Lake Monticello median real estate price is $374,067, which is less expensive than 58.2% of Virginia neighborhoods and 49.6% of all U.S. neighborhoods.
The average rental price in Lake Monticello is currently $3,639, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 91.5% of the neighborhoods in Virginia.
Lake Monticello is a suburban neighborhood (based on population density) located in Palmyra, Virginia.
Lake Monticello real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Lake Monticello neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.
Home and apartment vacancy rates are 6.7% in Lake Monticello. NeighborhoodScout analysis shows that this rate is lower than 55.6% of the neighborhoods in the nation, approximately near the middle range for vacancies.
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
For many reasons, Lake Monticello is rated by NeighborhoodScout as one of the top 0.5% of ideal neighborhoods for first-time home buyers in the state of Virginia. Homes here are priced below median housing values in the state, yet the neighborhood has a track record according to NeighborhoodScout's exclusive neighborhood home appreciation rates of above average real estate appreciation over the last five years compared to other VA neighborhoods, protecting your investment in your first home, while simultaneously making it less risky for your lender. Not only does this neighborhood stand out for combining price and home value stability or increases, it also is a neighborhood with a high quality resident population according exclusive data, meaning this is likely a good place to buy, live, and enjoy. While many first time home buyers focus purely on low cost and convenient location, which can risk your investment in your first home and put you in a less than desirable neighborhood, this neighborhood is a true standout for a lot of reasons, and definitely worth a look if you are a first time home buyer. In addition to being an excellent choice for first-time home buyers, this neighborhood is also a very good choice for families with school-aged children.
Owner-occupied real estate dominates the Lake Monticello neighborhood. In fact, according to NeighborhoodScout research, the percentage of residential real estate occupied by its owner is higher here than in 96.7% of neighborhoods in America.
In addition, the Lake Monticello neighborhood has earned the amazing distinction of having one of the highest rates of detached, single-family homes of any neighborhood in the U.S. With 98.2% of the residential real estate here made up of free-standing single-family homes, there is a greater proportion of single-family homes here than in 96.4% of all neighborhoods in America.
Did you know that the Lake Monticello neighborhood has more Ukrainian and Welsh ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.3% of this neighborhood's residents have Ukrainian ancestry and 2.9% have Welsh ancestry.
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 Lake Monticello neighborhood in Palmyra are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 71.4% of the neighborhoods in America. In addition, 5.1% 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 64.3% 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 Lake Monticello neighborhood, 50.1% 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 19.0% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (15.8%), and 15.0% in manufacturing and laborer occupations.
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 Lake Monticello neighborhood is English, spoken by 89.2% of households. Other important languages spoken here include Spanish, Italian and Polish.
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 Lake Monticello neighborhood in Palmyra, VA, residents most commonly identify their ethnicity or ancestry as German (14.9%). There are also a number of people of Irish ancestry (12.4%), and residents who report English roots (11.0%), and some of the residents are also of Italian ancestry (6.8%), along with some Polish ancestry residents (3.6%), among others.
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 Lake Monticello neighborhood spend between 30 and 45 minutes commuting one-way to work (42.3% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (70.3%) 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 (13.4%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.