neighborhood has more Italian and Arab ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 32.1% of this neighborhood's residents have Italian ancestry and 7.4% have Arab ancestry.

Preakness South is also pretty special linguistically. Significantly, 4.6% of its residents five years old and above primarily speak Langs. of India at home. While this may seem like a small percentage, it is higher than 96.9% 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 Preakness South neighborhood in Wayne 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 88.3% 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 Preakness South neighborhood, 54.5% 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 22.0% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (13.4%), and 10.2% in clerical, assistant, and tech support 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 Preakness South neighborhood is English, spoken by 78.3% of households. Other important languages spoken here include Spanish, Langs. of India, Italian and Arabic.

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 Preakness South neighborhood in Wayne, NJ, residents most commonly identify their ethnicity or ancestry as Italian (32.1%). There are also a number of people of Irish ancestry (14.7%), and residents who report German roots (8.5%), and some of the residents are also of Arab ancestry (7.4%), along with some Polish ancestry residents (7.2%), among others. In addition, 12.9% 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 Preakness South neighborhood spend between 15 and 30 minutes commuting one-way to work (35.6% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (82.7%) 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.


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