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Real Estate Prices & Overview

Magnolia Lakes median real estate price is $431,466, which is more expensive than 50.0% of the neighborhoods in Florida and 58.6% of the neighborhoods in the U.S.

The average rental price in Magnolia Lakes is currently $3,050, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 66.0% of the neighborhoods in Florida.

Magnolia Lakes is a suburban neighborhood (based on population density) located in Melbourne, Florida.

Magnolia 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 mobile homes. Most of the residential real estate is owner occupied. Many of the residences in the Magnolia Lakes neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

Real estate vacancies in Magnolia Lakes are 4.7%, which is lower than one will find in 68.9% of American neighborhoods. Demand for real estate in Magnolia Lakes is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.

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

People

Divorcees may find friendship and understanding in this neighborhood, as 20.2% of its residents are divorced. NeighborhoodScout's exclusive analysis found that this divorce rate is higher than in 95.9% of the neighborhoods in America.

Diversity

Did you know that the Magnolia Lakes neighborhood has more Cuban and English ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.2% of this neighborhood's residents have Cuban ancestry and 20.7% have English ancestry.

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 Magnolia Lakes neighborhood in Melbourne are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 55.8% of the neighborhoods in America. With 12.6% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 55.2% of U.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 Magnolia Lakes neighborhood, 35.9% 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 29.8% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (24.7%), and 9.6% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Magnolia Lakes neighborhood is English, spoken by 84.8% of households. Some people also speak Spanish (11.8%).

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 Magnolia Lakes neighborhood in Melbourne, FL, residents most commonly identify their ethnicity or ancestry as English (20.7%). There are also a number of people of Irish ancestry (16.2%), and residents who report German roots (14.5%), and some of the residents are also of Italian ancestry (7.5%), along with some Puerto Rican ancestry residents (7.1%), 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 Magnolia Lakes neighborhood spend between 15 and 30 minutes commuting one-way to work (52.6% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (78.7%) 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 (12.0%) . 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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