Location and Demographics
355 E 116th St is located in East Harlem, also known as Spanish Harlem or El Barrio, in Manhattan, New York City. This vibrant neighborhood has a rich cultural history and is known for its diverse community. The area's population is predominantly Hispanic, with a mix of other ethnicities contributing to the cultural tapestry.
Crime Rate and Education
East Harlem has experienced fluctuations in crime rates, but efforts have been made to improve safety over the years. It's advisable to check the latest statistics from local sources or NYPD reports for the most accurate information. The neighborhood is served by Community School District 4, which includes a mix of public, charter, and private schools. School ratings can vary, so researching individual schools would be beneficial.
Amenities and Economic Information
East Harlem offers a variety of amenities, including grocery stores, local eateries, community parks like Thomas Jefferson Park, and cultural institutions such as the Museum of the City of New York. The neighborhood is well-connected by public transportation, making it convenient to access other parts of Manhattan. The area has been undergoing gentrification, with new businesses and housing developments springing up. The average household income in East Harlem may be lower compared to other Manhattan neighborhoods, but nearby districts like the Upper East Side have significantly higher average incomes. While detailed job growth statistics are not immediately available, the area's proximity to Manhattan's business hubs generally offers diverse employment opportunities within commuting distance.
Read lessNeighborhood Summary
In assessing this distinctive neighborhood, potential homebuyers and real estate professionals will find a community that presents a unique blend of economic and social characteristics. The median home price of $2,000,001 stands remarkably high, far surpassing the national average, and positions the area within a truly premium market segment. This price point indicates a locality poised within an exclusive niche, often appealing to buyers seeking investment opportunities in upscale areas. However, juxtaposed against the median household income of $42,272, significantly lower than the national median, there exists a stark disparity that could suggest an economic imbalance or a community in transition. Coupled with the fact that 30% of residents live under the poverty line, this provides an interesting snapshot of a neighborhood where high property values do not necessarily equate to broad-based affluence.
The housing dynamics further add layers to this complexity. With an overwhelming 79% of residents renting their homes and only 4% owning, it becomes apparent that the majority of the population may experience volatility, potentially driven by economic constraints. The high percentage of vacant housing units—17% compared to a national average closer to 10%—further underscores potential instability or transformation within the area. Yet, with an unemployment rate of just 1%, this neighborhood showcases remarkable job availability, which suggests that employment is not the primary economic challenge for residents. It raises possibilities that the employment available may not align with the income needed to accommodate the high living costs.
When it comes to education levels, only 22% of residents possess a college degree, lower than the national average. This figure, along with the notable presence of non-US citizens at 22%, paints a picture of a diverse community ripe with multicultural influences. Despite having a marriage rate of 15% for families, lower than average, the high percentage of homeowners without mortgages at 89% suggests financial prudence among the few who own property. This could indicate long-term investment stability for those select homeowners, providing a counterbalance to broader economic concerns.
Real estate professionals seeking alternatives for clients may consider neighborhoods with similar median home prices that offer more favorable metrics in terms of income and education. These areas might offer a more balanced economic environment, attracting potential buyers who value both property investment and a community with more typical socio-economic indicators. In conclusion, while this neighborhood presents unique challenges and opportunities, potential investors and homebuyers should weigh these factors carefully, considering whether the blend of exclusivity and economic contradiction aligns with their investment goals and lifestyle expectations.
Median Home Price
Walk Score
Bike Score
Median Household Income
Percent Under Poverty
Median Contract Rent
Owners vs Renters
Vacant Housing Units
Unemployment Rate
College Degree
Dominant Race
Married-Couple Families
Owners Without Morgages
Mortgage ≥ 30% Income
Rent ≥ 30% Income
Non-US Citizens
Thomas Jefferson Park
park
Mount Sinai Hospital
hospital
Fine Fare Supermarket
grocery store
El Paso Taqueria
restaurant
Blink Fitness
gym
LaGuardia Airport
international airport
P.S. 102 Jacques Cartier
school
Central Park
main attraction
Dynamic Insights
Custom Narratives
Green Flags
Red Flags
Flood Zone
Flood zone information is not available for this property at this time.
Historical Flooding
Historical flood damage records are not available for this property.
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