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Real Estate Prices & Overview

Overlake median real estate price is $1,516,531, which is more expensive than 97.3% of the neighborhoods in Washington and 97.5% of the neighborhoods in the U.S.

The average rental price in Overlake is currently $3,548, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 87.3% of the neighborhoods in Washington.

Overlake is a suburban neighborhood (based on population density) located in Redmond, Washington.

Overlake 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 Overlake 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.

Real estate vacancies in Overlake are 3.5%, which is lower than one will find in 76.6% of American neighborhoods. Demand for real estate in Overlake is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.

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.

Modes of Transportation

In the Overlake neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 35.9% of residents worked from home. This may not seem like a large number, but Scout's research shows that this is a higher percentage of people working from home than 99.0% of the neighborhoods in America. Often people who work from home are engaged in the creative or technological economy, such as is found in areas around Boston, and in Silicon Valley. Other times, people may be engaged in other businesses like trading stocks from home, or running a small beauty salon.

Occupations

Executives, managers and professionals make up 77.8% of the workforce in the Overlake neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 98.6% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.

People

Do you like to read, write, and learn? Are you curious about the world? If so, this neighborhood may be a good fit for you. NeighborhoodScout's research revealed that a full 81.8% of the adults living in the Overlake neighborhood have earned at least a bachelor's degree. This is a higher rate than NeighborhoodScout found in 98.3% of U.S. neighborhoods. In this way, this neighborhood truly stands out.

In addition, if you come to know the people here, you will recognize that you're in the company of one of the wealthiest communities in the nation. In fact, a mere 3.3% of America's neighborhoods are wealthier than the Overlake neighborhood. Real estate here is exceedingly well-maintained, and similarly, tends to maintain its value over time. The cars driven are mostly luxury brands like Mercedes, Audi, BMW, and Lexus. If the public schools aren't up to snuff, the residents of this neighborhood preferentially send their children to private preparatory schools. Vacation to Disney? Yes, but equally popular are summers in Europe.

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 Overlake neighborhood. What is interesting to note, is that the Overlake neighborhood has a greater percentage of residents born in another country (60.0%) than are found in 99.2% of all U.S. neighborhoods.

Diversity

Did you know that the Overlake neighborhood has more Asian and Iranian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 51.8% of this neighborhood's residents have Asian ancestry and 2.0% have Iranian ancestry.

Overlake is also pretty special linguistically. Significantly, 21.0% of its residents five years old and above primarily speak Langs. of India at home. While this may seem like a small percentage, it is higher than 99.9% of the neighborhoods in America.

The Neighbors

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 Overlake neighborhood in Redmond are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 96.7% of the neighborhoods in America. With 11.1% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 52.0% of U.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 Overlake neighborhood, 77.8% 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 10.2% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (6.5%), and 5.5% in manufacturing and laborer 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 Overlake neighborhood is English, spoken by 29.5% of households. Other important languages spoken here include Langs. of India, Chinese and Spanish.

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 Overlake neighborhood in Redmond, WA, residents most commonly identify their ethnicity or ancestry as Asian (51.8%). There are also a number of people of English ancestry (4.6%), and residents who report Mexican roots (4.2%), and some of the residents are also of Sub-Saharan African ancestry (3.8%), along with some German ancestry residents (3.4%), among others. In addition, 60.0% 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 Overlake neighborhood spend between 15 and 30 minutes commuting one-way to work (41.5% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (44.3%) 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 (8.9%) and 7.2% of residents also ride the bus 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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