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.
Oak Island median real estate price is $510,582, which is less expensive than 74.9% of Massachusetts neighborhoods and 33.5% of all U.S. neighborhoods.
The average rental price in Oak Island is currently $3,127, based on Ä¢¹½ÊÓƵ's exclusive analysis. Rents here are currently lower in price than 49.3% of Massachusetts neighborhoods.
Oak Island is a densely urban neighborhood (based on population density) located in Revere, Massachusetts. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).
Oak Island 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 small apartment buildings. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Oak Island neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built before 1940.
In Oak Island, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in Oak Island is very tight compared to the demand for property here.
Notable & Unique Neighborhood Characteristics
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by Ä¢¹½ÊÓƵ's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
Real Estate
Oak Island is a neighborhood that is on the ocean, a bay, or inlet. Many times, such places have amenities that bring locals and visitors to the waterfront for recreational activities or to check out the scenery. In some densely populated areas that are less financially well-off, the neighborhood waterfront can be relatively industrial and less open to recreation. In addition to being coastal, Oak Island is a very nautical neighborhood, meaning that it is somewhat historic, walkable, densely populated and on the water. This gives the neighborhood a very nautical feel, with some seaside and shipping feel, which some may really enjoy the sights and sounds of.
In addition, this neighborhood has the distinction of having one of the lowest real estate vacancy rates of any neighborhood in America. With just 0.0% of the real estate vacant, this indicates an exceptionally strong demand for real estate in the Oak Island neighborhood, and/or an issue with creating enough supply for the demand. This could have the effect of increasing real estate prices, increasing supply to meet demand, or both.
People
One of the most interesting things about the Oak Island neighborhood is that it has a greater concentration of residents who live alone than most all neighborhoods in America. With 56.6% of the households here made up of people living alone, Ä¢¹½ÊÓƵ's research reveals that this is a larger proportion of people living alone than in 98.0% of the neighborhoods in America.
Modes of Transportation
If you like to ride the train to work, this neighborhood may be for you. Ä¢¹½ÊÓƵ's research revealed that 22.8% of the Oak Island neighborhood's commuters ride the train to and from work each day, which is more than we found in 97.7% of America's neighborhoods.
Diversity
Did you know that the Oak Island neighborhood has more Arab and Russian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 17.3% of this neighborhood's residents have Arab ancestry and 7.9% have Russian ancestry.
Oak Island is also pretty special linguistically. Significantly, 7.6% of its residents five years old and above primarily speak Portuguese at home. While this may seem like a small percentage, it is higher than 99.6% 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 Oak Island neighborhood in Revere are middle-income, making it a moderate income neighborhood. Ä¢¹½ÊÓƵ's exclusive analysis reveals that this neighborhood has a higher income than 59.5% of the neighborhoods in America. With 38.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 88.6% 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 Oak Island neighborhood, 43.9% 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 26.8% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (18.4%), and 10.9% 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 Oak Island neighborhood is English, spoken by 60.1% of households. Other important languages spoken here include Spanish, Arabic, Portuguese and Russian.
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 Oak Island neighborhood in Revere, MA, residents most commonly identify their ethnicity or ancestry as Italian (27.5%). There are also a number of people of Arab ancestry (17.3%), and residents who report Irish roots (11.3%), and some of the residents are also of Russian ancestry (7.9%), along with some German ancestry residents (4.6%), among others. In addition, 28.0% 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 Oak Island neighborhood spend between 15 and 30 minutes commuting one-way to work (32.2% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (44.6%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (22.8%) and 14.4% 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.
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.
