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Real Estate Prices & Overview

Central Business District North median real estate price is $307,821, which is less expensive than 88.2% of New Jersey neighborhoods and 60.2% of all U.S. neighborhoods.

The average rental price in Central Business District North is currently $2,516, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 81.8% of New Jersey neighborhoods.

Central Business District North is a densely urban neighborhood (based on population density) located in Newark, New Jersey.

Central Business District North 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 townhomes. Most of the residential real estate is renter occupied. Many of the residences in the Central Business District North neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1940 and 1969.

Home and apartment vacancy rates are 6.3% in Central Business District North. NeighborhoodScout analysis shows that this rate is lower than 57.9% of the neighborhoods in the nation, approximately near the middle range for vacancies.

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 Newark, the Central Business District North neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

Renter-occupied real estate is dominant in the Central Business District North neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 97.6%, which is higher than 98.6% of the neighborhoods in America. If you were to buy and live in the property you bought here, you would be almost alone in doing so.

In addition, the Central Business District North neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 93.2% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.

People

An extraordinary 27.0% of the residents of the Central Business District North neighborhood are currently enrolled in college. This is such a large part of life in this neighborhood that the neighborhood changes a great deal with the change of semesters and is far quieter during the summer when many students are away.

Modes of Transportation

If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 28.3% of the Central Business District North neighborhood's commuters ride the train to and from work each day, which is more than we found in 98.0% of America's neighborhoods.

Also, more people in Central Business District North choose to walk to work each day (12.1%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.

Car Ownership

We Americans love our cars. Not only are they a necessity for most Americans due to the shape of our neighborhoods and the distances between where we live, work, shop, and go to school, but we also fancy them. As a result, most households in America have one, two, or three cars. But NeighborhoodScout's exclusive analysis shows that the Central Business District North neighborhood has a highly unusual pattern of car ownership. 35.0% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.7% of U.S. neighborhoods.

Diversity

Did you know that the Central Business District North neighborhood has more Jamaican and Haitian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 5.2% of this neighborhood's residents have Jamaican ancestry and 2.8% have Haitian ancestry.

Central Business District North is also pretty special linguistically. Significantly, 3.7% of its residents five years old and above primarily speak African languages at home. While this may seem like a small percentage, it is higher than 97.9% 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 Central Business District North neighborhood in Newark are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 72.4% of U.S. neighborhoods. With 34.1% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 84.9% 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 Central Business District North neighborhood, 38.9% 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 26.6% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (20.2%), and 14.3% 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 Central Business District North neighborhood is English, spoken by 70.7% of households. Other important languages spoken here include Spanish, French, African languages and Langs. of India.

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 Central Business District North neighborhood in Newark, NJ, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (13.3%). There are also a number of people of Asian ancestry (10.6%), and residents who report Jamaican roots (5.2%), and some of the residents are also of Italian ancestry (5.2%), along with some Puerto Rican ancestry residents (4.5%), among others. In addition, 24.8% 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 Central Business District North neighborhood spend between 45 minutes and one hour commuting one-way to work (33.6% of working residents), longer and tougher than most commutes in America.

Here most residents (38.3%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (28.3%) and 12.1% of residents also hop out the door and walk to work 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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