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Real Estate Prices & Overview

Borough Center / Oakwood Park median real estate price is $1,000,370, which is more expensive than 87.7% of the neighborhoods in New Jersey and 90.2% of the neighborhoods in the U.S.

The average rental price in Borough Center / Oakwood Park is currently $3,639, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 69.5% of the neighborhoods in New Jersey.

Borough Center / Oakwood Park is a suburban neighborhood (based on population density) located in New Providence, New Jersey.

Borough Center / Oakwood Park real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner occupied. Many of the residences in the Borough Center / Oakwood Park neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.

Real estate vacancies in Borough Center / Oakwood Park are 4.2%, which is lower than one will find in 71.9% of American neighborhoods. Demand for real estate in Borough Center / Oakwood Park 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

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.

People

Think about the people you know personally. How many of them would purchase box seats to opening night at the symphony? How many of them regularly attend gallery openings, or are the first to reserve tickets to opening night at the ballet? If they're like most of us, they don't do any of these things. But if you're among an exclusive crowd of wealthy and refined patrons of the arts, then you'll feel right at home in the Borough Center / Oakwood Park neighborhood: a neighborhood in which more "urban sophisticates" live than 97.1% of neighborhoods across the U.S. Here, your neighbors are defined as having urbane tastes in literature, music, live theatre and the arts. They are wealthy, educated, travel in style, and live a big city lifestyle whether or not they live in or near a big city. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for active retirees.

In addition, if you come to know the people here, you will recognize that you're in the company of one of the wealthiest communities in the nation. In fact, a mere 4.4% of America's neighborhoods are wealthier than the Borough Center / Oakwood Park neighborhood. Real estate here is exceedingly well-maintained, and similarly, tends to maintain its value over time. The cars driven are mostly luxury brands like Mercedes, Audi, BMW, and Lexus. If the public schools aren't up to snuff, the residents of this neighborhood preferentially send their children to private preparatory schools. Vacation to Disney? Yes, but equally popular are summers in Europe.

Modes of Transportation

If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 13.8% of the Borough Center / Oakwood Park neighborhood's commuters ride the train to and from work each day, which is more than we found in 96.2% of America's neighborhoods.

Diversity

Did you know that the Borough Center / Oakwood Park neighborhood has more Czechoslovakian and Italian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.2% of this neighborhood's residents have Czechoslovakian ancestry and 19.9% have Italian ancestry.

Borough Center / Oakwood Park is also pretty special linguistically. Significantly, 5.1% of its residents five years old and above primarily speak Langs. of India at home. While this may seem like a small percentage, it is higher than 97.4% of the neighborhoods in America.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the Borough Center / Oakwood Park neighborhood in New Providence 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 95.6% of the neighborhoods in America. In addition, 2.4% 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 73.7% 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 Borough Center / Oakwood Park neighborhood, 52.7% 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 19.3% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (18.0%), and 10.0% 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 Borough Center / Oakwood Park neighborhood is English, spoken by 72.3% of households. Other important languages spoken here include Chinese, Langs. of India, Spanish and Arabic.

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the Borough Center / Oakwood Park neighborhood in New Providence, NJ, residents most commonly identify their ethnicity or ancestry as Asian (22.0%). There are also a number of people of Italian ancestry (19.9%), and residents who report Irish roots (14.4%), and some of the residents are also of German ancestry (9.6%), along with some Polish ancestry residents (7.9%), among others. In addition, 24.3% 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 Borough Center / Oakwood Park neighborhood spend between 15 and 30 minutes commuting one-way to work (27.0% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (60.4%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (13.8%) . 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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