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Real Estate Prices & Overview

16th St / 5th Ave median real estate price is $2,901,282, which is more expensive than 94.5% of the neighborhoods in New York and 98.6% of the neighborhoods in the U.S.

The average rental price in 16th St / 5th Ave is currently $4,616, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 88.3% of the neighborhoods in New York.

16th St / 5th Ave is a densely urban neighborhood (based on population density) located in Brooklyn, New York.

16th 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 occupied by a mixture of owners and renters. Many of the residences in the 16th 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 2000 and the present.

Vacant apartments or homes are a major fact of life in 16th St / 5th Ave. The current real estate vacancy rate here is 17.8%. This is higher than the rate of vacancies in 82.5% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.

Notable & Unique Neighborhood Characteristics

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.

People

Of note is NeighborhoodScout's research finding that the 16th St / 5th 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 16th St / 5th Ave community truly stands out from the rest in this regard.

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 16th St / 5th Ave neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 98.7% 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 16th St / 5th Ave neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for highly educated executives.

Modes of Transportation

If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 73.3% of the 16th St / 5th Ave neighborhood's commuters ride the train to and from work each day, which is more than we found in 100.0% of America's neighborhoods.

Occupations

Executives, managers and professionals make up 84.3% of the workforce in the 16th St / 5th Ave neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 99.7% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.

Real Estate

The 16th St / 5th Ave neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 53,690 persons per square mile in the neighborhood, it is more packed with people than 98.6% 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 16th St / 5th Ave neighborhood is among the top 5% of American neighborhoods in terms of walkability.

Car Ownership

American households most often have a car, and regularly they have two or three. But households in the 16th St / 5th Ave neighborhood buck this trend. 44.6% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.4% of U.S. neighborhoods.

Diversity

Did you know that the 16th St / 5th Ave neighborhood has more Eastern European and Russian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.3% of this neighborhood's residents have Eastern European ancestry and 5.6% have Russian ancestry.

16th St / 5th Ave is also pretty special linguistically. Significantly, 2.7% of its residents five years old and above primarily speak Russian at home. While this may seem like a small percentage, it is higher than 99.2% of the neighborhoods in America.

The Neighbors

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 16th St / 5th Ave neighborhood in Brooklyn 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 94.3% 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 16th St / 5th Ave neighborhood, 84.3% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 9.1% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (4.8%).

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 16th St / 5th Ave neighborhood is English, spoken by 58.8% of households. Other important languages spoken here include Spanish, Chinese, German/Yiddish and Portuguese.

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 16th St / 5th Ave neighborhood in Brooklyn, NY, residents most commonly identify their ethnicity or ancestry as Asian (18.8%). There are also a number of people of Polish ancestry (11.6%), and residents who report Italian roots (9.7%), and some of the residents are also of Irish ancestry (7.4%), along with some German ancestry residents (6.6%), among others. In addition, 40.2% of the residents of this neighborhood were born in another country.

Getting to Work

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 16th St / 5th Ave neighborhood spend between 45 minutes and one hour commuting one-way to work (57.0% of working residents), longer and tougher than most commutes in America.

Here most residents (73.3%) take the train to get to work. 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.


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