What do we mean by a neighborhood?
NeighborhoodScout® uses the official government designation for neighborhoods - the census tract.
Census tracts are small, relatively permanent subdivisions of a county that are defined by the U.S. Census Bureau in conjunction with local authorities all across the country to define real neighborhoods that are bounded to contain areas with homogeneous population characteristics (including economic status, lifestyle, and living conditions). Census tracts usually have 4,000 persons, but can range between 1,500 and 8,000 persons. This is the most fine-grained area for which detailed information is made available from the government, to protect the individual privacy of each of us. Because census tracts are based on population, they vary in size depending on the density of settlement. In urban areas, they are small, and in rural areas they can cover an entire small town or even a few small towns in very rural areas.
Since census tracts are subdivisions of a county, we did a spatial overlay of the census tracts onto city and town boundaries using a geographic information system to properly assign each census tract to its appropriate city or town. Then we named each census tract to the local colloquially recognized neighborhood name for that spot (e.g., Boston, MA (Dorchester). If there was not a name available, we named the census tract by the largest street intersection in the census tract (e.g., Worcester, MA (Lincoln St/Plantation St)
Why we don't use Zip Codes as neighborhoods
Zip codes were developed by the Postal Service for the purpose of delivering mail, but were never intended to define coherent neighborhoods. In addition, Zip Codes can have as many as 10 distinctly different census tracts contained within them. When distinct census tracts are blended together in a single Zip Code, the data reflects their average conditions and often gives a false sense of the area. The result is that potentially great matching neighborhoods can be missed, and erroneous matches can also be produced and delivered to you.
Using census tracts makes great matches possible, and helps people find the areas that are best for them and their families. Because we are committed to providing the highest possible quality and finding the neighborhoods that best meet your criteria, we use census tracts. And, as always, we show you the actual street map of the neighborhood so you know exactly where your best matching neighborhood is located.
What is a Condition Alert?
A condition alert is a condition in the neighborhood that triggers an alert. NeighborhoodScout contains condition alerts to highlight conditions that are extreme, whether good or bad. This helps answer crucial questions about the state of the neighborhood being evaluated, such as:
What are the risks of violent crime here?
Is the risk of home break-ins or other property crimes increasing?
Does real estate here hold its value?
Are the trends in local vacancies or unemployment concerning?
...and dozens more.
Information at a glance that you need to know to invest, appraise or finance a property.
Lakewood West median real estate price is $677,285, which is more expensive than 67.1% of the neighborhoods in New Jersey and 79.4% of the neighborhoods in the U.S.
The average rental price in Lakewood West is currently $3,531, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 65.2% of the neighborhoods in New Jersey.
Lakewood West is a densely urban neighborhood (based on population density) located in Lakewood, New Jersey.
Lakewood West real estate is primarily made up of large (four, five or more bedroom) to medium sized (three or four bedroom) townhomes and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Lakewood West neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.
In Lakewood West, 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 Lakewood West is very tight compared to the demand for property here.
Notable & Unique Neighborhood Characteristics
When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.
Real Estate
With a real estate vacancy rate of only 0.0%, the Lakewood West 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, one way that the Lakewood West neighborhood really stands out, is that it has more large 4, 5, or additional bedroom homes and real estate than 98.3% 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.
Furthermore, many people dream of living along a street lined with row houses or other attached homes. Such places do often have an abundance of charm. If you are one of these people, the Lakewood West neighborhood could be your paradise. With 38.1% of the homes and real estate here classified as rowhouses or other attached homes, this neighborhood brims with opportunity to find the right place for you. Only 2.1% of U.S. neighborhoods have more row houses than this neighborhood, making it one of the most interesting things about this special neighborhood.
Also of note, if you like the look and ambience of new homes and newly built neighborhoods, you will love the Lakewood West neighborhood. A whopping 70.3% of the homes and other residential real estate here were built after 1999, which is a higher proportion of new homes then you will find in 95.9% of the neighborhoods in the U.S. Everything here just feels new.
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 Lakewood West neighborhood. More residents of the Lakewood West neighborhood live here today that also were living in this same neighborhood five years ago than is found in 98.5% of U.S. neighborhoods. This neighborhood is really made up of people who know each other, don't move often, and have lived here in this very neighborhood for quite a while.
Diversity
Did you know that the Lakewood West neighborhood has more Belgian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 0.6% of this neighborhood's residents have Belgian ancestry.
Lakewood West is also pretty special linguistically. Significantly, 6.8% of its residents five years old and above primarily speak German/Yiddish at home. While this may seem like a small percentage, it is higher than 99.4% 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 Lakewood West neighborhood in Lakewood are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 65.4% of the neighborhoods in America. With 17.9% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 65.4% 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 Lakewood West neighborhood, 61.3% 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 24.7% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (9.3%), and 4.7% in manufacturing and laborer occupations.
Languages
The most common language spoken in the Lakewood West neighborhood is English, spoken by 82.4% of households. Some people also speak German/Yiddish (6.8%).
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 Lakewood West neighborhood in Lakewood, NJ, residents most commonly identify their ethnicity or ancestry as Polish (7.8%). There are also a number of people of German ancestry (2.9%), and residents who report Arab roots (1.9%), and some of the residents are also of Russian ancestry (1.5%).
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 Lakewood West neighborhood spend under 15 minutes commuting one-way to work (40.6% of working residents), one of the shortest commutes across America.
Here most residents (62.3%) 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 (20.5%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
SCOUT’s patented match algorithm identifies the most similar neighborhoods to a subject location, and quantifies the similarity to the subject location. This allows analysts to identify the most similar neighborhoods in a local market area for appraisals, investments, and research.
The algorithm uses 273 neighborhood conditions, identifies the dominant dimensions underlying the conditions and calculates the similarity. This captures the true culture and character of locations, economic conditions, and trends.
The closer to 100% means the locations are nearly identical. 80% is a very good, but not excellent match, and so forth.
