What do we mean by a neighborhood?
Ä¢¹½ÊÓƵ® uses the official government designation for neighborhoods - the census tract.
Census tracts are small, relatively permanent subdivisions of a county that are defined by the U.S. Census Bureau in conjunction with local authorities all across the country to define real neighborhoods that are bounded to contain areas with homogeneous population characteristics (including economic status, lifestyle, and living conditions). Census tracts usually have 4,000 persons, but can range between 1,500 and 8,000 persons. This is the most fine-grained area for which detailed information is made available from the government, to protect the individual privacy of each of us. Because census tracts are based on population, they vary in size depending on the density of settlement. In urban areas, they are small, and in rural areas they can cover an entire small town or even a few small towns in very rural areas.
Since census tracts are subdivisions of a county, we did a spatial overlay of the census tracts onto city and town boundaries using a geographic information system to properly assign each census tract to its appropriate city or town. Then we named each census tract to the local colloquially recognized neighborhood name for that spot (e.g., Boston, MA (Dorchester). If there was not a name available, we named the census tract by the largest street intersection in the census tract (e.g., Worcester, MA (Lincoln St/Plantation St)
Why we don't use Zip Codes as neighborhoods
Zip codes were developed by the Postal Service for the purpose of delivering mail, but were never intended to define coherent neighborhoods. In addition, Zip Codes can have as many as 10 distinctly different census tracts contained within them. When distinct census tracts are blended together in a single Zip Code, the data reflects their average conditions and often gives a false sense of the area. The result is that potentially great matching neighborhoods can be missed, and erroneous matches can also be produced and delivered to you.
Using census tracts makes great matches possible, and helps people find the areas that are best for them and their families. Because we are committed to providing the highest possible quality and finding the neighborhoods that best meet your criteria, we use census tracts. And, as always, we show you the actual street map of the neighborhood so you know exactly where your best matching neighborhood is located.
What is a Condition Alert?
A condition alert is a condition in the neighborhood that triggers an alert. Ä¢¹½ÊÓƵ contains condition alerts to highlight conditions that are extreme, whether good or bad. This helps answer crucial questions about the state of the neighborhood being evaluated, such as:
What are the risks of violent crime here?
Is the risk of home break-ins or other property crimes increasing?
Does real estate here hold its value?
Are the trends in local vacancies or unemployment concerning?
...and dozens more.
Information at a glance that you need to know to invest, appraise or finance a property.
Midwood median real estate price is $1,255,850, which is more expensive than 76.1% of the neighborhoods in New York and 90.4% of the neighborhoods in the U.S.
The average rental price in Midwood is currently $3,713, based on Ä¢¹½ÊÓƵ's exclusive analysis. The average rental cost in this neighborhood is higher than 70.9% of the neighborhoods in New York.
Midwood is a densely urban neighborhood (based on population density) located in Brooklyn, New York.
Midwood 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 Midwood 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 Midwood, the current vacancy rate is 2.6%, which is a lower rate of vacancies than 82.0% of all neighborhoods in the U.S. This means that the housing supply in Midwood 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 Ä¢¹½ÊÓƵ's exclusive exploration and analysis.
Modes of Transportation
If you like to ride the train to work, this neighborhood may be for you. Ä¢¹½ÊÓƵ's research revealed that 25.8% of the Midwood neighborhood's commuters ride the train to and from work each day, which is more than we found in 98.0% of America's neighborhoods.
Also, 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. Ä¢¹½ÊÓƵ's analysis revealed that the Midwood neighborhood is a fantastic option for bicycle commuters, as 4.1% of commuters here do ride their bikes to and from work on a daily basis. This is a higher amount than we found in 97.5% of the neighborhoods in America.
Real Estate
The Midwood neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 34,569 persons per square mile in the neighborhood, it is more packed with people than 97.5% 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 Ä¢¹½ÊÓƵ's exclusive and first quantitative walkable score index, the Midwood neighborhood is one of the most walkable neighborhoods in America.
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 Midwood 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 30.9% of the real estate here is made up of such dwellings, which is higher than 95.0% of all U.S. neighborhoods.
Car Ownership
American households most often have a car, and regularly they have two or three. But households in the Midwood neighborhood buck this trend. 30.4% of the households in this neighborhood don't own a car at all. This is more carless households than Ä¢¹½ÊÓƵ found in 97.2% of U.S. neighborhoods.
Diversity
Did you know that the Midwood neighborhood has more Russian and Ukrainian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.0% of this neighborhood's residents have Russian ancestry and 2.1% have Ukrainian ancestry.
Midwood is also pretty special linguistically. Significantly, 6.6% 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 99.9% of the neighborhoods in America.
The Neighbors
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 Midwood neighborhood in Brooklyn are lower-middle income, making it a below average income neighborhood. Ä¢¹½ÊÓƵ's research shows that this neighborhood has an income lower than 68.2% of U.S. neighborhoods. 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 Midwood neighborhood, 48.7% 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 23.2% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (16.3%), and 11.9% 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 Midwood neighborhood is English, spoken by 45.1% of households. Other important languages spoken here include Russian, Spanish, Chinese and German/Yiddish.
Ethnicity / Ancestry
Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.
In the Midwood neighborhood in Brooklyn, NY, residents most commonly identify their ethnicity or ancestry as Asian (24.9%). There are also a number of people of Polish ancestry (9.5%), and residents who report Russian roots (4.0%), and some of the residents are also of Mexican ancestry (2.9%), along with some Puerto Rican ancestry residents (2.4%), among others. In addition, 33.8% 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 Midwood neighborhood spend between 45 minutes and one hour commuting one-way to work (40.8% of working residents), longer and tougher than most commutes in America.
Here most residents (34.0%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (25.8%) and 11.5% of residents also carpool with coworkers, friends, or neighbors for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
SCOUT’s patented match algorithm identifies the most similar neighborhoods to a subject location, and quantifies the similarity to the subject location. This allows analysts to identify the most similar neighborhoods in a local market area for appraisals, investments, and research.
The algorithm uses 273 neighborhood conditions, identifies the dominant dimensions underlying the conditions and calculates the similarity. This captures the true culture and character of locations, economic conditions, and trends.
The closer to 100% means the locations are nearly identical. 80% is a very good, but not excellent match, and so forth.
