Koreatown median real estate price is $2,563,116, which is more expensive than 96.7% of the neighborhoods in New York and 99.1% of the neighborhoods in the U.S.
The average rental price in Koreatown is currently $4,991, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 88.5% of the neighborhoods in New York.
Koreatown is a densely urban neighborhood (based on population density) located in New York, New York.
Koreatown 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 renter occupied. Many of the residences in the Koreatown 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 2000 and the present.
Koreatown has a 13.7% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 74.7% of American neighborhoods). A relatively large percentage of housing here is seasonally occupied (7.0%), which can occur in some markets dominated by colleges or vacation homes. If you live here year round, you will find many of the homes or apartments are empty for all or a portion of the year.
Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in New York, the Koreatown neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Car Ownership
American households most often have a car, and regularly they have two or three. But households in the Koreatown neighborhood buck this trend. 89.0% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 100.0% of U.S. neighborhoods.
Real Estate
One of the really unique and interesting things about the look and setting of the Koreatown neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 96.7% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 99.3% of all neighborhoods in America.
In addition, the Koreatown neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 43,411 persons per square mile in the neighborhood, it is more packed with people than 98.1% 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 Koreatown neighborhood is one of the most walkable neighborhoods in America.
Furthermore, the Koreatown 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 84.2% 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.
Also of note, 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 60.0% of the residential real estate in the Koreatown neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 96.5% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.
Modes of Transportation
More people in Koreatown choose to walk to work each day (28.6%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.
Also, if you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 39.7% of the Koreatown neighborhood's commuters ride the train to and from work each day, which is more than we found in 98.8% of America's neighborhoods.
People
Koreatown has the amazing distinction of housing more same sex couples living together than 98.1% of neighborhoods in the U.S. If you are seeking such a neighborhood, NeighborhoodScout's analysis shows that this is one place that you should consider.
In addition, think about the people you know personally. How many of them would purchase box seats to opening night at the symphony? How many of them regularly attend gallery openings, or are the first to reserve tickets to opening night at the ballet? If they're like most of us, they don't do any of these things. But if you're among an exclusive crowd of wealthy and refined patrons of the arts, then you'll feel right at home in the Koreatown neighborhood: a neighborhood in which more "urban sophisticates" live than 97.3% of neighborhoods across the U.S. Here, your neighbors are defined as having urbane tastes in literature, music, live theatre and the arts. They are wealthy, educated, travel in style, and live a big city lifestyle whether or not they live in or near a big city. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for young, single professionals and highly educated executives.
Also, 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 75.4% of the adults living in the Koreatown neighborhood have earned at least a bachelor's degree. This is a higher rate than NeighborhoodScout found in 96.2% of U.S. neighborhoods. In this way, this neighborhood truly stands out.
Diversity
Did you know that the Koreatown neighborhood has more Lebanese and Austrian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.5% of this neighborhood's residents have Lebanese ancestry and 2.0% have Austrian ancestry.
Koreatown is also pretty special linguistically. Significantly, 4.5% 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 98.7% of the neighborhoods in America.
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 Koreatown neighborhood in New York 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 88.6% of the neighborhoods in America. With 11.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 53.2% 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 Koreatown neighborhood, 65.3% 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 23.8% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (10.3%).
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 Koreatown neighborhood is English, spoken by 56.0% of households. Other important languages spoken here include Chinese, Spanish, Langs. of India 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 Koreatown neighborhood in New York, NY, residents most commonly identify their ethnicity or ancestry as Asian (35.0%). There are also a number of people of Irish ancestry (6.1%), and residents who report Puerto Rican roots (5.0%), and some of the residents are also of German ancestry (4.0%), along with some Russian ancestry residents (3.3%), among others. In addition, 40.2% of the residents of this neighborhood were born in another country.
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 Koreatown neighborhood spend between 15 and 30 minutes commuting one-way to work (48.2% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (39.7%) take the train to get to work. In addition, quite a number also hop out the door and walk to work to get to work (28.6%) and 6.8% of residents also carpool with coworkers, friends, or neighbors 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.
