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Real Estate Prices & Overview

Licht Park median real estate price is $242,217, which is more expensive than 46.0% of the neighborhoods in Michigan and 29.0% of the neighborhoods in the U.S.

The average rental price in Licht Park is currently $1,957, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 74.6% of the neighborhoods in Michigan.

Licht Park is a suburban neighborhood (based on population density) located in Warren, Michigan.

Licht Park real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner occupied. Many of the residences in the Licht Park neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.

In Licht Park, 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 Licht Park 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 Warren, the Licht Park neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

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 Licht Park 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.

Diversity

Did you know that the Licht Park neighborhood has more Ukrainian and Polish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.7% of this neighborhood's residents have Ukrainian ancestry and 12.6% have Polish ancestry.

Licht Park is also pretty special linguistically. Significantly, 3.7% of its residents five years old and above primarily speak Arabic at home. While this may seem like a small percentage, it is higher than 97.5% 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 Licht Park neighborhood in Warren are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 68.8% of U.S. neighborhoods. In addition, 7.4% 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 57.5% of America'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 Licht Park neighborhood, 37.3% of the working population is employed in manufacturing and laborer occupations. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 29.7% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (22.7%), and 10.3% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Licht Park neighborhood is English, spoken by 82.6% of households. Some people also speak Arabic (3.7%).

Ethnicity / Ancestry

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

In the Licht Park neighborhood in Warren, MI, residents most commonly identify their ethnicity or ancestry as Polish (12.6%). There are also a number of people of German ancestry (10.3%), and residents who report Italian roots (8.7%), and some of the residents are also of Asian ancestry (7.6%), along with some English ancestry residents (5.2%), among others. In addition, 14.4% 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 Licht Park neighborhood spend between 15 and 30 minutes commuting one-way to work (39.9% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (81.5%) 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 (5.4%) . 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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