62nd St / 5th Ave median real estate price is $1,870,645, which is more expensive than 91.6% of the neighborhoods in New York and 97.4% of the neighborhoods in the U.S.
The average rental price in 62nd St / 5th Ave is currently $3,452, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 61.3% of the neighborhoods in New York.
62nd St / 5th Ave is a densely urban neighborhood (based on population density) located in Brooklyn, New York.
62nd St / 5th 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 renter occupied. Many of the residences in the 62nd St / 5th 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 1970 and 1999.
Real estate vacancies in 62nd St / 5th Ave are 5.7%, which is lower than one will find in 61.6% of American neighborhoods. Demand for real estate in 62nd St / 5th Ave 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.
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 Brooklyn, the 62nd St / 5th Ave 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 62nd St / 5th Ave neighborhood buck this trend. 68.0% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 99.5% of U.S. neighborhoods.
Real Estate
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 78,714 people per square mile, it is more densely populated than 99.3% of America's neighborhoods. Even if you drive or take transit to your place of employment, many people enjoy being able to walk in their neighborhood. What many people don't realize is that most of America's premier vacation locations are also very walkable. The 62nd St / 5th Ave neighborhood is among the top 5% of American neighborhoods in terms of walkability.
In addition, corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate of neighborhoods dominated by small 2, 3, and 4 unit apartment buildings. Many are in older core neighborhoods of Eastern and Midwestern cities, or historic town centers in their hinterlands. If you wax romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist at the corner, then you might find the 62nd St / 5th Ave neighborhood worth a close look. This neighborhood is an absolutely outstanding example of the dominance of small 2, 3, and 4 unit apartment buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood's real estate stock. In fact, no less than 42.7% of the real estate here is made up of such dwellings, which is higher than 97.5% of all U.S. neighborhoods.
Furthermore, 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 62nd St / 5th Ave neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 56.5% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 95.6% of the neighborhoods in the United States.
Modes of Transportation
If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 47.7% of the 62nd St / 5th Ave neighborhood's commuters ride the train to and from work each day, which is more than we found in 99.3% of America's neighborhoods.
Also, more people in 62nd St / 5th Ave choose to walk to work each day (19.2%) 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.
Finally, if your dream is to be able to ride your bike to work each day, look no further than this unique neighborhood. With 4.4% of residents in the 62nd St / 5th Ave neighborhood commuting on a bicycle to and from work daily, this neighborhood has more bicycle commuters than 97.7% of all neighborhoods in the U.S., according to NeighborhoodScout's exclusive analysis.
Length of Commute
Whether walking, biking, riding, or driving, the length of one's commute is an important factor for one's quality of life. The 62nd St / 5th Ave neighborhood stands out for its commute length, according to NeighborhoodScout's analysis. Long commutes can be brutal. They take time, money, and energy, leaving less of you for yourself and your family. The residents of the 62nd St / 5th Ave neighborhood unfortunately have the distinction of having, on average, a longer commute than most any neighborhood in America. 10.7% of commuters here travel more than one hour just one-way to work. That is more than two hours per day. This percentage with two-hour + round-trip commutes is higher than NeighborhoodScout found in 96.2% of all neighborhoods in America.
Migration / Stability
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. What is interesting to note, is that the 62nd St / 5th Ave neighborhood has a greater percentage of residents born in another country (59.4%) than are found in 99.2% of all U.S. neighborhoods.
Diversity
Did you know that the 62nd St / 5th Ave neighborhood has more Dominican and Asian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 13.0% of this neighborhood's residents have Dominican ancestry and 46.8% have Asian ancestry.
62nd St / 5th Ave is also pretty special linguistically. Significantly, 38.4% of its residents five years old and above primarily speak Chinese at home. While this may seem like a small percentage, it is higher than 99.8% of the neighborhoods in America.
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 62nd St / 5th Ave neighborhood in Brooklyn are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 74.6% of U.S. neighborhoods. With 29.2% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 80.3% 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 62nd St / 5th Ave neighborhood, 34.7% 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 28.7% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (21.5%), and 15.2% 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 62nd St / 5th Ave neighborhood is Spanish, spoken by 40.1% of households. Other important languages spoken here include Chinese and English.
Ethnicity / Ancestry
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 62nd St / 5th Ave neighborhood in Brooklyn, NY, residents most commonly identify their ethnicity or ancestry as Asian (46.8%). There are also a number of people of Mexican ancestry (17.4%), and residents who report Dominican roots (13.0%), and some of the residents are also of Puerto Rican ancestry (5.3%), along with some South American ancestry residents (4.7%), among others. In addition, 59.4% 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 62nd St / 5th Ave neighborhood spend between 45 minutes and one hour commuting one-way to work (37.4% of working residents), longer and tougher than most commutes in America.
Here most residents (47.7%) 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 (19.2%) and 8.1% 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.
