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Real Estate Prices & Overview

Silver Lake North median real estate price is $363,030, which is less expensive than 86.8% of Rhode Island neighborhoods and 51.4% of all U.S. neighborhoods.

The average rental price in Silver Lake North is currently $1,777, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 94.0% of Rhode Island neighborhoods.

Silver Lake North is a densely urban neighborhood (based on population density) located in Providence, Rhode Island.

Silver Lake North real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and apartment complexes/high-rise apartments. Most of the residential real estate is renter occupied. Many of the residences in the Silver Lake North 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.

Vacant apartments or homes are a major fact of life in Silver Lake North. The current real estate vacancy rate here is 16.9%. This is higher than the rate of vacancies in 82.9% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.

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 Providence, the Silver Lake North neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

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 Silver Lake North 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, 63.8% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 99.5% of America's neighborhoods.

In addition, 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 Silver Lake North neighborhood is among the top 5% of American neighborhoods in terms of walkability.

Furthermore, do you watch 'This Old House' on Public Television? Do you love the idea of fixing up a Colonial or Victorian era home, complete with the charm of yesteryear? Do you like to stroll or drive streets lined with gracious older residences? If you found yourself nodding yes to any of these questions, you are going to be interested in this unique neighborhood. The Silver Lake North neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 65.3% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 97.8% of the neighborhoods in the United States.

People

One of the really interesting characteristics about the Silver Lake North neighborhood is that, according to NeighborhoodScout's exclusive research, it is an excellent choice in which to reside for college students. Due to its popularity among college students who already choose to live here, its walkability, and its above average safety from crime, the neighborhood is ideal for prospective or already-enrolled college students. Between semesters and during school breaks, you'll notice that the excitement here fluctuates with the college seasons. Despite the excitement however, parents of college-age children can rest easy knowing that this neighborhood has an above average safety rating. For each of these reasons, the neighborhood is rated among the top 2.8% of college-friendly places to live in the state of Rhode Island.

In addition, with more than 1.6% of residents living with a same sex partner, Silver Lake North is truly a neighborhood that stands out from the rest in this regard. In fact, exclusive analysis by NeighborhoodScout reveals that this neighborhood has a greater concentration of same sex couples than 95.0% of U.S. neighborhoods.

Diversity

Did you know that the Silver Lake North neighborhood has more Dominican and Haitian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 31.0% of this neighborhood's residents have Dominican ancestry and 10.7% have Haitian ancestry.

Silver Lake North is also pretty special linguistically. Significantly, 79.5% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 98.6% of all U.S. neighborhoods.

Migration / Stability

Some neighborhoods have more internal cohesiveness than others. While other neighborhoods feel like a collection of strangers who just happen to live near each other. Sometimes this comes down to not only the personalities of the people in a place, but how long people have been together in that neighborhood. NeighborhoodScout's research has revealed some interesting things about the rootedness of people in the Silver Lake North neighborhood. What is interesting to note, is that the Silver Lake North neighborhood has a greater percentage of residents born in another country (55.7%) than are found in 98.7% of all U.S. neighborhoods.

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 Silver Lake North neighborhood in Providence are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 74.4% of U.S. neighborhoods. In addition, 5.7% 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 61.9% 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 Silver Lake North neighborhood, 34.4% of the working population is employed in manufacturing and laborer occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 21.5% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (21.4%), and 20.4% in executive, management, and professional 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 Silver Lake North neighborhood is Spanish, spoken by 79.5% of households. Other important languages spoken here include English 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 Silver Lake North neighborhood in Providence, RI, residents most commonly identify their ethnicity or ancestry as Dominican (31.0%). There are also a number of people of Haitian ancestry (10.7%), and residents who report Puerto Rican roots (6.6%), and some of the residents are also of South American ancestry (2.1%), along with some Irish ancestry residents (1.4%), among others. In addition, 55.7% 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 Silver Lake North neighborhood spend under 15 minutes commuting one-way to work (43.4% of working residents), one of the shortest commutes across America.

Here most residents (75.2%) 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 (12.8%) . 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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