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
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 Koreatown neighborhood have a highly unusual car ownership. 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. 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 Koreatown neighborhood is among the top 5% of American neighborhoods in terms of walkability.
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, 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 Koreatown neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 60.0% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 96.5% of the neighborhoods in the United States.
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, in the Koreatown neighborhood, 39.7% of people ride the train to work each day. This is a very high percentage compared to most places. In fact, NeighborhoodScout's analysis reveals that this is a higher level of train ridership than in 98.8% of the neighborhoods in America.
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, if you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the Koreatown neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 97.3% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the Koreatown neighborhood. 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, the rate of college educated adults in the Koreatown neighborhood is a unique characteristic of the neighborhood. 75.4% of adults here have received at least a 4-year bachelor's degree, compared to the average neighborhood in America, which has 34.3% of the adults with a bachelor's degree. The rate here is higher than NeighborhoodScout found in 96.2% of all U.S. neighborhoods.
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.
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 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.
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 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.
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 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.
