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Real Estate Prices & Overview

Abbott School / Lakewood median real estate price is $502,037, which is more expensive than 89.5% of the neighborhoods in Michigan and 66.2% of the neighborhoods in the U.S.

The average rental price in Abbott School / Lakewood is currently $2,648, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 92.6% of the neighborhoods in Michigan.

Abbott School / Lakewood is a suburban neighborhood (based on population density) located in Ann Arbor, Michigan.

Abbott School / Lakewood 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 occupied by a mixture of owners and renters. Many of the residences in the Abbott School / Lakewood neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

In Abbott School / Lakewood, the current vacancy rate is 2.7%, which is a lower rate of vacancies than 82.1% of all neighborhoods in the U.S. This means that the housing supply in Abbott School / Lakewood 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 Ann Arbor, the Abbott School / Lakewood neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

The rate of college educated adults in the Abbott School / Lakewood neighborhood is a unique characteristic of the neighborhood. 80.1% of adults here have received at least a 4-year bachelor's degree, compared to the average neighborhood in America, which has 34.3% of the adults with a bachelor's degree. The rate here is higher than NeighborhoodScout found in 97.8% of all U.S. neighborhoods.

Diversity

Did you know that the Abbott School / Lakewood neighborhood has more Lithuanian and Armenian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.6% of this neighborhood's residents have Lithuanian ancestry and 1.1% have Armenian ancestry.

Abbott School / Lakewood is also pretty special linguistically. Significantly, 3.1% of its residents five years old and above primarily speak African languages at home. While this may seem like a small percentage, it is higher than 97.2% 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 Abbott School / Lakewood neighborhood in Ann Arbor are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 79.7% of the neighborhoods in America. In addition, 6.2% 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 60.9% 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 Abbott School / Lakewood neighborhood, 67.7% 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 16.1% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (9.0%), and 7.3% in manufacturing and laborer 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 Abbott School / Lakewood neighborhood is English, spoken by 88.4% of households. Other important languages spoken here include African languages and Korean.

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 Abbott School / Lakewood neighborhood in Ann Arbor, MI, residents most commonly identify their ethnicity or ancestry as German (24.4%). There are also a number of people of Irish ancestry (19.7%), and residents who report English roots (13.8%), and some of the residents are also of Asian ancestry (7.9%), along with some French ancestry residents (6.9%), among others. In addition, 10.7% of the residents of this neighborhood were born in another country.

Getting to Work

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 Abbott School / Lakewood neighborhood spend under 15 minutes commuting one-way to work (35.1% of working residents), one of the shortest commutes across America.

Here most residents (64.2%) 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 (5.8%) . 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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