Lake Merritt median real estate price is $1,132,468, which is more expensive than 66.9% of the neighborhoods in California and 92.4% of the neighborhoods in the U.S.
The average rental price in Lake Merritt is currently $2,769, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 69.0% of California neighborhoods.
Lake Merritt is a densely urban neighborhood (based on population density) located in Oakland, California.
Lake Merritt 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 renter occupied. Many of the residences in the Lake Merritt neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.
Lake Merritt has a 12.4% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 71.8% 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.
When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.
In a nation where 1 out of every 4 children lives in poverty, the Lake Merritt neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.
In addition, the types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. NeighborhoodScout's exclusive analysis reveals that this neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 69.1%. This is a higher percent living alone than we found in 99.7% of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.
Also, some neighborhoods have residents that are more educated than others. But in this neighborhood there is a dramatic difference. NeighborhoodScout's exclusive analysis reveals that 37.0% of the adults here have earned a Masters degree, medical degree, Ph.D. or law degree. This is a higher rate of people with a graduate degree than is found in 95.8% of U.S. neighborhoods, where the average American neighborhood has 13.7% of its adults with a graduate degree. If you are highly educated, you may have much in common with many of your neighbors here.
Would you like to be able to ride your bike to work? If you are attracted to the idea of getting a little exercise of the two-wheeled type while reducing your carbon footprint, bicycling to work might be the answer. But which neighborhood you live in can make this either impossible, or alternatively, a great and realistic option. NeighborhoodScout's analysis revealed that the Lake Merritt neighborhood is a fantastic option for bicycle commuters, as 8.2% of commuters here do ride their bikes to and from work on a daily basis. This is a higher amount than we found in 99.4% of the neighborhoods in America.
Also, in the Lake Merritt neighborhood, 21.0% of people ride the train to work each day. This is a very high percentage compared to most places. In fact, NeighborhoodScout's analysis reveals that this is a higher level of train ridership than in 97.5% of the neighborhoods in America.
Finally, more people in Lake Merritt choose to walk to work each day (11.1%) 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.
The Lake Merritt 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 96.6% 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.
In addition, the real estate in the Lake Merritt neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 91.4% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 98.4% of American neighborhoods.
American households most often have a car, and regularly they have two or three. But households in the Lake Merritt neighborhood buck this trend. 31.0% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.2% of U.S. neighborhoods.
The Lake Merritt neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 95.4% of the neighborhoods in America. In fact, 70.7% of the employed people here make a living as an executive, a manager, or other professional. With such a high concentration, this truly shapes the character of this neighborhood, and to a large degree defines what this neighborhood is about.
Did you know that the Lake Merritt neighborhood has more Belgian and Romanian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.4% of this neighborhood's residents have Belgian ancestry and 1.7% have Romanian ancestry.
Lake Merritt is also pretty special linguistically. Significantly, 15.6% of its residents five years old and above primarily speak Chinese at home. While this may seem like a small percentage, it is higher than 98.8% of the neighborhoods in America.
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 Lake Merritt neighborhood in Oakland are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 45.9% 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.
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 Lake Merritt neighborhood, 70.7% 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 16.5% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (12.2%), and 6.3% in government jobs, whether they are in local, state, or federal positions.
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 Lake Merritt neighborhood is English, spoken by 70.8% of households. Other important languages spoken here include Chinese, African languages, Spanish and French.
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 Lake Merritt neighborhood in Oakland, CA, residents most commonly identify their ethnicity or ancestry as Asian (23.7%). There are also a number of people of English ancestry (12.8%), and residents who report Irish roots (8.2%), and some of the residents are also of Mexican ancestry (6.9%), along with some Sub-Saharan African ancestry residents (6.9%), among others. In addition, 32.0% of the residents of this neighborhood were born in another country.
Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Lake Merritt neighborhood spend between 15 and 30 minutes commuting one-way to work (37.9% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (25.1%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (21.0%) and 11.1% of residents also hop out the door and walk to work 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.
