What do we mean by a neighborhood?
Ä¢¹½ÊÓƵ® 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. Ä¢¹½ÊÓƵ 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.
Terra Serena Luna / Parc Metro median real estate price is $1,165,084, which is more expensive than 68.0% of the neighborhoods in California and 92.7% of the neighborhoods in the U.S.
The average rental price in Terra Serena Luna / Parc Metro is currently $5,278, based on Ä¢¹½ÊÓƵ's exclusive analysis. The average rental cost in this neighborhood is higher than 90.8% of the neighborhoods in California.
Terra Serena Luna / Parc Metro is an urban neighborhood (based on population density) located in Milpitas, California.
Terra Serena Luna / Parc Metro 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 occupied by a mixture of owners and renters. Many of the residences in the Terra Serena Luna / Parc Metro neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.
Real estate vacancies in Terra Serena Luna / Parc Metro are 5.5%, which is lower than one will find in 62.3% of American neighborhoods. Demand for real estate in Terra Serena Luna / Parc Metro 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 Ä¢¹½ÊÓƵ's exclusive exploration and analysis.
Real Estate
If you love row houses and attached homes, you will probably really like the Terra Serena Luna / Parc Metro neighborhood. The ambiance, the charm, of row houses is something special. And in sheer abundance of row houses, this neighborhood truly stands out. The real estate here has a higher proportion of row houses and attached homes than nearly any neighborhood in America. In fact, 40.2% of the residential real estate here is classified as row houses and attached homes.
In addition, if you like the look and ambience of new homes and newly built neighborhoods, you will love the Terra Serena Luna / Parc Metro neighborhood. A whopping 82.2% 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 97.6% of the neighborhoods in the U.S. Everything here just feels new. In fact, the concentration of newer homes here is so great that they completely dominate the landscape. In most neighborhoods, there is a mixture of ages of residential real estate, but here it is almost completely built during one time frame: 2000 through today.
People
The rate of college educated adults in the Terra Serena Luna / Parc Metro neighborhood is a unique characteristic of the neighborhood. 78.5% of adults here have received at least a 4-year bachelor's degree, compared to the average neighborhood in America, which has 35.0% of the adults with a bachelor's degree. The rate here is higher than Ä¢¹½ÊÓƵ found in 97.2% of all U.S. neighborhoods.
In addition, terra Serena Luna / Parc Metro is ranked among the top 7.0% of neighborhoods for first-time home buyers to consider in the state of California according to Ä¢¹½ÊÓƵ's exclusive analysis. Homes here are priced below median housing values in the state, yet maintain moderate appreciation rates compared to other communities. Buying into the Terra Serena Luna / Parc Metro neighborhood is not only an accessible option but an investment opportunity for many first-time home buyers. In addition to being an excellent choice for first-time home buyers, this neighborhood is also a very good choice for urban sophisticates.
Occupations
Executives, managers and professionals make up 74.3% of the workforce in the Terra Serena Luna / Parc Metro neighborhood which, according to Ä¢¹½ÊÓƵ's exclusive analysis, is a higher proportion of such high-level people than is found in 97.2% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.
Diversity
Did you know that the Terra Serena Luna / Parc Metro neighborhood has more Asian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 87.2% of this neighborhood's residents have Asian ancestry.
Terra Serena Luna / Parc Metro is also pretty special linguistically. Significantly, 16.4% 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 99.8% of the neighborhoods in America.
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. Ä¢¹½ÊÓƵ'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 Terra Serena Luna / Parc Metro neighborhood has a greater percentage of residents born in another country (57.2%) than are found in 98.9% of all U.S. neighborhoods.
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. Ä¢¹½ÊÓƵ's analysis reveals both aspects of income and poverty for this neighborhood.
The neighbors in the Terra Serena Luna / Parc Metro neighborhood in Milpitas are wealthy, making it among the 15% highest income neighborhoods in America. Ä¢¹½ÊÓƵ's exclusive analysis reveals that this neighborhood has a higher income than 94.3% of the neighborhoods in America. In addition, 4.4% 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 65.9% 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 Terra Serena Luna / Parc Metro neighborhood, 74.3% 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 9.4% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (8.4%), and 8.0% in sales and service jobs, from major sales accounts, to working in fast food restaurants.
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 Terra Serena Luna / Parc Metro neighborhood is English, spoken by 29.0% of households. Other important languages spoken here include Chinese, Langs. of India, Vietnamese and Spanish.
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 Terra Serena Luna / Parc Metro neighborhood in Milpitas, CA, residents most commonly identify their ethnicity or ancestry as Asian (87.2%). There are also a number of people of Puerto Rican ancestry (2.0%), and residents who report Italian roots (2.0%), and some of the residents are also of South American ancestry (1.4%), along with some Ukrainian ancestry residents (1.3%), among others. In addition, 57.2% 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 Terra Serena Luna / Parc Metro neighborhood spend between 15 and 30 minutes commuting one-way to work (35.6% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (63.7%) drive alone in a private automobile to get to work. 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.
