Hope Ave / Monroe St median real estate price is $502,021, which is more expensive than 38.7% of the neighborhoods in New Jersey and 65.9% of the neighborhoods in the U.S.
The average rental price in Hope Ave / Monroe St is currently $2,772, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 71.8% of New Jersey neighborhoods.
Hope Ave / Monroe St is a densely urban neighborhood (based on population density) located in Passaic, New Jersey.
Hope Ave / Monroe St real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and apartment complexes/high-rise apartments. Most of the residential real estate is renter occupied. Many of the residences in the Hope Ave / Monroe St neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1940 and 1969.
In Hope Ave / Monroe St, the current vacancy rate is 1.7%, which is a lower rate of vacancies than 88.1% of all neighborhoods in the U.S. This means that the housing supply in Hope Ave / Monroe St is very tight compared to the demand for property here.
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 Passaic, the Hope Ave / Monroe St neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Real Estate
The Hope Ave / Monroe St neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 43,291 persons per square mile in the neighborhood, it is more packed with people than 98.1% of the nation's neighborhoods. Being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, American's enjoy taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and take in the sights and sounds. And, according to NeighborhoodScout's exclusive and first quantitative walkable score index, the Hope Ave / Monroe St neighborhood is one of the most walkable neighborhoods in America.
In addition, three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The Hope Ave / Monroe St neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 52.6% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 98.7% of America's neighborhoods.
Furthermore, renter-occupied real estate is dominant in the Hope Ave / Monroe St neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 91.6%, which is higher than 97.2% 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.
Also of note, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 68.0% of the residential real estate in the Hope Ave / Monroe St neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 98.2% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.
People
Single parenting is hard. But you don't have to tell the Hope Ave / Monroe St neighborhood about it; they already know. 25.6% of this neighborhood's households are run by single mothers, which is a higher concentration than NeighborhoodScout found in 99.0% of American neighborhoods. Further NeighborhoodScout research showed strong statistical correlations among high rates of children living in single parent households, and neighborhood crime, particularly violent crime, neighborhood poverty, and, importantly, the percentage of low weight births and rates of infant mortality.
In addition, the Hope Ave / Monroe St neighborhood is unique for having just 3.9% of adults here having earned a bachelor's degree. This is a lower rate of college graduates than NeighborhoodScout found in 97.9% of America's neighborhoods.
Modes of Transportation
In the Hope Ave / Monroe St neighborhood, walking to work is a real option for many. In fact, NeighborhoodScout's exclusive research reveals walking to and from work is the chosen way to commute for 24.3% of residents here. This is a higher proportion of walking commuters than we found in 98.7% of American neighborhoods. Get ready to put on your walking shoes if you move here!
Car Ownership
Most American households own a car or other vehicle. Many own two cars or perhaps three. In the United States, it is useful to have an automobile not only for commuting, but also for shopping and getting to other services one needs. But NeighborhoodScout's analysis revealed that households in the Hope Ave / Monroe St neighborhood have a highly unusual car ownership. 31.6% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.3% of U.S. neighborhoods.
Occupations
NeighborhoodScout's exclusive research identifies the Hope Ave / Monroe St neighborhood as having one of the highest concentrations of people employed in manufacturing or as laborers of any neighborhood in America. In fact, despite the loss of manufacturing jobs nationally, this neighborhood has 44.8% of its working residents employed in such fields, which is a higher proportion than 97.1% of American neighborhoods.
Diversity
Did you know that the Hope Ave / Monroe St neighborhood has more Dominican and Mexican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 17.0% of this neighborhood's residents have Dominican ancestry and 60.9% have Mexican ancestry.
Hope Ave / Monroe St is also pretty special linguistically. Significantly, 93.9% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 99.8% of all U.S. neighborhoods.
Migration / Stability
The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. What is interesting to note, is that the Hope Ave / Monroe St neighborhood has a greater percentage of residents born in another country (50.1%) than are found in 97.7% of all U.S. neighborhoods.
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 Hope Ave / Monroe St neighborhood in Passaic are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 76.6% of U.S. neighborhoods. With 45.3% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 92.0% 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 Hope Ave / Monroe St neighborhood, 44.8% of the working population is employed in manufacturing and laborer 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 29.9% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (15.4%), and 9.9% in executive, management, and professional occupations.
Languages
The most common language spoken in the Hope Ave / Monroe St neighborhood is Spanish, spoken by 93.9% of households. Some people also speak English (4.9%).
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 Hope Ave / Monroe St neighborhood in Passaic, NJ, residents most commonly identify their ethnicity or ancestry as Mexican (60.9%). There are also a number of people of Dominican ancestry (17.0%), and residents who report Puerto Rican roots (7.0%), and some of the residents are also of South American ancestry (4.6%). In addition, 50.1% of the residents of this neighborhood were born in another country.
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 Hope Ave / Monroe St neighborhood spend between 15 and 30 minutes commuting one-way to work (39.4% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (39.9%) 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 (24.3%) and 21.4% 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.
