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Real Estate Prices & Overview

3rd Ave / 55th St median real estate price is $543,933, which is more expensive than 28.6% of the neighborhoods in New York and 30.7% of the neighborhoods in the U.S.

The average rental price in 3rd Ave / 55th St is currently $3,000, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 51.0% of New York neighborhoods.

3rd Ave / 55th St is a densely urban neighborhood (based on population density) located in Brooklyn, New York.

3rd Ave / 55th St 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 3rd Ave / 55th St neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built before 1940.

Home and apartment vacancy rates are 6.8% in 3rd Ave / 55th St. NeighborhoodScout analysis shows that this rate is lower than 54.8% of the neighborhoods in the nation, approximately near the middle range for vacancies.

Notable & Unique Neighborhood Characteristics

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 3rd Ave / 55th St neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Modes of Transportation

If you like to ride a ferry to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 5.1% of the 3rd Ave / 55th St neighborhood's commuters ride a ferry to and from work each day, which is more than we found in 99.8% of America's neighborhoods.

Also, if you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 33.6% of the 3rd Ave / 55th St neighborhood's commuters ride the train to and from work each day, which is more than we found in 98.4% of America's neighborhoods.

Finally, more people in 3rd Ave / 55th St choose to walk to work each day (16.0%) 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.

Car Ownership

American households most often have a car, and regularly they have two or three. But households in the 3rd Ave / 55th St neighborhood buck this trend. 43.4% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.4% of U.S. neighborhoods.

Real Estate

The 3rd Ave / 55th St neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 34,952 persons per square mile in the neighborhood, it is more packed with people than 97.5% 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 3rd Ave / 55th St neighborhood is among the top 5% of American neighborhoods in terms of walkability.

Diversity

Did you know that the 3rd Ave / 55th St neighborhood has more Arab and Dominican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 9.5% of this neighborhood's residents have Arab ancestry and 13.4% have Dominican ancestry.

3rd Ave / 55th St is also pretty special linguistically. Significantly, 5.7% of its residents five years old and above primarily speak Arabic at home. While this may seem like a small percentage, it is higher than 98.8% of the neighborhoods in America.

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 3rd Ave / 55th St neighborhood has a greater percentage of residents born in another country (46.6%) than are found in 96.7% 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 3rd Ave / 55th St 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 89.8% of U.S. neighborhoods. With 37.9% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 87.7% of U.S. neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the 3rd Ave / 55th St neighborhood, 39.7% 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 24.1% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (19.9%), and 16.3% 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 3rd Ave / 55th St neighborhood is Spanish, spoken by 54.8% of households. Other important languages spoken here include English, Chinese and Arabic.

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the 3rd Ave / 55th St neighborhood in Brooklyn, NY, residents most commonly identify their ethnicity or ancestry as Mexican (16.2%). There are also a number of people of Puerto Rican ancestry (15.4%), and residents who report Dominican roots (13.4%), and some of the residents are also of Arab ancestry (9.5%), along with some South American ancestry residents (9.1%), among others. In addition, 46.6% 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 3rd Ave / 55th St neighborhood spend between 45 minutes and one hour commuting one-way to work (30.1% of working residents), longer and tougher than most commutes in America.

Here most residents (33.6%) take the train to get to work. In addition, quite a number also drive alone in a private automobile to get to work (17.8%) and 16.0% of residents also hop out the door and walk to work 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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