78th St / 3rd Ave median real estate price is $907,997, which is more expensive than 67.4% of the neighborhoods in New York and 86.5% of the neighborhoods in the U.S.
The average rental price in 78th St / 3rd Ave is currently $3,337, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 45.8% of New York neighborhoods.
78th St / 3rd Ave is a densely urban neighborhood (based on population density) located in Brooklyn, New York.
78th St / 3rd Ave 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 small apartment buildings. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the 78th St / 3rd Ave 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.
In 78th St / 3rd Ave, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in 78th St / 3rd Ave is very tight compared to the demand for property here.
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.
With a real estate vacancy rate of only 0.0%, the 78th St / 3rd Ave neighborhood has a lower vacancy rate than 100.0% of U.S. neighborhoods, a very elite group. Such a low vacancy rate may indicate very strong real estate demand in the neighborhood combined with some impediments to increasing supply, such as zoning or existing density of development, among other potential reasons.
In addition, the 78th St / 3rd Ave neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 46,184 persons per square mile in the neighborhood, it is more packed with people than 98.3% 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 78th St / 3rd Ave neighborhood is one of the most walkable neighborhoods in America.
Furthermore, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 80.7% of the residential real estate in the 78th St / 3rd Ave neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 99.7% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.
Of note is NeighborhoodScout's research finding that the 78th St / 3rd Ave neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the 78th St / 3rd Ave community truly stands out from the rest in this regard.
In addition, with a nice mix of college students, safety from crime, and decent walkability, the 78th St / 3rd Ave neighborhood rates highly as a college student friendly place to live, and one that college students and their parents may want to consider. NeighborhoodScout's analysis shows that it rates more highly for a good place for college students to live than 89.9% of the neighborhoods in NY. This often also means that the area has certain amenities and services geared towards college students, from undergraduates to graduate students. In addition to being an excellent choice for college students, this neighborhood is also a very good choice for urban sophisticates.
If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 29.8% of the 78th St / 3rd Ave neighborhood's commuters ride the train to and from work each day, which is more than we found in 98.4% of America's neighborhoods.
Most American households own a car or other vehicle. Many own two cars or perhaps three. In the United States, it is useful to have an automobile not only for commuting, but also for shopping and getting to other services one needs. But NeighborhoodScout's analysis revealed that households in the 78th St / 3rd Ave neighborhood have a highly unusual car ownership. 32.8% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.4% of U.S. neighborhoods.
Did you know that the 78th St / 3rd Ave neighborhood has more Arab and Greek ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 8.9% of this neighborhood's residents have Arab ancestry and 4.4% have Greek ancestry.
78th St / 3rd Ave is also pretty special linguistically. Significantly, 4.9% of its residents five years old and above primarily speak Greek at home. While this may seem like a small percentage, it is higher than 99.9% of the neighborhoods in America.
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. More residents of the 78th St / 3rd Ave neighborhood live here today that also were living in this same neighborhood five years ago than is found in 97.0% of U.S. neighborhoods. This neighborhood is really made up of people who know each other, don't move often, and have lived here in this very neighborhood for quite a while.
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 78th St / 3rd Ave neighborhood in Brooklyn are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 70.6% of the neighborhoods in America. In addition, 0.0% 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 100.0% of America'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 78th St / 3rd Ave neighborhood, 61.2% 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 19.4% of the residents employed. Other residents here are employed in government jobs, whether they are in local, state, or federal positions (12.0%), and 9.9% 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 78th St / 3rd Ave neighborhood is English, spoken by 60.4% of households. Other important languages spoken here include Arabic, Spanish, Greek and French.
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 78th St / 3rd Ave neighborhood in Brooklyn, NY, residents most commonly identify their ethnicity or ancestry as Irish (24.3%). There are also a number of people of Italian ancestry (19.5%), and residents who report Puerto Rican roots (10.9%), and some of the residents are also of Arab ancestry (8.9%), along with some Asian ancestry residents (8.7%), among others. In addition, 27.7% 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 78th St / 3rd Ave neighborhood spend between 45 minutes and one hour commuting one-way to work (46.6% of working residents), longer and tougher than most commutes in America.
Here most residents (29.8%) take the train to get to work. In addition, quite a number also drive alone in a private automobile to get to work (27.3%) and 8.9% of residents also ride the bus for their daily commute. This neighborhood is distinguished by the high number of residents who take the train to work each day, which can be a very good way to get to work at a lower cost and with less pollution.
