Koreatown median real estate price is $880,635, which is more expensive than 52.3% of the neighborhoods in California and 87.7% of the neighborhoods in the U.S.
The average rental price in Koreatown is currently $3,009, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 56.8% of California neighborhoods.
Koreatown is a densely urban neighborhood (based on population density) located in Los Angeles, California.
Koreatown 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 renter occupied. Many of the residences in the Koreatown 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.
Vacant apartments or homes are a major fact of life in Koreatown. The current real estate vacancy rate here is 18.8%. This is higher than the rate of vacancies in 85.1% 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.
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.
Real Estate
The Koreatown 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 97.5% 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.
In addition, the Koreatown neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 58,657 persons per square mile in the neighborhood, it is more packed with people than 98.8% 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 Koreatown neighborhood is one of the most walkable neighborhoods in America.
Furthermore, 96.6% of the real estate in the Koreatown neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.
Also of note, the real estate in the Koreatown 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, 90.2% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 98.2% of American neighborhoods.
Modes of Transportation
Our research revealed that more commuters here take the bus to work (27.2% ride the bus) than 99.5% 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.
Occupations
From major sales accounts to fast-food workers, sales and service employees are often the backbone of the local economy. In the Koreatown neighborhood, they truly stand out. NeighborhoodScout's exclusive analysis identifies this neighborhood as having a higher percentage of sales and service workers than 98.3% of all American 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 Koreatown neighborhood have a highly unusual car ownership. 23.8% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 96.2% of U.S. neighborhoods.
Migration / Stability
Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. What is interesting to note, is that the Koreatown neighborhood has a greater percentage of residents born in another country (63.9%) than are found in 99.5% of all U.S. neighborhoods.
Diversity
Did you know that the Koreatown neighborhood has more Asian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 30.7% of this neighborhood's residents have Asian ancestry.
Koreatown is also pretty special linguistically. Significantly, 20.7% of its residents five years old and above primarily speak Korean at home. While this may seem like a small percentage, it is higher than 99.9% of the neighborhoods in America.
There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.
The neighbors in the Koreatown neighborhood in Los Angeles are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 80.7% of U.S. neighborhoods. In addition, 5.8% 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 62.0% 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 Koreatown neighborhood, 44.0% 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 executive, management, and professional occupations, with 25.0% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (22.6%), and 8.4% in clerical, assistant, and tech support 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 Koreatown neighborhood is Spanish, spoken by 51.4% of households. Other important languages spoken here include Korean, English and Tagalog (the first language of the Philippine region).
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 Koreatown neighborhood in Los Angeles, CA, residents most commonly identify their ethnicity or ancestry as Asian (30.7%). There are also a number of people of Mexican ancestry (27.0%), and residents who report English roots (3.4%), and some of the residents are also of Polish ancestry (1.9%), along with some German ancestry residents (1.4%), among others. In addition, 63.9% 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 Koreatown neighborhood spend between 30 and 45 minutes commuting one-way to work (49.5% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (57.3%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (27.2%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
