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Real Estate Prices & Overview

Manchester / Valley Terrace median real estate price is $227,238, which is less expensive than 92.9% of New Jersey neighborhoods and 68.3% of all U.S. neighborhoods.

The average rental price in Manchester / Valley Terrace is currently $3,564, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 73.1% of the neighborhoods in New Jersey.

Manchester / Valley Terrace is a densely urban neighborhood (based on population density) located in Wayne, New Jersey.

Manchester / Valley Terrace 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 occupied by a mixture of owners and renters. Many of the residences in the Manchester / Valley Terrace neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.

Real estate vacancies in Manchester / Valley Terrace are 4.9%, which is lower than one will find in 68.6% of American neighborhoods. Demand for real estate in Manchester / Valley Terrace 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

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.

Real Estate

The Manchester / Valley Terrace 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 92.8% 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.

In addition, 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 Manchester / Valley Terrace 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 32.7% of the real estate here is made up of such dwellings, which is higher than 95.4% of all U.S. neighborhoods.

Diversity

Did you know that the Manchester / Valley Terrace neighborhood has more Eastern European and Arab ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.2% of this neighborhood's residents have Eastern European ancestry and 4.3% have Arab ancestry.

Manchester / Valley Terrace is also pretty special linguistically. Significantly, 13.2% 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 99.6% 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 Manchester / Valley Terrace neighborhood in Wayne are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 71.7% of the neighborhoods in America. In addition, 0.8% 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 79.3% of America's neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Manchester / Valley Terrace neighborhood, 57.7% 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 (12.8%), and 7.5% 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 Manchester / Valley Terrace neighborhood is English, spoken by 49.0% of households. Other important languages spoken here include Spanish, Langs. of India, Arabic and Chinese.

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 Manchester / Valley Terrace neighborhood in Wayne, NJ, residents most commonly identify their ethnicity or ancestry as Asian (28.0%). There are also a number of people of Italian ancestry (13.3%), and residents who report South American roots (7.4%), and some of the residents are also of Puerto Rican ancestry (4.7%), along with some Irish ancestry residents (4.6%), among others. In addition, 32.4% 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 Manchester / Valley Terrace neighborhood spend between 15 and 30 minutes commuting one-way to work (38.2% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (78.0%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (8.4%) and 7.6% of residents also ride the bus 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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