3rd St / Colby St median real estate price is $99,728, which is less expensive than 97.1% of New York neighborhoods and 94.9% of all U.S. neighborhoods.
The average rental price in 3rd St / Colby St is currently $1,847, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 74.1% of New York neighborhoods.
3rd St / Colby St is a densely urban neighborhood (based on population density) located in Albany, New York.
3rd St / Colby St 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 occupied by a mixture of owners and renters. Many of the residences in the 3rd St / Colby St 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.
Vacant apartments or homes are a major fact of life in 3rd St / Colby St. The current real estate vacancy rate here is 27.9%. This is higher than the rate of vacancies in 93.7% 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.
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.
Modes of Transportation
More people ride the bus in this neighborhood each day to get to work than 99.9% of U.S. neighborhoods.
Also, in the 3rd St / Colby St neighborhood, carpooling is still a popular way to get to and from work. NeighborhoodScout's analysis reveals that 26.9% of commuters carpool here, which is more than in 97.9% of all U.S. neighborhoods.
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 3rd St / Colby St 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, 65.7% 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, being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, American's enjoy taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and take in the sights and sounds. And, according to NeighborhoodScout's exclusive and first quantitative walkable score index, the 3rd St / Colby St neighborhood is one of the most walkable neighborhoods in America.
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 3rd St / Colby St neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 67.7% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 98.2% of the neighborhoods in the United States.
Occupations
The 3rd St / Colby St neighborhood has a greater proportion of government workers living in it than 98.7% of the neighborhoods in America, according to NeighborhoodScout's exclusive analysis. This is a unique feature of this neighborhood, and one that shapes its character.
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 3rd St / Colby St neighborhood has a highly unusual pattern of car ownership. 39.3% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.0% of U.S. neighborhoods.
Diversity
Did you know that the 3rd St / Colby St neighborhood has more Dominican and Puerto Rican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 9.0% of this neighborhood's residents have Dominican ancestry and 11.6% have Puerto Rican ancestry.
3rd St / Colby St is also pretty special linguistically. Significantly, 6.6% of its residents five years old and above primarily speak Urdu, which is the national language of Pakistan, at home. While this may seem like a small percentage, it is higher than 99.9% of the neighborhoods in America.
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 3rd St / Colby St neighborhood in Albany are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 87.4% of U.S. neighborhoods. With 46.5% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 92.6% 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 3rd St / Colby St neighborhood, 31.5% 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 27.5% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (21.0%), and 20.0% 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 3rd St / Colby St neighborhood is English, spoken by 79.1% of households. Other important languages spoken here include Spanish and Urdu (the national language of Pakistan).
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 3rd St / Colby St neighborhood in Albany, NY, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (12.6%). There are also a number of people of Puerto Rican ancestry (11.6%), and residents who report Dominican roots (9.0%), and some of the residents are also of Irish ancestry (8.5%), along with some Italian ancestry residents (6.0%), among others. In addition, 18.7% of the residents of this neighborhood were born in another country.
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 3rd St / Colby St neighborhood spend between 15 and 30 minutes commuting one-way to work (61.1% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (38.5%) ride the bus to get to work. In addition, quite a number also drive alone in a private automobile to get to work (31.1%) and 26.9% of residents also carpool with coworkers, friends, or neighbors for their daily commute. The bus provides a valuable service in the 3rd St / Colby St neighborhood of Albany by getting a lot of residents to and from work daily, reducing the costs of commuting and reducing some congestion on the roads as well.
