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Real Estate Prices & Overview

Passaic Park median real estate price is $868,224, which is more expensive than 81.6% of the neighborhoods in New Jersey and 87.0% of the neighborhoods in the U.S.

The average rental price in Passaic Park is currently $3,175, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 51.8% of New Jersey neighborhoods.

Passaic Park is a densely urban neighborhood (based on population density) located in Passaic, New Jersey.

Passaic Park real estate is primarily made up of small (studio to two bedroom) to large (four, five or more bedroom) apartment complexes/high-rise apartments and small apartment buildings. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Passaic Park 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.

Real estate vacancies in Passaic Park are 5.8%, which is lower than one will find in 61.0% of American neighborhoods. Demand for real estate in Passaic 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.

Occupations

The Passaic Park neighborhood stands out nationally for having a greater proportion of its residents active in the military than 96.7% of other U.S. neighborhoods. If you come here, you will notice military people active in their jobs, going to and from work, and in plain clothes out and about the neighborhood.

Real Estate

Even if you drive or take transit to your place of employment, many people enjoy being able to walk in their neighborhood. What many people don't realize is that most of America's premier vacation locations are also very walkable. The Passaic Park neighborhood is among the top 5% of American neighborhoods in terms of walkability.

In addition, corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate of neighborhoods dominated by small 2, 3, and 4 unit apartment buildings. Many are in older core neighborhoods of Eastern and Midwestern cities, or historic town centers in their hinterlands. If you wax romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist at the corner, then you might find the Passaic Park neighborhood worth a close look. This neighborhood is an absolutely outstanding example of the dominance of small 2, 3, and 4 unit apartment buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood's real estate stock. In fact, no less than 33.9% of the real estate here is made up of such dwellings, which is higher than 95.8% of all U.S. neighborhoods.

Diversity

Did you know that the Passaic Park neighborhood has more Eastern European and Dominican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 9.7% of this neighborhood's residents have Eastern European ancestry and 19.0% have Dominican ancestry.

Passaic Park is also pretty special linguistically. Significantly, 0.5% of its residents five years old and above primarily speak Persian at home. While this may seem like a small percentage, it is higher than 95.1% 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 Passaic Park neighborhood in Passaic are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 49.0% of the neighborhoods in America. With 16.3% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 62.6% of U.S. neighborhoods.

A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.

In the Passaic Park neighborhood, 48.3% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 21.7% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (18.0%), and 11.9% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Passaic Park neighborhood is English, spoken by 58.9% of households. Some people also speak Spanish (34.9%).

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 Passaic Park neighborhood in Passaic, NJ, residents most commonly identify their ethnicity or ancestry as Dominican (19.0%). There are also a number of people of Eastern European ancestry (9.7%), and residents who report South American roots (6.0%), and some of the residents are also of Asian ancestry (5.9%), along with some Puerto Rican ancestry residents (4.6%), among others. In addition, 28.6% of the residents of this neighborhood were born in another country.

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 Passaic Park neighborhood spend under 15 minutes commuting one-way to work (36.4% of working residents), one of the shortest commutes across America.

Here most residents (54.3%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (6.1%) and 6.0% of residents also take the train 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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