E 62nd St / Madison Ave median real estate price is $3,451,195, which is more expensive than 98.6% of the neighborhoods in New York and 99.6% of the neighborhoods in the U.S.
The average rental price in E 62nd St / Madison Ave is currently $6,547, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 99.0% of the neighborhoods in New York.
E 62nd St / Madison Ave is a densely urban neighborhood (based on population density) located in New York, New York.
E 62nd St / Madison 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 E 62nd St / Madison 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 1940 and 1969.
Vacant apartments or homes are a major fact of life in E 62nd St / Madison Ave. The current real estate vacancy rate here is 57.8%. This is higher than the rate of vacancies in 99.2% of all U.S. neighborhoods. A relatively large percentage of housing here is seasonally occupied (38.7%). This can occur in vacation areas, and occasionally it is also found in neighborhoods that are primarily filled with college students, as some apartments could be vacant when school is not in session. If you live here year round, you may find that a number of buildings in your neighborhood are actually empty.
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.
People
If you come to know the people here, you will recognize that you're in the company of one of the wealthiest communities in the nation. In fact, a mere 0.5% of America's neighborhoods are wealthier than the E 62nd St / Madison Ave neighborhood. Real estate here is exceedingly well-maintained, and similarly, tends to maintain its value over time. The cars driven are mostly luxury brands like Mercedes, Audi, BMW, and Lexus. If the public schools aren't up to snuff, the residents of this neighborhood preferentially send their children to private preparatory schools. Vacation to Disney? Yes, but equally popular are summers in Europe. As one would expect in a considerably wealthy neighborhood such as this, E 62nd St / Madison Ave also has one of the lowest ratings of child poverty in the nation.
In addition, think about the people you know personally. How many of them would purchase box seats to opening night at the symphony? How many of them regularly attend gallery openings, or are the first to reserve tickets to opening night at the ballet? If they're like most of us, they don't do any of these things. But if you're among an exclusive crowd of wealthy and refined patrons of the arts, then you'll feel right at home in the E 62nd St / Madison Ave neighborhood: a neighborhood in which more "urban sophisticates" live than 99.6% of neighborhoods across the U.S. Here, your neighbors are defined as having urbane tastes in literature, music, live theatre and the arts. They are wealthy, educated, travel in style, and live a big city lifestyle whether or not they live in or near a big city. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for highly educated executives.
Also, some neighborhoods have residents that are more educated than others. But in this neighborhood there is a dramatic difference. NeighborhoodScout's exclusive analysis reveals that 53.5% of the adults here have earned a Masters degree, medical degree, Ph.D. or law degree. This is a higher rate of people with a graduate degree than is found in 99.5% of U.S. neighborhoods, where the average American neighborhood has 13.4% of its adults with a graduate degree. If you are highly educated, you may have much in common with many of your neighbors here.
Modes of Transportation
In the E 62nd St / Madison Ave 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 49.6% of residents here. This is a higher proportion of walking commuters than we found in 99.8% of American neighborhoods. Get ready to put on your walking shoes if you move here!
Also, in the E 62nd St / Madison Ave neighborhood, 13.0% 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 96.0% of the neighborhoods in America.
Car Ownership
American households most often have a car, and regularly they have two or three. But households in the E 62nd St / Madison Ave neighborhood buck this trend. 64.9% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 99.4% of U.S. neighborhoods.
Real Estate
Despite all of the residential real estate here in the E 62nd St / Madison Ave neighborhood, NeighborhoodScout has discovered that much of it is vacant. In resort or second-home vacation areas, this naturally occurs because homes and apartments are seasonally occupied, and empty for a portion of the year. In non-vacation or resort areas, however, this can be an indicator of property abandonment or a weak real estate market. The vacancy rate here is 57.8%, which is higher than 99.2% of all U.S. neighborhoods.
In addition, the E 62nd St / Madison Ave neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 35,784 persons per square mile in the neighborhood, it is more packed with people than 97.6% 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 E 62nd St / Madison Ave neighborhood is among the top 5% of American neighborhoods in terms of walkability.
Furthermore, one of the really unique and interesting things about the look and setting of the E 62nd St / Madison Ave neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 90.1% 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 98.2% of all neighborhoods in America.
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 E 62nd St / Madison Ave neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 55.5% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 95.3% of the neighborhoods in the United States.
Occupations
The E 62nd St / Madison Ave neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 99.1% of the neighborhoods in America. In fact, 80.3% of the employed people here make a living as an executive, a manager, or other professional. With such a high concentration, this truly shapes the character of this neighborhood, and to a large degree defines what this neighborhood is about.
Diversity
Did you know that the E 62nd St / Madison Ave neighborhood has more Slovak and Greek ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 7.3% of this neighborhood's residents have Slovak ancestry and 6.3% have Greek ancestry.
E 62nd St / Madison Ave is also pretty special linguistically. Significantly, 4.5% of its residents five years old and above primarily speak Portuguese at home. While this may seem like a small percentage, it is higher than 99.1% 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 E 62nd St / Madison Ave 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 99.5% 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.
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 E 62nd St / Madison Ave neighborhood, 80.3% 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 18.0% of the residents employed.
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 E 62nd St / Madison Ave neighborhood is English, spoken by 82.2% of households. Other important languages spoken here include Chinese 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 E 62nd St / Madison Ave neighborhood in New York, NY, residents most commonly identify their ethnicity or ancestry as Irish (17.9%). There are also a number of people of Asian ancestry (12.1%), and residents who report English roots (10.5%), and some of the residents are also of German ancestry (8.0%), along with some Italian ancestry residents (7.8%), among others. In addition, 24.1% 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 E 62nd St / Madison Ave neighborhood spend between 15 and 30 minutes commuting one-way to work (41.7% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (49.6%) 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 (13.0%) and 7.9% of residents also carpool with coworkers, friends, or neighbors 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.
