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Real Estate Prices & Overview

Overtown median real estate price is $681,501, which is more expensive than 81.6% of the neighborhoods in Florida and 78.4% of the neighborhoods in the U.S.

The average rental price in Overtown is currently $2,378, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 56.7% of Florida neighborhoods.

Overtown is an urban neighborhood (based on population density) located in Miami, Florida.

Overtown real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and single-family homes. Most of the residential real estate is renter occupied. Many of the residences in the Overtown neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1940 and 1969.

Overtown has a 12.8% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 73.3% 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.

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 Miami, the Overtown neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

The real estate in the Overtown 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, 97.0% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 99.4% of American neighborhoods.

In addition, 100.0% of the real estate in the Overtown neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

Furthermore, the Overtown 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 91.7% 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.

Modes of Transportation

Our research revealed that more commuters here take the bus to work (17.8% ride the bus) than 98.3% of all American neighborhoods. If you like the idea of leaving your car and home and hopping the bus to work, this might be a good neighborhood for you to consider.

Car Ownership

We Americans love our cars. Not only are they a necessity for most Americans due to the shape of our neighborhoods and the distances between where we live, work, shop, and go to school, but we also fancy them. As a result, most households in America have one, two, or three cars. But NeighborhoodScout's exclusive analysis shows that the Overtown neighborhood has a highly unusual pattern of car ownership. 35.8% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.7% of U.S. neighborhoods.

Occupations

There are more people living in the Overtown neighborhood employed as sales and service workers (61.5%) than almost any neighborhood in the country. From fast-food service workers to major sales accounts, sales and service workers make up the largest proportion of our national employment picture. But despite that size and importance nationally, this neighborhood still stands out as unique due to the dominance of people living here who work in such occupations.

Diversity

Did you know that the Overtown neighborhood has more South American and Cuban ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 21.7% of this neighborhood's residents have South American ancestry and 19.2% have Cuban ancestry.

Overtown is also pretty special linguistically. Significantly, 1.0% of its residents five years old and above primarily speak Native American languages at home. While this may seem like a small percentage, it is higher than 97.5% 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. What is interesting to note, is that the Overtown neighborhood has a greater percentage of residents born in another country (51.2%) than are found in 97.8% 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 Overtown neighborhood in Miami are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 92.7% of U.S. neighborhoods. With 15.0% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 61.1% 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 Overtown neighborhood, 38.5% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 31.5% of the residents employed. Other residents here are employed in executive, management, and professional occupations (24.5%), and 5.5% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Overtown neighborhood is Spanish, spoken by 56.7% of households. Some people also speak English (40.2%).

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 Overtown neighborhood in Miami, FL, residents most commonly identify their ethnicity or ancestry as South American (21.7%). There are also a number of people of Cuban ancestry (19.2%), and residents who report Haitian roots (7.1%), and some of the residents are also of Jamaican ancestry (4.6%), along with some Dominican ancestry residents (3.7%), among others. In addition, 51.2% 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 Overtown neighborhood spend between 15 and 30 minutes commuting one-way to work (43.5% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (51.5%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (17.8%) and 10.2% of residents also carpool with coworkers, friends, or neighbors 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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