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Real Estate Prices & Overview

First Addition median real estate price is $1,328,858, which is more expensive than 99.6% of the neighborhoods in Oregon and 97.1% of the neighborhoods in the U.S.

The average rental price in First Addition is currently $2,517, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 67.7% of the neighborhoods in Oregon.

First Addition is a suburban neighborhood (based on population density) located in Lake Oswego, Oregon.

First Addition 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 owner occupied. Many of the residences in the First Addition neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 2000 and the present.

First Addition has a 13.0% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 71.3% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.

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.

People

In a nation where 1 out of every 4 children lives in poverty, the First Addition neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

In addition, a majority of the adults in the First Addition neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for Oregon by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 97.0% of the neighborhoods in Oregon. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for urban sophisticates, active retirees and families with school-aged children.

Also, if knowledge is power, then imagine the cumulative power of one neighborhood where many of the adults have earned an advanced degree, such as a Masters, law degree, medical degree, or even a Ph.D. This is certainly the case in the First Addition neighborhood, where 37.2% have earned an advanced degree. Compare that to the average neighborhood in America, where just 13.1% of adults have completed a post-graduate degree, and you can see why this neighborhood is a stand out. In fact, this neighborhood has a higher rate of adults with an advanced degree than 96.2% of the neighborhoods in America.

Finally, astoundingly, NeighborhoodScout's research reveals that this single neighborhood has a higher concentration of married couples living here than 96.0% of all U.S. neighborhoods. Whether they have school-aged children or not, married couples are the rule in the First Addition neighborhood. If you are a married couple, you may find many people here with a similar lifestyle, and perhaps common interests. But if you are single, you might not find many other singles here.

Diversity

Did you know that the First Addition neighborhood has more Croatian and Swiss ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.9% of this neighborhood's residents have Croatian ancestry and 3.9% have Swiss ancestry.

First Addition is also pretty special linguistically. Significantly, 0.9% of its residents five years old and above primarily speak Persian at home. While this may seem like a small percentage, it is higher than 97.3% 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 First Addition neighborhood in Lake Oswego 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 87.7% 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.

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 First Addition neighborhood, 64.4% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 14.8% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (10.0%), and 9.9% in manufacturing and laborer occupations.

Languages

The most common language spoken in the First Addition neighborhood is English, spoken by 91.9% of households. Some people also speak Spanish (3.0%).

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the First Addition neighborhood in Lake Oswego, OR, residents most commonly identify their ethnicity or ancestry as English (18.0%). There are also a number of people of German ancestry (16.1%), and residents who report Irish roots (14.4%), and some of the residents are also of Swedish ancestry (9.6%), along with some Croatian ancestry residents (4.9%), among others.

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 First Addition neighborhood spend between 15 and 30 minutes commuting one-way to work (39.4% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (65.8%) 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 (6.3%) and 5.6% 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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