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Real Estate Prices & Overview

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 NeighborhoodScout'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

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 Revere, the Oak Island neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

Do you like a coastal setting? If so, this neighborhood may be to your liking. The Oak Island neighborhood is on the ocean, a bay, or inlet. Often such coastal places have amenities and recreational activities on the waterfront that are attractive to residents and visitors alike. 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, with a real estate vacancy rate of only 0.0%, the Oak Island neighborhood has a lower vacancy rate than 100.0% of U.S. neighborhoods, a very elite group. Such a low vacancy rate may indicate very strong real estate demand in the neighborhood combined with some impediments to increasing supply, such as zoning or existing density of development, among other potential reasons.

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, NeighborhoodScout'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

In the Oak Island neighborhood, 22.8% of people ride the train to work each day. This is a very high percentage compared to most places. In fact, NeighborhoodScout's analysis reveals that this is a higher level of train ridership than in 97.7% of the neighborhoods in America.

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

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 Oak Island neighborhood in Revere are middle-income, making it a moderate income neighborhood. NeighborhoodScout'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

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 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.


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