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Real Estate Prices & Overview

Reservoir median real estate price is $332,897, which is less expensive than 84.3% of Rhode Island neighborhoods and 51.7% of all U.S. neighborhoods.

The average rental price in Reservoir is currently $2,226, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 67.3% of Rhode Island neighborhoods.

Reservoir is an urban neighborhood (based on population density) located in Providence, Rhode Island.

Reservoir real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Reservoir neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1940 and 1969.

Home and apartment vacancy rates are 7.5% in Reservoir. NeighborhoodScout analysis shows that this rate is lower than 50.7% of the neighborhoods in the nation, approximately near the middle range for vacancies.

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 Providence, the Reservoir neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

Three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The Reservoir neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 47.6% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 98.1% of America's neighborhoods.

In addition, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 62.3% of the residential real estate in the Reservoir neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 97.1% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.

Occupations

There are more people living in the Reservoir neighborhood employed as sales and service workers (62.2%) than almost any neighborhood in the country. From fast-food service workers to major sales accounts, sales and service workers make up the largest proportion of our national employment picture. But despite that size and importance nationally, this neighborhood still stands out as unique due to the dominance of people living here who work in such occupations.

Diversity

Did you know that the Reservoir neighborhood has more Dominican and Portuguese ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 29.5% of this neighborhood's residents have Dominican ancestry and 2.4% have Portuguese ancestry.

Reservoir is also pretty special linguistically. Significantly, 1.8% of its residents five years old and above primarily speak Mon-Khmer, which is the dominant language of Cambodia, at home. While this may seem like a small percentage, it is higher than 99.4% of the neighborhoods in America.

Migration / Stability

Some neighborhoods have more internal cohesiveness than others. While other neighborhoods feel like a collection of strangers who just happen to live near each other. Sometimes this comes down to not only the personalities of the people in a place, but how long people have been together in that neighborhood. NeighborhoodScout's research has revealed some interesting things about the rootedness of people in the Reservoir neighborhood. What is interesting to note, is that the Reservoir neighborhood has a greater percentage of residents born in another country (44.7%) than are found in 96.0% of all U.S. neighborhoods.

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 Reservoir neighborhood in Providence are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 56.9% of the neighborhoods in America. With 14.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 59.8% of U.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 Reservoir neighborhood, 37.8% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 25.8% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (25.5%), and 11.0% 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 Reservoir neighborhood is Spanish, spoken by 51.2% of households. Other important languages spoken here include English and Tagalog (the first language of the Philippine region).

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 Reservoir neighborhood in Providence, RI, residents most commonly identify their ethnicity or ancestry as Dominican (29.5%). There are also a number of people of Asian ancestry (7.5%), and residents who report Puerto Rican roots (7.5%), and some of the residents are also of Italian ancestry (5.1%), along with some Irish ancestry residents (4.9%), among others. In addition, 44.7% 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 Reservoir neighborhood spend between 15 and 30 minutes commuting one-way to work (30.9% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (75.0%) 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 (17.7%) . 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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