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Real Estate Prices & Overview

Old Town / Reservoir median real estate price is $604,407, which is more expensive than 70.2% of the neighborhoods in Virginia and 73.5% of the neighborhoods in the U.S.

The average rental price in Old Town / Reservoir is currently $1,822, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 69.9% of Virginia neighborhoods.

Old Town / Reservoir is a suburban neighborhood (based on population density) located in Harrisonburg, Virginia.

Old Town / Reservoir 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 renter occupied. Many of the residences in the Old Town / Reservoir 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 Old Town / Reservoir, the current vacancy rate is 1.6%, which is a lower rate of vacancies than 88.7% of all neighborhoods in the U.S. This means that the housing supply in Old Town / Reservoir 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.

People

One of the really interesting characteristics about the Old Town / Reservoir 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 0.5% of college-friendly places to live in the state of Virginia.

In addition, an extraordinary 22.4% of the residents of the Old Town / Reservoir neighborhood are currently enrolled in college. This is such a large part of life in this neighborhood that the neighborhood changes a great deal with the change of semesters and is far quieter during the summer when many students are away.

Modes of Transportation

In the Old Town / Reservoir neighborhood, carpooling is still a popular way to get to and from work. NeighborhoodScout's analysis reveals that 27.5% of commuters carpool here, which is more than in 98.1% of all U.S. neighborhoods.

Also, more people in Old Town / Reservoir choose to walk to work each day (12.7%) 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.

Diversity

Significantly, 2.7% 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 96.7% of the neighborhoods in America.

Migration / Stability

The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. In the Old Town / Reservoir neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 95.3% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.

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 Old Town / Reservoir neighborhood in Harrisonburg are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 66.3% of U.S. neighborhoods. With 18.4% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 66.2% of U.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 Old Town / Reservoir neighborhood, 39.6% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 31.7% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (22.4%), and 4.7% 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 Old Town / Reservoir neighborhood is English, spoken by 53.3% of households. Other important languages spoken here include Spanish, African languages and Italian.

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 Old Town / Reservoir neighborhood in Harrisonburg, VA, residents most commonly identify their ethnicity or ancestry as Irish (12.0%). There are also a number of people of German ancestry (10.2%), and residents who report English roots (8.4%), and some of the residents are also of Sub-Saharan African ancestry (6.2%), along with some Puerto Rican ancestry residents (5.3%), among others. In addition, 25.2% 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 Old Town / Reservoir neighborhood spend under 15 minutes commuting one-way to work (52.3% of working residents), one of the shortest commutes across America.

Here most residents (49.8%) 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 (27.5%) and 12.7% 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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