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Real Estate Prices & Overview

55th St / 7th Ave median real estate price is $1,334,350, which is more expensive than 88.3% of the neighborhoods in New York and 96.4% of the neighborhoods in the U.S.

The average rental price in 55th St / 7th Ave is currently $2,698, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 55.0% of New York neighborhoods.

55th St / 7th Ave is a densely urban neighborhood (based on population density) located in Brooklyn, New York.

55th St / 7th Ave real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and apartment complexes/high-rise apartments. Most of the residential real estate is renter occupied. Many of the residences in the 55th St / 7th 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.

55th St / 7th Ave has a 13.3% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 73.4% 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.

Notable & Unique Neighborhood Characteristics

When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.

Car Ownership

American households most often have a car, and regularly they have two or three. But households in the 55th St / 7th Ave neighborhood buck this trend. 78.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 99.8% 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 104,274 people per square mile, it is more densely populated than 99.7% 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 55th St / 7th Ave neighborhood is among the top 5% of American neighborhoods in terms of walkability.

In addition, three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The 55th St / 7th Ave neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 58.0% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 99.1% of America's neighborhoods.

Furthermore, renter-occupied real estate is dominant in the 55th St / 7th Ave neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 87.1%, which is higher than 96.0% of the neighborhoods in America. If you were to buy and live in the property you bought here, you would be almost alone in doing so.

Modes of Transportation

Our research revealed that more commuters here take the bus to work (21.5% ride the bus) than 98.9% of all American neighborhoods. If you like the idea of leaving your car and home and hopping the bus to work, this might be a good neighborhood for you to consider.

Also, if you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 29.1% of the 55th St / 7th Ave neighborhood's commuters ride the train to and from work each day, which is more than we found in 98.1% of America's neighborhoods.

Finally, more people in 55th St / 7th Ave choose to walk to work each day (17.8%) 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.

Length of Commute

Regardless of the means by which residents commute, this neighborhood has a length of commute that is notable. Long commutes can be brutal. They take time, money, and energy, leaving less of you for yourself and your family. The residents of the 55th St / 7th Ave neighborhood unfortunately have the distinction of having, on average, a longer commute than most any neighborhood in America. 14.8% 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 98.5% of all neighborhoods in America.

Diversity

Did you know that the 55th St / 7th Ave neighborhood has more Asian and Native American ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 75.9% of this neighborhood's residents have Asian ancestry and 12.4% have Native American ancestry.

55th St / 7th Ave is also pretty special linguistically. Significantly, 64.8% of its residents five years old and above primarily speak Chinese at home. This is a higher percentage than 100.0% of all U.S. neighborhoods.

Migration / Stability

Some neighborhoods have more internal cohesiveness than others. While other neighborhoods feel like a collection of strangers who just happen to live near each other. Sometimes this comes down to not only the personalities of the people in a place, but how long people have been together in that neighborhood. NeighborhoodScout's research has revealed some interesting things about the rootedness of people in the 55th St / 7th Ave neighborhood. What is interesting to note, is that the 55th St / 7th Ave neighborhood has a greater percentage of residents born in another country (59.4%) than are found in 99.1% of all U.S. neighborhoods.

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 55th St / 7th Ave neighborhood in Brooklyn are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 87.1% of U.S. neighborhoods. With 43.9% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 91.3% 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 55th St / 7th Ave neighborhood, 37.0% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 25.9% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (20.9%), and 16.1% in executive, management, and professional 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 55th St / 7th Ave neighborhood is Chinese, spoken by 64.8% of households. Other important languages spoken here include English, Spanish and Vietnamese.

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 55th St / 7th Ave neighborhood in Brooklyn, NY, residents most commonly identify their ethnicity or ancestry as Asian (75.9%). There are also a number of people of Native American ancestry (12.4%), and residents who report Mexican roots (6.9%), and some of the residents are also of Dominican ancestry (2.1%), along with some Puerto Rican ancestry residents (1.3%), among others. In addition, 59.4% 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 55th St / 7th Ave neighborhood spend between 45 minutes and one hour commuting one-way to work (43.4% of working residents), longer and tougher than most commutes in America.

Here most residents (29.1%) take the train to get to work. In addition, quite a number also ride the bus to get to work (21.5%) and 20.6% of residents also drive alone in a private automobile 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.


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