E 62nd St / Madison Ave median real estate price is $7,643,817, which is more expensive than 99.9% of the neighborhoods in New York and 100.0% of the neighborhoods in the U.S.
The average rental price in E 62nd St / Madison Ave is currently $6,375, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 98.6% of the neighborhoods in New York.
E 62nd St / Madison Ave is a densely urban neighborhood (based on population density) located in New York, New York.
E 62nd St / Madison Ave 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 occupied by a mixture of owners and renters. Many of the residences in the E 62nd St / Madison 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.
Vacant apartments or homes are a major fact of life in E 62nd St / Madison Ave. The current real estate vacancy rate here is 52.3%. This is higher than the rate of vacancies in 98.9% of all U.S. neighborhoods. A relatively large percentage of housing here is seasonally occupied (32.9%). This can occur in vacation areas, and occasionally it is also found in neighborhoods that are primarily filled with college students, as some apartments could be vacant when school is not in session. If you live here year round, you may find that a number of buildings in your neighborhood are actually empty.
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.
If you come to know the people here, you will recognize that you're in the company of one of the wealthiest communities in the nation. In fact, a mere 0.6% of America's neighborhoods are wealthier than the E 62nd St / Madison Ave neighborhood. Real estate here is exceedingly well-maintained, and similarly, tends to maintain its value over time. The cars driven are mostly luxury brands like Mercedes, Audi, BMW, and Lexus. If the public schools aren't up to snuff, the residents of this neighborhood preferentially send their children to private preparatory schools. Vacation to Disney? Yes, but equally popular are summers in Europe. As one would expect in a considerably wealthy neighborhood such as this, E 62nd St / Madison Ave also has one of the lowest ratings of child poverty in the nation.
In addition, 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 E 62nd St / Madison Ave neighborhood: a neighborhood in which more "urban sophisticates" live than 99.5% 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 active retirees.
Also, 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 E 62nd St / Madison Ave neighborhood, where 53.9% 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 99.5% of the neighborhoods in America.
Finally, the types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. NeighborhoodScout's exclusive analysis reveals that this neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 55.2%. This is a higher percent living alone than we found in 97.6% of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.
In the E 62nd St / Madison Ave neighborhood, walking to work is a real option for many. In fact, NeighborhoodScout's exclusive research reveals walking to and from work is the chosen way to commute for 53.9% of residents here. This is a higher proportion of walking commuters than we found in 99.9% of American neighborhoods. Get ready to put on your walking shoes if you move here!
The E 62nd St / Madison Ave neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 99.2% of the neighborhoods in America. In fact, 81.6% 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.
Most American households own a car or other vehicle. Many own two cars or perhaps three. In the United States, it is useful to have an automobile not only for commuting, but also for shopping and getting to other services one needs. But NeighborhoodScout's analysis revealed that households in the E 62nd St / Madison Ave neighborhood have a highly unusual car ownership. 57.8% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 99.1% of U.S. neighborhoods.
The E 62nd St / Madison Ave neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 35,784 persons per square mile in the neighborhood, it is more packed with people than 97.6% 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 E 62nd St / Madison Ave neighborhood is among the top 5% of American neighborhoods in terms of walkability.
In addition, despite all of the residential real estate here in the E 62nd St / Madison Ave neighborhood, NeighborhoodScout has discovered that much of it is vacant. In resort or second-home vacation areas, this naturally occurs because homes and apartments are seasonally occupied, and empty for a portion of the year. In non-vacation or resort areas, however, this can be an indicator of property abandonment or a weak real estate market. The vacancy rate here is 52.3%, which is higher than 98.9% of all U.S. neighborhoods.
Furthermore, one of the really unique and interesting things about the look and setting of the E 62nd St / Madison Ave neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 90.6% 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.
Also of note, 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 57.5% of the residential real estate in the E 62nd St / Madison Ave neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 96.0% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.
Did you know that the E 62nd St / Madison Ave neighborhood has more Greek and Slovak ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 12.0% of this neighborhood's residents have Greek ancestry and 7.2% have Slovak ancestry.
E 62nd St / Madison Ave is also pretty special linguistically. Significantly, 4.5% of its residents five years old and above primarily speak Portuguese at home. While this may seem like a small percentage, it is higher than 99.1% 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 E 62nd St / Madison Ave neighborhood in New York 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 99.4% 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.
The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.
In the E 62nd St / Madison Ave neighborhood, 81.6% 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 18.0% of the residents employed.
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 E 62nd St / Madison Ave neighborhood is English, spoken by 79.5% of households. Other important languages spoken here include Chinese, Portuguese and Spanish.
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 E 62nd St / Madison Ave neighborhood in New York, NY, residents most commonly identify their ethnicity or ancestry as Irish (17.0%). There are also a number of people of Greek ancestry (12.0%), and residents who report Asian roots (11.3%), and some of the residents are also of Italian ancestry (10.3%), along with some English ancestry residents (9.6%), among others. In addition, 20.4% 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 E 62nd St / Madison Ave neighborhood spend between 15 and 30 minutes commuting one-way to work (54.5% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (53.9%) hop out the door and walk to work to get to work. In addition, quite a number also take the train to get to work (8.3%) . This is a special neighborhood for the number of people who walk to work. Combining exercise, low cost, and reduced pollution, plus the chance to see your neighbors, walking to work is fairly uncommon in America but likely to increase as people try to reduce their dependence on automobiles, and this neighborhood offers that opportunity today.
