16th St / 5th Ave median real estate price is $2,694,210, which is more expensive than 94.8% of the neighborhoods in New York and 98.5% of the neighborhoods in the U.S.
The average rental price in 16th St / 5th Ave is currently $4,531, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 83.4% 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 large (four, five or more 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 20.9%. This is higher than the rate of vacancies in 88.0% 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.
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 16th St / 5th Ave neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
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, 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 16th St / 5th Ave neighborhood: a neighborhood in which more "urban sophisticates" live than 98.3% 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.
Modes of Transportation
If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 67.5% 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.
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. Being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, American's enjoy taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and take in the sights and sounds. And, according to NeighborhoodScout's exclusive and first quantitative walkable score index, the 16th St / 5th Ave neighborhood is one of the most walkable neighborhoods in America.
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 16th 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 33.7% of the real estate here is made up of such dwellings, which is higher than 95.7% of all U.S. neighborhoods.
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 16th St / 5th Ave neighborhood have a highly unusual car ownership. 52.2% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.8% of U.S. neighborhoods.
Occupations
The 16th St / 5th Ave neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 98.7% of the neighborhoods in America. In fact, 78.1% 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 16th St / 5th Ave neighborhood has more Austrian and Polish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.7% of this neighborhood's residents have Austrian ancestry and 12.3% have Polish 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.
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 88.7% 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, 78.1% 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 10.5% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (9.4%).
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 54.2% of households. Other important languages spoken here include Spanish, German/Yiddish, Portuguese and Russian.
Ethnicity / Ancestry
Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.
In the 16th St / 5th Ave neighborhood in Brooklyn, NY, residents most commonly identify their ethnicity or ancestry as Asian (13.9%). There are also a number of people of Italian ancestry (13.7%), and residents who report Polish roots (12.3%), and some of the residents are also of English ancestry (9.4%), along with some Irish ancestry residents (8.3%), among others. In addition, 37.6% 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 16th St / 5th Ave neighborhood spend between 45 minutes and one hour commuting one-way to work (42.4% of working residents), longer and tougher than most commutes in America.
Here most residents (67.5%) 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 (5.4%) . 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.
