Koreatown median real estate price is $866,089, which is more expensive than 50.5% of the neighborhoods in California and 87.0% of the neighborhoods in the U.S.
The average rental price in Koreatown is currently $2,927, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 64.4% of California neighborhoods.
Koreatown is a densely urban neighborhood (based on population density) located in Los Angeles, California.
Koreatown 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 Koreatown 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 1970 and 1999.
Koreatown has a 12.8% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 73.1% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are 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.
Our research revealed that more commuters here take the bus to work (26.8% ride the bus) than 99.5% of all American neighborhoods. If you like the idea of leaving your car and home and hopping the bus to work, this might be a good neighborhood for you to consider.
The Koreatown 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 94.9% 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.
In addition, the Koreatown neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 58,657 persons per square mile in the neighborhood, it is more packed with people than 98.8% 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 Koreatown neighborhood is one of the most walkable neighborhoods in America.
Furthermore, the real estate in the Koreatown neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 91.9% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 98.5% of American neighborhoods.
Also of note, renter-occupied real estate is dominant in the Koreatown neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 96.3%, which is higher than 98.3% of the neighborhoods in America. If you were to buy and live in the property you bought here, you would be almost alone in doing so.
We Americans love our cars. Not only are they a necessity for most Americans due to the shape of our neighborhoods and the distances between where we live, work, shop, and go to school, but we also fancy them. As a result, most households in America have one, two, or three cars. But NeighborhoodScout's exclusive analysis shows that the Koreatown neighborhood has a highly unusual pattern of car ownership. 24.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 96.3% of U.S. neighborhoods.
Some neighborhoods have more internal cohesiveness than others. While other neighborhoods feel like a collection of strangers who just happen to live near each other. Sometimes this comes down to not only the personalities of the people in a place, but how long people have been together in that neighborhood. NeighborhoodScout's research has revealed some interesting things about the rootedness of people in the Koreatown neighborhood. What is interesting to note, is that the Koreatown neighborhood has a greater percentage of residents born in another country (56.8%) than are found in 98.8% of all U.S. neighborhoods.
Did you know that the Koreatown neighborhood has more Asian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 34.4% of this neighborhood's residents have Asian ancestry.
Koreatown is also pretty special linguistically. Significantly, 18.3% of its residents five years old and above primarily speak Korean at home. While this may seem like a small percentage, it is higher than 99.9% of the neighborhoods in America.
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 Koreatown neighborhood in Los Angeles are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 81.3% of U.S. neighborhoods. With 15.5% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 62.1% of U.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 Koreatown neighborhood, 35.5% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 26.8% of the residents employed. Other residents here are employed in executive, management, and professional occupations (24.4%), and 13.3% in clerical, assistant, and tech support 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 Koreatown neighborhood is Spanish, spoken by 45.0% of households. Other important languages spoken here include English, Korean, Tagalog (the first language of the Philippine region) and Chinese.
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 Koreatown neighborhood in Los Angeles, CA, residents most commonly identify their ethnicity or ancestry as Asian (34.4%). There are also a number of people of Mexican ancestry (24.2%), and residents who report English roots (3.3%), and some of the residents are also of Polish ancestry (2.6%), along with some Puerto Rican ancestry residents (1.2%), among others. In addition, 56.8% 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 Koreatown neighborhood spend between 30 and 45 minutes commuting one-way to work (45.4% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (51.3%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (26.8%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
