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Real Estate Prices & Overview

Ocean Lakes median real estate price is $663,376, which is more expensive than 75.5% of the neighborhoods in Virginia and 77.3% of the neighborhoods in the U.S.

The average rental price in Ocean Lakes is currently $3,985, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 95.4% of the neighborhoods in Virginia.

Ocean Lakes is a suburban neighborhood (based on population density) located in Virginia Beach, Virginia.

Ocean Lakes real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Ocean Lakes neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.

In Ocean Lakes, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in Ocean Lakes is very tight compared to the demand for property here.

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 Virginia Beach, the Ocean Lakes neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

This neighborhood has the distinction of having one of the lowest real estate vacancy rates of any neighborhood in America. With just 0.0% of the real estate vacant, this indicates an exceptionally strong demand for real estate in the Ocean Lakes neighborhood, and/or an issue with creating enough supply for the demand. This could have the effect of increasing real estate prices, increasing supply to meet demand, or both.

In addition, one way that the Ocean Lakes neighborhood really stands out, is that it has more large 4, 5, or additional bedroom homes and real estate than 95.4% of the neighborhoods in America. When you walk or drive around this neighborhood, you'll instantly notice the size of the homes here which definitely makes a strong visual statement.

Occupations

The Ocean Lakes neighborhood stands out nationally for having a greater proportion of its residents active in the military than 98.9% of other U.S. neighborhoods. If you come here, you will notice military people active in their jobs, going to and from work, and in plain clothes out and about the neighborhood.

People

The Ocean Lakes neighborhood is a great option for families, as revealed by NeighborhoodScout's research on this neighborhood. The combination of top public schools, low crime rates, and owner-occupied single family homes, make this neighborhood among the top 8.1% of family-friendly neighborhoods in the state of Virginia. Many other families also live here, making it easy to socialize and develop a sense of community. In addition, families here highly value education, as is reflected by the strength of the local schools. In addition to being an excellent choice for families with school-aged children, this neighborhood is also a very good choice for highly educated executives.

Diversity

Did you know that the Ocean Lakes neighborhood has more Cuban and Iranian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.5% of this neighborhood's residents have Cuban ancestry and 1.0% have Iranian ancestry.

Ocean Lakes is also pretty special linguistically. Significantly, 1.2% of its residents five years old and above primarily speak Portuguese at home. While this may seem like a small percentage, it is higher than 95.5% 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 Ocean Lakes neighborhood in Virginia Beach 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, 4.5% 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 66.3% 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 Ocean Lakes neighborhood, 49.4% 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 29.7% of the residents employed. Other residents here are employed in government jobs, whether they are in local, state, or federal positions (10.9%), and 10.5% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Ocean Lakes neighborhood is English, spoken by 87.8% of households. Some people also speak Spanish (8.0%).

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 Ocean Lakes neighborhood in Virginia Beach, VA, residents most commonly identify their ethnicity or ancestry as German (21.1%). There are also a number of people of English ancestry (19.7%), and residents who report Irish roots (11.9%), and some of the residents are also of Italian ancestry (5.2%), along with some Cuban ancestry residents (4.5%), 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 Ocean Lakes neighborhood spend under 15 minutes commuting one-way to work (35.3% of working residents), one of the shortest commutes across America.

Here most residents (76.8%) 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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