Monroe St / Franklin Ave median real estate price is $2,352,231, which is more expensive than 95.3% of the neighborhoods in New York and 98.7% of the neighborhoods in the U.S.
The average rental price in Monroe St / Franklin Ave is currently $5,284, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 91.4% of the neighborhoods in New York.
Monroe St / Franklin Ave is a densely urban neighborhood (based on population density) located in Brooklyn, New York.
Monroe St / Franklin Ave real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and apartment complexes/high-rise apartments. Most of the residential real estate is renter occupied. Many of the residences in the Monroe St / Franklin 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.
Monroe St / Franklin Ave has a 13.0% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 72.6% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are 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 Monroe St / Franklin Ave neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Real Estate
The Monroe St / Franklin Ave neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 59,128 persons per square mile in the neighborhood, it is more packed with people than 98.8% 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 Monroe St / Franklin Ave neighborhood is among the top 5% of American neighborhoods in terms of walkability.
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 Monroe St / Franklin 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 55.2% of the real estate here is made up of such dwellings, which is higher than 98.9% of all U.S. neighborhoods.
Furthermore, 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 Monroe St / Franklin Ave neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 64.3% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 97.5% of the neighborhoods in the United States.
Modes of Transportation
If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 47.0% of the Monroe St / Franklin Ave neighborhood's commuters ride the train to and from work each day, which is more than we found in 99.2% of America's neighborhoods.
Also, in the Monroe St / Franklin Ave neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 30.9% of residents worked from home. This may not seem like a large number, but Scout's research shows that this is a higher percentage of people working from home than 97.3% of the neighborhoods in America. Often people who work from home are engaged in the creative or technological economy, such as is found in areas around Boston, and in Silicon Valley. Other times, people may be engaged in other businesses like trading stocks from home, or running a small beauty salon.
Car Ownership
American households most often have a car, and regularly they have two or three. But households in the Monroe St / Franklin Ave neighborhood buck this trend. 59.3% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 99.2% of U.S. neighborhoods.
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 Monroe St / Franklin Ave neighborhood: a neighborhood in which more "urban sophisticates" live than 97.8% 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 and young, single professionals.
In addition, the rate of college educated adults in the Monroe St / Franklin Ave neighborhood is a unique characteristic of the neighborhood. 73.2% of adults here have received at least a 4-year bachelor's degree, compared to the average neighborhood in America, which has 34.3% of the adults with a bachelor's degree. The rate here is higher than NeighborhoodScout found in 95.3% of all U.S. neighborhoods.
Occupations
Executives, managers and professionals make up 70.0% of the workforce in the Monroe St / Franklin Ave neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 95.4% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.
Diversity
Did you know that the Monroe St / Franklin Ave neighborhood has more Haitian and Greek ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.9% of this neighborhood's residents have Haitian ancestry and 2.1% have Greek ancestry.
Migration / Stability
The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. In the Monroe St / Franklin Ave neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 95.0% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.
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 Monroe St / Franklin 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 86.9% of the neighborhoods in America. In addition, 5.9% 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 61.8% of America'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 Monroe St / Franklin Ave neighborhood, 70.0% 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 17.0% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (8.8%), and 4.2% 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 Monroe St / Franklin Ave neighborhood is English, spoken by 84.0% of households. Other important languages spoken here include Spanish and Polish.
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 Monroe St / Franklin Ave neighborhood in Brooklyn, NY, residents most commonly identify their ethnicity or ancestry as Italian (7.9%). There are also a number of people of Irish ancestry (7.9%), and residents who report Haitian roots (4.9%), and some of the residents are also of English ancestry (4.6%), along with some German ancestry residents (4.4%), among others. In addition, 15.7% 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 Monroe St / Franklin Ave neighborhood spend between 30 and 45 minutes commuting one-way to work (38.7% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (47.0%) take the train to get to work. In addition, quite a number also drive alone in a private automobile to get to work (7.4%) and 6.6% 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.
