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Real Estate Prices & Overview

Passaic Park median real estate price is $868,224, which is more expensive than 81.6% of the neighborhoods in New Jersey and 87.0% of the neighborhoods in the U.S.

The average rental price in Passaic Park is currently $3,175, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 51.8% of New Jersey neighborhoods.

Passaic Park is a densely urban neighborhood (based on population density) located in Passaic, New Jersey.

Passaic Park real estate is primarily made up of small (studio to two bedroom) to large (four, five or more 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 Passaic Park 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 1940 and 1969.

Real estate vacancies in Passaic Park are 5.8%, which is lower than one will find in 61.0% of American neighborhoods. Demand for real estate in Passaic Park 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 Passaic, the Passaic Park neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Occupations

With 2.2% of employed workers living in the Passaic Park neighborhood active in the military, this neighborhood has the distinction of having a higher proportion of people in the military than 96.7% of American neighborhoods. This is a major shaper of the neighborhood's culture and character.

Real Estate

Even if you drive or take transit to your place of employment, many people enjoy being able to walk in their neighborhood. What many people don't realize is that most of America's premier vacation locations are also very walkable. The Passaic Park neighborhood is among the top 5% of American neighborhoods in terms of walkability.

In addition, three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The Passaic Park neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 33.9% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 95.8% of America's neighborhoods.

Diversity

Did you know that the Passaic Park neighborhood has more Eastern European and Dominican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 9.7% of this neighborhood's residents have Eastern European ancestry and 19.0% have Dominican ancestry.

Passaic Park is also pretty special linguistically. Significantly, 0.5% of its residents five years old and above primarily speak Persian at home. While this may seem like a small percentage, it is higher than 95.1% 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 Passaic Park neighborhood in Passaic are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 49.0% of the neighborhoods in America. With 16.3% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 62.6% of U.S. neighborhoods.

The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.

In the Passaic Park neighborhood, 48.3% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 21.7% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (18.0%), and 11.9% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Passaic Park neighborhood is English, spoken by 58.9% of households. Some people also speak Spanish (34.9%).

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 Passaic Park neighborhood in Passaic, NJ, residents most commonly identify their ethnicity or ancestry as Dominican (19.0%). There are also a number of people of Eastern European ancestry (9.7%), and residents who report South American roots (6.0%), and some of the residents are also of Asian ancestry (5.9%), along with some Puerto Rican ancestry residents (4.6%), among others. In addition, 28.6% 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 Passaic Park neighborhood spend under 15 minutes commuting one-way to work (36.4% of working residents), one of the shortest commutes across America.

Here most residents (54.3%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (6.1%) and 6.0% of residents also take the train 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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