Prospect Park South median real estate price is $1,099,999, which is more expensive than 78.2% of the neighborhoods in New York and 92.5% of the neighborhoods in the U.S.
The average rental price in Prospect Park South is currently $5,644, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 93.8% of the neighborhoods in New York.
Prospect Park South is a densely urban neighborhood (based on population density) located in Brooklyn, New York.
Prospect Park South 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 Prospect Park South 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.
In Prospect Park South, the current vacancy rate is 2.8%, which is a lower rate of vacancies than 81.6% of all neighborhoods in the U.S. This means that the housing supply in Prospect Park South is very tight compared to the demand for property here.
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.
Modes of Transportation
If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 45.3% of the Prospect Park South neighborhood's commuters ride the train to and from work each day, which is more than we found in 99.1% of America's neighborhoods.
Real Estate
The Prospect Park South neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 53,543 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 Prospect Park South neighborhood is among the top 5% of American neighborhoods in terms of walkability.
In addition, the real estate in the Prospect Park South neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 89.6% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 98.1% of American neighborhoods.
Furthermore, the Prospect Park South 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 86.7% 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.
Car Ownership
We Americans love our cars. Not only are they a necessity for most Americans due to the shape of our neighborhoods and the distances between where we live, work, shop, and go to school, but we also fancy them. As a result, most households in America have one, two, or three cars. But NeighborhoodScout's exclusive analysis shows that the Prospect Park South neighborhood has a highly unusual pattern of car ownership. 38.7% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.0% of U.S. neighborhoods.
Length of Commute
Whether walking, biking, riding, or driving, the length of one's commute is an important factor for one's quality of life. The Prospect Park South neighborhood stands out for its commute length, according to NeighborhoodScout's analysis. Long commutes can be brutal. They take time, money, and energy, leaving less of you for yourself and your family. The residents of the Prospect Park South neighborhood unfortunately have the distinction of having, on average, a longer commute than most any neighborhood in America. 12.0% 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 97.1% of all neighborhoods in America.
Occupations
The Prospect Park South neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 96.4% of the neighborhoods in America. In fact, 71.9% 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.
People
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 Prospect Park South neighborhood: a neighborhood in which more "urban sophisticates" live than 95.7% 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, 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 36.1% 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 95.5% 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.
Diversity
Did you know that the Prospect Park South neighborhood has more Russian and Lithuanian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 6.8% of this neighborhood's residents have Russian ancestry and 1.5% have Lithuanian ancestry.
Prospect Park South is also pretty special linguistically. Significantly, 2.4% 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 98.9% 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 Prospect Park South 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 91.8% of the neighborhoods in America. With 11.1% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 51.9% 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 Prospect Park South neighborhood, 71.9% 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 11.5% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (10.9%), and 5.8% in manufacturing and laborer 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 Prospect Park South neighborhood is English, spoken by 67.2% of households. Other important languages spoken here include Spanish, Polish, Langs. of India 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 Prospect Park South neighborhood in Brooklyn, NY, residents most commonly identify their ethnicity or ancestry as Asian (15.9%). There are also a number of people of Irish ancestry (12.8%), and residents who report German roots (11.0%), and some of the residents are also of Russian ancestry (6.8%), along with some Italian ancestry residents (6.3%), among others. In addition, 27.0% 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 Prospect Park South neighborhood spend between 45 minutes and one hour commuting one-way to work (42.8% of working residents), longer and tougher than most commutes in America.
Here most residents (45.3%) take the train to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (10.7%) and 7.6% 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.
