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Real Estate Prices & Overview

First Addition median real estate price is $1,306,401, which is more expensive than 99.4% of the neighborhoods in Oregon and 96.2% of the neighborhoods in the U.S.

The average rental price in First Addition is currently $2,214, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 66.4% 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 13.1% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 73.0% 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

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

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 97.6% 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.

Modes of Transportation

A unique way of commuting is simply not to. And in the First Addition neighborhood, analysis shows that 32.7% of the residents work from home, avoiding a commute altogether. This may not seem like a large number, but it is a higher proportion of people working from home than is found in 98.0% of the neighborhoods in the United States. One thing NeighborhoodScout's research reveals is that the wealthier and/or more isolated the neighborhood, the greater the proportion of residents who choose to work from home.

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, 5.2% of this neighborhood's residents have Croatian ancestry and 2.7% 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 91.3% 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.

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 First Addition neighborhood, 67.9% 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 12.7% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (10.6%), and 8.8% in sales and service jobs, from major sales accounts, to working in fast food restaurants.

Languages

The most common language spoken in the First Addition neighborhood is English, spoken by 95.3% of households.

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 First Addition neighborhood in Lake Oswego, OR, residents most commonly identify their ethnicity or ancestry as English (17.8%). There are also a number of people of Irish ancestry (16.2%), and residents who report German roots (11.3%), and some of the residents are also of Scottish ancestry (7.1%), along with some Swedish ancestry residents (6.8%), among others.

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 First Addition neighborhood spend between 15 and 30 minutes commuting one-way to work (42.6% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (61.6%) 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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Economics & Demographics include:
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Household Types
Commute To Work
Migration & Mobility
Race & Ethnic Diversity
Employment Industries & Occupations
Income & Unemployment Rate
Higher Education Attainment
Crime includes:
Neighborhood Crime Index
Crimes Per Square Mile
Property Crime Comparison
Violent Crime Comparison
Schools include:
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