Lower East Side median real estate price is $1,335,814, which is more expensive than 85.7% of the neighborhoods in New York and 95.5% of the neighborhoods in the U.S.
The average rental price in Lower East Side is currently $2,709, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 59.6% of New York neighborhoods.
Lower East Side is a densely urban neighborhood (based on population density) located in New York, New York.
Lower East Side 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 owner occupied. Many of the residences in the Lower East Side neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.
Lower East Side has a 10.3% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 65.2% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.
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 Lower East Side neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Most neighborhoods have a mixture of ages of homes in them, from new to old, but this neighborhood stands out due to its concentration of residential real estate built in one time frame: from 1940 through 1969, generally considered older, well-established homes. This was a busy time in America for home construction. After the end of World War II, as GIs came home, bought newly built homes on the edges of cities with the help of the GI Bill, and began their families. This housing era generally coincides with the 'Baby Boom' generation (1945 - 1964), and many baby boomers grew up in homes built in this era. But what is so interesting about the Lower East Side neighborhood, is that an incredible 90.7% of the homes here were built in this era. So when you walk its streets or drive through, this neighborhood has a look and feel that harkens to that era in American life, a very important slice of Americana.
In addition, what you'll find when you visit or move to this neighborhood is one of the most crowded neighborhoods in all of America. With an incredible 98,137 people per square mile, it is more densely populated than 99.6% of America's neighborhoods.
Furthermore, one of the really unique and interesting things about the look and setting of the Lower East Side neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 94.7% 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 98.9% of all neighborhoods in America.
In the Lower East Side neighborhood, walking to work is a real option for many. In fact, NeighborhoodScout's exclusive research reveals walking to and from work is the chosen way to commute for 31.7% of residents here. This is a higher proportion of walking commuters than we found in 99.3% of American neighborhoods. Get ready to put on your walking shoes if you move here!
Also, if your dream is to be able to ride your bike to work each day, look no further than this unique neighborhood. With 6.9% of residents in the Lower East Side neighborhood commuting on a bicycle to and from work daily, this neighborhood has more bicycle commuters than 99.1% of all neighborhoods in the U.S., according to NeighborhoodScout's exclusive analysis.
Finally, if you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 28.5% of the Lower East Side neighborhood's commuters ride the train to and from work each day, which is more than we found in 98.3% of America's neighborhoods.
American households most often have a car, and regularly they have two or three. But households in the Lower East Side neighborhood buck this trend. 38.3% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.9% of U.S. neighborhoods.
Did you know that the Lower East Side neighborhood has more Eastern European and Russian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 7.1% of this neighborhood's residents have Eastern European ancestry and 4.7% have Russian ancestry.
Lower East Side is also pretty special linguistically. Significantly, 0.7% of its residents five years old and above primarily speak Japanese at home. While this may seem like a small percentage, it is higher than 96.2% 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 Lower East Side neighborhood in New York are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 74.2% of the neighborhoods in America. In addition, 4.3% 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 66.2% 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 Lower East Side neighborhood, 64.5% 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 17.6% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (12.1%), and 5.8% 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 Lower East Side neighborhood is English, spoken by 81.5% of households. Other important languages spoken here include Spanish and Chinese.
Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.
In the Lower East Side neighborhood in New York, NY, residents most commonly identify their ethnicity or ancestry as Irish (11.2%). There are also a number of people of German ancestry (9.4%), and residents who report Italian roots (7.8%), and some of the residents are also of Asian ancestry (7.7%), along with some English ancestry residents (7.2%), among others. In addition, 15.9% 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 Lower East Side neighborhood spend between 15 and 30 minutes commuting one-way to work (34.1% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (31.7%) hop out the door and walk to work to get to work. In addition, quite a number also take the train to get to work (28.5%) and 6.9% of residents also bicycle for their daily commute. This is a special neighborhood for the number of people who walk to work. Combining exercise, low cost, and reduced pollution, plus the chance to see your neighbors, walking to work is fairly uncommon in America but likely to increase as people try to reduce their dependence on automobiles, and this neighborhood offers that opportunity today.