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Real Estate Prices & Overview

Terra Mar median real estate price is $1,179,765, which is more expensive than 94.7% of the neighborhoods in Florida and 93.1% of the neighborhoods in the U.S.

The average rental price in Terra Mar is currently $3,707, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 83.5% of the neighborhoods in Florida.

Terra Mar is an urban neighborhood (based on population density) located in Lauderdale-by-the-Sea, Florida. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).

Terra Mar 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 Terra Mar neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

Vacant apartments or homes are a major fact of life in Terra Mar. The current real estate vacancy rate here is 55.0%. This is higher than the rate of vacancies in 99.0% of all U.S. neighborhoods. A relatively large percentage of housing here is seasonally occupied (51.0%). This can occur in vacation areas, and occasionally it is also found in neighborhoods that are primarily filled with college students, as some apartments could be vacant when school is not in session. If you live here year round, you may find that a number of buildings in your neighborhood are actually empty.

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 Lauderdale-by-the-Sea, the Terra Mar neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

Terra Mar is a neighborhood that is on the ocean, a bay, or inlet. Many times, such places have amenities that bring locals and visitors to the waterfront for recreational activities or to check out the scenery. In some densely populated areas that are less financially well-off, the neighborhood waterfront can be relatively industrial and less open to recreation. In addition to being coastal, Terra Mar is a very nautical neighborhood, meaning that it is somewhat historic, walkable, densely populated and on the water. This gives the neighborhood a very nautical feel, with some seaside and shipping feel, which some may really enjoy the sights and sounds of.

In addition, vacant homes and apartments are a significant characteristic of this neighborhood. In fact, with 55.0% of the residential real estate vacant, the Terra Mar neighborhood claims the distinction of having a higher vacancy rate than 99.0% of the neighborhoods in America. This can either be because much of the property is seasonally occupied, like in many vacation areas, or that much of the real estate is more permanently abandoned.

Furthermore, the real estate in the Terra Mar neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 79.8% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 96.7% of American neighborhoods.

People

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

Occupations

From major sales accounts to fast-food workers, sales and service employees are often the backbone of the local economy. In the Terra Mar neighborhood, they truly stand out. NeighborhoodScout's exclusive analysis identifies this neighborhood as having a higher percentage of sales and service workers than 99.0% of all American neighborhoods.

Modes of Transportation

A unique way of commuting is simply not to. And in the Terra Mar neighborhood, analysis shows that 35.9% 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 99.0% 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 Terra Mar neighborhood has more South American and Italian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 20.6% of this neighborhood's residents have South American ancestry and 28.7% have Italian ancestry.

Terra Mar is also pretty special linguistically. Significantly, 1.1% of its residents five years old and above primarily speak Greek at home. While this may seem like a small percentage, it is higher than 97.4% 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 Terra Mar neighborhood in Lauderdale-by-the-Sea are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 72.6% 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 Terra Mar neighborhood, 47.3% 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 43.4% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (8.8%).

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 Terra Mar neighborhood is English, spoken by 59.2% of households. Other important languages spoken here include Spanish, Italian and German/Yiddish.

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 Terra Mar neighborhood in Lauderdale-by-the-Sea, FL, residents most commonly identify their ethnicity or ancestry as Italian (28.7%). There are also a number of people of South American ancestry (20.6%), and residents who report Irish roots (18.3%), and some of the residents are also of German ancestry (13.5%), along with some English ancestry residents (12.1%), among others. In addition, 35.1% 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 Terra Mar neighborhood spend between 30 and 45 minutes commuting one-way to work (41.9% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.

Here most residents (45.3%) 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 (9.1%) and 6.2% 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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