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Real Estate Prices & Overview

Lakeforest median real estate price is $311,304, which is less expensive than 75.9% of Maryland neighborhoods and 55.4% of all U.S. neighborhoods.

The average rental price in Lakeforest is currently $2,437, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 50.5% of Maryland neighborhoods.

Lakeforest is a densely urban neighborhood (based on population density) located in Montgomery Village, Maryland.

Lakeforest 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 Lakeforest neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

Real estate vacancies in Lakeforest are 4.0%, which is lower than one will find in 73.3% of American neighborhoods. Demand for real estate in Lakeforest 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

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 Montgomery Village, the Lakeforest neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

Many people dream of living along a street lined with row houses or other attached homes. Such places do often have an abundance of charm. If you are one of these people, the Lakeforest neighborhood could be your paradise. With 44.2% of the homes and real estate here classified as rowhouses or other attached homes, this neighborhood brims with opportunity to find the right place for you. Only 1.5% of U.S. neighborhoods have more row houses than this neighborhood, making it one of the most interesting things about this special neighborhood.

In addition, most neighborhoods are composed of a mixture of ages of homes, but the Lakeforest stands out as rather unique in having nearly all of its residential real estate built in one time period, namely between 1970 and 1999, generally considered to be established, but not old housing. What you'll sense when you look around or drive the streets of this neighborhood is that many of the residences look the same because of this similarity of age. In fact, 88.0% of the residential real estate here was built in this one time period.

Diversity

Did you know that the Lakeforest neighborhood has more Sub-Saharan African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 11.8% of this neighborhood's residents have Sub-Saharan African ancestry.

Lakeforest is also pretty special linguistically. Significantly, 7.6% of its residents five years old and above primarily speak African languages at home. While this may seem like a small percentage, it is higher than 99.4% 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 Lakeforest neighborhood in Montgomery Village are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 70.3% of U.S. neighborhoods. With 31.4% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 82.5% 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 Lakeforest neighborhood, 33.7% 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 33.6% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (24.8%), and 7.9% in clerical, assistant, and tech support 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 Lakeforest neighborhood is Spanish, spoken by 44.5% of households. Other important languages spoken here include English, African languages, French and Tagalog (the first language of the Philippine region).

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 Lakeforest neighborhood in Montgomery Village, MD, residents most commonly identify their ethnicity or ancestry as Asian (14.7%). There are also a number of people of Sub-Saharan African ancestry (11.8%), and residents who report Mexican roots (8.4%), and some of the residents are also of South American ancestry (4.2%), along with some African ancestry residents (3.3%), among others. In addition, 41.6% 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 Lakeforest neighborhood spend between 15 and 30 minutes commuting one-way to work (37.5% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (55.6%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (21.1%) and 8.4% of residents also ride the bus 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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