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Real Estate Prices & Overview

Prospect Heights median real estate price is $1,918,749, which is more expensive than 87.5% of the neighborhoods in New York and 95.8% of the neighborhoods in the U.S.

The average rental price in Prospect Heights is currently $5,045, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 91.6% of the neighborhoods in New York.

Prospect Heights is a densely urban neighborhood (based on population density) located in Brooklyn, New York.

Prospect Heights 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 Prospect Heights 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.

In Prospect Heights, the current vacancy rate is 1.5%, which is a lower rate of vacancies than 89.4% of all neighborhoods in the U.S. This means that the housing supply in Prospect Heights is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

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.

People

Of note is NeighborhoodScout's research finding that the Prospect Heights 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 Prospect Heights community truly stands out from the rest in this regard.

In addition, if you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the Prospect Heights neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 99.2% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the Prospect Heights neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for highly educated executives.

Also, the rate of college educated adults in the Prospect Heights neighborhood is a unique characteristic of the neighborhood. 84.8% 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 99.0% of all U.S. neighborhoods.

Modes of Transportation

In the Prospect Heights neighborhood, 52.0% of people ride the train to work each day. This is a very high percentage compared to most places. In fact, NeighborhoodScout's analysis reveals that this is a higher level of train ridership than in 99.5% of the neighborhoods in America.

Also, in the Prospect Heights neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 30.4% 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 97.1% 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.

Finally, would you like to be able to ride your bike to work? If you are attracted to the idea of getting a little exercise of the two-wheeled type while reducing your carbon footprint, bicycling to work might be the answer. But which neighborhood you live in can make this either impossible, or alternatively, a great and realistic option. NeighborhoodScout's analysis revealed that the Prospect Heights neighborhood is a fantastic option for bicycle commuters, as 3.5% of commuters here do ride their bikes to and from work on a daily basis. This is a higher amount than we found in 96.7% of the neighborhoods in America.

Real Estate

The Prospect Heights neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 55,218 persons per square mile in the neighborhood, it is more packed with people than 98.7% 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 Prospect Heights neighborhood is one of the most walkable neighborhoods in America.

In addition, three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The Prospect Heights neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 35.2% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 96.1% of America's neighborhoods.

Furthermore, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 62.8% of the residential real estate in the Prospect Heights neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 97.2% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.

Car Ownership

American households most often have a car, and regularly they have two or three. But households in the Prospect Heights neighborhood buck this trend. 64.3% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 99.4% of U.S. neighborhoods.

Occupations

The Prospect Heights neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 99.1% of the neighborhoods in America. In fact, 80.4% 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 Prospect Heights neighborhood has more Eastern European and Armenian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 6.0% of this neighborhood's residents have Eastern European ancestry and 1.4% have Armenian ancestry.

Prospect Heights is also pretty special linguistically. Significantly, 0.7% of its residents five years old and above primarily speak Japanese at home. While this may seem like a small percentage, it is higher than 95.7% of the neighborhoods in America.

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 Prospect Heights 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 93.7% 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.

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 Heights neighborhood, 80.4% 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 10.6% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (7.2%).

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 Heights neighborhood is English, spoken by 83.9% of households. Other important languages spoken here include Chinese, French, Polish and Spanish.

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 Prospect Heights neighborhood in Brooklyn, NY, residents most commonly identify their ethnicity or ancestry as Asian (13.9%). There are also a number of people of Irish ancestry (12.0%), and residents who report German roots (10.9%), and some of the residents are also of Italian ancestry (10.7%), along with some English ancestry residents (8.0%), among others. In addition, 15.2% 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 Prospect Heights neighborhood spend between 30 and 45 minutes commuting one-way to work (51.5% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.

Here most residents (52.0%) take the train to get to work. In addition, quite a number also drive alone in a private automobile to get to work (7.2%) . 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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