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Real Estate Prices & Overview

Lower Peters Canyon median real estate price is $1,178,183, which is more expensive than 71.0% of the neighborhoods in California and 93.6% of the neighborhoods in the U.S.

The average rental price in Lower Peters Canyon is currently $3,915, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 71.3% of the neighborhoods in California.

Lower Peters Canyon is an urban neighborhood (based on population density) located in Irvine, California.

Lower Peters Canyon 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 single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Lower Peters Canyon neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

In Lower Peters Canyon, 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 Lower Peters Canyon 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 Irvine, the Lower Peters Canyon neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

With a real estate vacancy rate of only 0.0%, the Lower Peters Canyon neighborhood has a lower vacancy rate than 100.0% of U.S. neighborhoods, a very elite group. Such a low vacancy rate may indicate very strong real estate demand in the neighborhood combined with some impediments to increasing supply, such as zoning or existing density of development, among other potential reasons.

In addition, homes built from 2000 through today make up a higher proportion of the Lower Peters Canyon neighborhood's real estate landscape than 96.1% of the neighborhoods in America. When you are driving around this neighborhood, you'll notice right away that it is one of the newest built of any, with the smell of fresh paint, and the look of young landscaping nearly everywhere you look. In fact, 71.7% of the residential real estate here is classified as newer.

People

With a nice mix of college students, safety from crime, and decent walkability, the Lower Peters Canyon neighborhood rates highly as a college student friendly place to live, and one that college students and their parents may want to consider. NeighborhoodScout's analysis shows that it rates more highly for a good place for college students to live than 87.8% of the neighborhoods in CA. This often also means that the area has certain amenities and services geared towards college students, from undergraduates to graduate students.

Diversity

Did you know that the Lower Peters Canyon neighborhood has more Asian and Russian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 52.4% of this neighborhood's residents have Asian ancestry and 6.2% have Russian ancestry.

Lower Peters Canyon is also pretty special linguistically. Significantly, 9.6% of its residents five years old and above primarily speak Korean at home. While this may seem like a small percentage, it is higher than 99.6% of the neighborhoods in America.

Migration / Stability

The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. What is interesting to note, is that the Lower Peters Canyon neighborhood has a greater percentage of residents born in another country (44.2%) than are found in 95.8% 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 Lower Peters Canyon neighborhood in Irvine 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 85.9% of the neighborhoods in America. In addition, 3.0% 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 71.6% 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 Lower Peters Canyon neighborhood, 66.9% 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 12.5% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (12.0%), and 8.5% in manufacturing and laborer 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 Lower Peters Canyon neighborhood is English, spoken by 43.7% of households. Other important languages spoken here include Chinese, Korean, Spanish and Langs. of India.

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 Lower Peters Canyon neighborhood in Irvine, CA, residents most commonly identify their ethnicity or ancestry as Asian (52.4%). There are also a number of people of Mexican ancestry (9.4%), and residents who report Russian roots (6.2%), and some of the residents are also of French ancestry (4.7%), along with some English ancestry residents (4.0%), among others. In addition, 44.2% 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 Lower Peters Canyon neighborhood spend between 15 and 30 minutes commuting one-way to work (62.5% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (67.1%) 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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