Prospect Park South median real estate price is $1,261,854, which is more expensive than 81.5% of the neighborhoods in New York and 93.9% of the neighborhoods in the U.S.
The average rental price in Prospect Park South is currently $5,222, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 92.4% 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 townhomes. 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 1.8%, which is a lower rate of vacancies than 87.2% 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.
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 Prospect Park South neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
In the Prospect Park South neighborhood, 42.0% 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 99.1% of the neighborhoods in America.
Also, a unique way of commuting is simply not to. And in the Prospect Park South neighborhood, analysis shows that 31.0% of the residents work from home, avoiding a commute altogether. This may not seem like a large number, but it is a higher proportion of people working from home than is found in 95.3% of the neighborhoods in the United States. One thing NeighborhoodScout's research reveals is that the wealthier and/or more isolated the neighborhood, the greater the proportion of residents who choose to work from home.
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. 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 Park South neighborhood is one of the most walkable neighborhoods in America.
In addition, one of the really unique and interesting things about the look and setting of the Prospect Park South neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 90.9% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 98.3% of all neighborhoods in America.
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 86.1% 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.
American households most often have a car, and regularly they have two or three. But households in the Prospect Park South neighborhood buck this trend. 33.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.5% of U.S. neighborhoods.
Executives, managers and professionals make up 73.5% of the workforce in the Prospect Park South neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 96.8% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.
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 Park South neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 96.3% 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 Park South neighborhood.
In addition, if knowledge is power, then imagine the cumulative power of one neighborhood where many of the adults have earned an advanced degree, such as a Masters, law degree, medical degree, or even a Ph.D. This is certainly the case in the Prospect Park South neighborhood, where 37.6% have earned an advanced degree. Compare that to the average neighborhood in America, where just 13.7% of adults have completed a post-graduate degree, and you can see why this neighborhood is a stand out. In fact, this neighborhood has a higher rate of adults with an advanced degree than 96.0% of the neighborhoods in America.
Did you know that the Prospect Park South neighborhood has more Russian and Hungarian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 7.9% of this neighborhood's residents have Russian ancestry and 2.4% have Hungarian 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.
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 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 93.3% 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 52.7% 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 Prospect Park South neighborhood, 73.5% 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 13.1% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (8.5%), and 4.9% in government jobs, whether they are in local, state, or federal positions.
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 71.3% of households. Other important languages spoken here include Spanish, Polish, Langs. of India and Russian.
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 Prospect Park South neighborhood in Brooklyn, NY, residents most commonly identify their ethnicity or ancestry as Irish (11.7%). There are also a number of people of English ancestry (8.3%), and residents who report German roots (8.1%), and some of the residents are also of Russian ancestry (7.9%), along with some Italian ancestry residents (7.5%), among others. In addition, 25.9% 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 Prospect Park South neighborhood spend between 30 and 45 minutes commuting one-way to work (36.8% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (42.0%) take the train to get to work. In addition, quite a number also drive alone in a private automobile to get to work (9.5%) and 8.8% of residents also carpool with coworkers, friends, or neighbors 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.
