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Real Estate Prices & Overview

Pico - Union median real estate price is $1,507,184, which is more expensive than 83.0% of the neighborhoods in California and 96.5% of the neighborhoods in the U.S.

The average rental price in Pico - Union is currently $1,888, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 90.0% of California neighborhoods.

Pico - Union is a densely urban neighborhood (based on population density) located in Los Angeles, California.

Pico - Union real estate is primarily made up of small (studio to two bedroom) to large (four, five or more bedroom) apartment complexes/high-rise apartments and small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the Pico - Union 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 1940 and 1969.

Vacant apartments or homes are a major fact of life in Pico - Union. The current real estate vacancy rate here is 16.8%. This is higher than the rate of vacancies in 81.7% 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.

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

More people ride the bus in this neighborhood each day to get to work than 99.9% of U.S. neighborhoods.

Real Estate

The Pico - Union neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 36,368 persons per square mile in the neighborhood, it is more packed with people than 97.6% of the nation's neighborhoods. 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 Pico - Union neighborhood is one of the most walkable neighborhoods in America.

In addition, the Pico - Union 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 86.3% 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.

Furthermore, renter-occupied real estate is dominant in the Pico - Union neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 86.5%, which is higher than 95.8% of the neighborhoods in America. If you were to buy and live in the property you bought here, you would be almost alone in doing so.

Also of note, 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 Pico - Union neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 57.0% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 95.7% of the neighborhoods in the United States.

Occupations

From major sales accounts to fast-food workers, sales and service employees are often the backbone of the local economy. In the Pico - Union neighborhood, they truly stand out. NeighborhoodScout's exclusive analysis identifies this neighborhood as having a higher percentage of sales and service workers than 96.5% of all American neighborhoods.

Furthermore, neighborhoodScout's exclusive research identifies the Pico - Union neighborhood as having one of the highest concentrations of people employed in manufacturing or as laborers of any neighborhood in America. In fact, despite the loss of manufacturing jobs nationally, this neighborhood has 42.8% of its working residents employed in such fields, which is a higher proportion than 95.9% of American neighborhoods.

Diversity

Significantly, 10.0% of its residents five years old and above primarily speak Korean at home. While this may seem like a small percentage, it is higher than 99.6% of the neighborhoods in America.

Migration / Stability

Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. What is interesting to note, is that the Pico - Union neighborhood has a greater percentage of residents born in another country (63.3%) than are found in 99.5% of all U.S. neighborhoods.

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 Pico - Union neighborhood in Los Angeles are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 83.6% of U.S. neighborhoods. With 29.0% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 80.1% 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 Pico - Union neighborhood, 42.8% of the working population is employed in manufacturing and laborer 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 39.9% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (9.9%), and 7.4% in executive, management, and professional 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 Pico - Union neighborhood is Spanish, spoken by 78.6% of households. Other important languages spoken here include English and Korean.

Ethnicity / Ancestry

Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.

In the Pico - Union neighborhood in Los Angeles, CA, residents most commonly identify their ethnicity or ancestry as Mexican (38.1%). There are also a number of people of Asian ancestry (10.1%), and residents who report Spanish roots (1.8%). In addition, 63.3% of the residents of this neighborhood were born in another country.

Getting to Work

How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Pico - Union neighborhood spend between 30 and 45 minutes commuting one-way to work (50.4% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.

Here most residents (42.3%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (41.6%) and 7.1% 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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