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Real Estate Prices & Overview

Five Pound Island median real estate price is $588,951, which is more expensive than 38.8% of the neighborhoods in Massachusetts and 73.3% of the neighborhoods in the U.S.

The average rental price in Five Pound Island is currently $2,830, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 63.4% of Massachusetts neighborhoods.

Five Pound Island is an urban neighborhood (based on population density) located in Gloucester, Massachusetts. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).

Five Pound Island real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Five Pound Island 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 1970 and 1999.

In Five Pound Island, the current vacancy rate is 1.4%, which is a lower rate of vacancies than 89.8% of all neighborhoods in the U.S. This means that the housing supply in Five Pound Island is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

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.

Real Estate

Do you like a coastal setting? If so, this neighborhood may be to your liking. The Five Pound Island neighborhood is on the ocean, a bay, or inlet. Often such coastal places have amenities and recreational activities on the waterfront that are attractive to residents and visitors alike. In addition to being coastal, Five Pound Island is a very nautical neighborhood, meaning that it is somewhat historic, walkable, densely populated and on the water. This gives the neighborhood a very nautical feel, with some seaside and shipping feel, which some may really enjoy the sights and sounds of.

In addition, corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate of neighborhoods dominated by small 2, 3, and 4 unit apartment buildings. Many are in older core neighborhoods of Eastern and Midwestern cities, or historic town centers in their hinterlands. If you wax romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist at the corner, then you might find the Five Pound Island neighborhood worth a close look. This neighborhood is an absolutely outstanding example of the dominance of small 2, 3, and 4 unit apartment buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood's real estate stock. In fact, no less than 63.1% of the real estate here is made up of such dwellings, which is higher than 99.4% of all U.S. neighborhoods.

Furthermore, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 69.3% of the residential real estate in the Five Pound Island neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 98.4% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.

Diversity

Did you know that the Five Pound Island neighborhood has more Portuguese and Brazilian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 13.1% of this neighborhood's residents have Portuguese ancestry and 3.8% have Brazilian ancestry.

Five Pound Island is also pretty special linguistically. Significantly, 3.7% of its residents five years old and above primarily speak Portuguese at home. While this may seem like a small percentage, it is higher than 98.9% of the neighborhoods in America.

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 Five Pound Island neighborhood in Gloucester are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 43.8% of the neighborhoods in America. With 42.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 90.6% of U.S. neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Five Pound Island neighborhood, 31.2% 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 31.1% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (29.3%), and 8.4% 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 Five Pound Island neighborhood is English, spoken by 73.7% of households. Other important languages spoken here include Spanish, Portuguese and Italian.

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 Five Pound Island neighborhood in Gloucester, MA, residents most commonly identify their ethnicity or ancestry as Irish (22.1%). There are also a number of people of Portuguese ancestry (13.1%), and residents who report Italian roots (11.6%), and some of the residents are also of Polish ancestry (9.7%), along with some English ancestry residents (7.0%), among others. In addition, 17.7% 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 Five Pound Island neighborhood spend under 15 minutes commuting one-way to work (49.7% of working residents), one of the shortest commutes across America.

Here most residents (77.0%) 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 (8.9%) and 8.8% 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.


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