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Real Estate Prices & Overview

Summit median real estate price is $541,704, which is more expensive than 46.0% of the neighborhoods in Washington and 72.9% of the neighborhoods in the U.S.

The average rental price in Summit is currently $2,173, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 62.6% of Washington neighborhoods.

Summit is a suburban neighborhood (based on population density) located in Tacoma, Washington.

Summit real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and mobile homes. Most of the residential real estate is owner occupied. Many of the residences in the Summit 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 Summit are 4.8%, which is lower than one will find in 68.2% of American neighborhoods. Demand for real estate in Summit 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 Tacoma, the Summit neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

Of note is NeighborhoodScout's research finding that the Summit neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the Summit community truly stands out from the rest in this regard.

Diversity

Did you know that the Summit neighborhood has more Czechoslovakian and Swedish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.2% of this neighborhood's residents have Czechoslovakian ancestry and 5.9% have Swedish ancestry.

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 Summit neighborhood in Tacoma are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 66.8% of the neighborhoods in America. In addition, 0.0% 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 100.0% of America'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 Summit neighborhood, 36.4% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 26.9% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (22.3%), and 14.3% in sales and service jobs, from major sales accounts, to working in fast food restaurants.

Languages

The most common language spoken in the Summit neighborhood is English, spoken by 88.4% of households. Some people also speak Spanish (8.5%).

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 Summit neighborhood in Tacoma, WA, residents most commonly identify their ethnicity or ancestry as English (12.6%). There are also a number of people of Irish ancestry (12.4%), and residents who report German roots (10.9%), and some of the residents are also of Italian ancestry (8.3%), along with some Mexican ancestry residents (6.8%), among others.

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 Summit neighborhood spend between 15 and 30 minutes commuting one-way to work (44.6% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (74.0%) 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 (16.5%) . 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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