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Real Estate Prices & Overview

Bridge St. / Federal St. median real estate price is $550,266, which is less expensive than 70.1% of Massachusetts neighborhoods and 30.8% of all U.S. neighborhoods.

The average rental price in Bridge St. / Federal St. is currently $4,381, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 85.1% of the neighborhoods in Massachusetts.

Bridge St. / Federal St. is an urban neighborhood (based on population density) located in Salem, Massachusetts. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).

Bridge St. / Federal St. 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 Bridge St. / Federal 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 2000 and the present.

Bridge St. / Federal St. has a 10.7% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 65.9% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.

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 Salem, the Bridge St. / Federal St. 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 Bridge St. / Federal St. 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, Bridge St. / Federal St. 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, the Bridge St. / Federal St. neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 82.5% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.

Furthermore, 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 58.3% of the residential real estate in the Bridge St. / Federal St. neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 96.2% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.

People

If you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the Bridge St. / Federal St. neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 95.7% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the Bridge St. / Federal St. neighborhood.

Modes of Transportation

More people in Bridge St. / Federal St. choose to walk to work each day (10.8%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.

Diversity

Did you know that the Bridge St. / Federal St. neighborhood has more Portuguese and Irish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 5.7% of this neighborhood's residents have Portuguese ancestry and 27.1% have Irish ancestry.

Bridge St. / Federal St. is also pretty special linguistically. Significantly, 0.8% of its residents five years old and above primarily speak Native American languages at home. While this may seem like a small percentage, it is higher than 96.4% 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 Bridge St. / Federal St. neighborhood in Salem are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 80.2% of the neighborhoods in America. With 11.2% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 52.9% 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 Bridge St. / Federal St. neighborhood, 56.4% 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 19.9% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (12.0%), and 11.7% in manufacturing and laborer occupations.

Languages

The most common language spoken in the Bridge St. / Federal St. neighborhood is English, spoken by 90.8% of households.

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 Bridge St. / Federal St. neighborhood in Salem, MA, residents most commonly identify their ethnicity or ancestry as Irish (27.1%). There are also a number of people of English ancestry (14.3%), and residents who report Italian roots (13.6%), and some of the residents are also of Polish ancestry (6.8%), along with some Portuguese ancestry residents (5.7%), among others. In addition, 12.2% 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 Bridge St. / Federal St. neighborhood spend between 45 minutes and one hour commuting one-way to work (35.9% of working residents), longer and tougher than most commutes in America.

Here most residents (45.7%) 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 (10.8%) and 10.1% 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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