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Real Estate Prices & Overview

Koreatown South median real estate price is $905,492, which is more expensive than 51.8% of the neighborhoods in California and 87.5% of the neighborhoods in the U.S.

The average rental price in Koreatown South is currently $2,552, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 72.9% of California neighborhoods.

Koreatown South is a densely urban neighborhood (based on population density) located in Los Angeles, California.

Koreatown 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 small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the Koreatown South neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.

Koreatown South has a 15.0% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 78.0% 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.

Notable & Unique Neighborhood Characteristics

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 Los Angeles, the Koreatown South neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Modes of Transportation

Our research revealed that more commuters here take the bus to work (17.0% ride the bus) than 97.9% 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.

Real Estate

The Koreatown 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 90.5% 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 South neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 33,482 persons per square mile in the neighborhood, it is more packed with people than 97.3% 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 South neighborhood is one of the most walkable neighborhoods in America.

Furthermore, the real estate in the Koreatown South 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, 82.4% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 97.0% of American neighborhoods.

Also of note, renter-occupied real estate is dominant in the Koreatown South neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 90.2%, which is higher than 96.9% 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.

Occupations

From major sales accounts to fast-food workers, sales and service employees are often the backbone of the local economy. In the Koreatown South neighborhood, they truly stand out. NeighborhoodScout's exclusive analysis identifies this neighborhood as having a higher percentage of sales and service workers than 95.0% of all American neighborhoods.

Migration / Stability

The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. What is interesting to note, is that the Koreatown South neighborhood has a greater percentage of residents born in another country (55.1%) than are found in 98.6% of all U.S. neighborhoods.

Diversity

Did you know that the Koreatown South neighborhood has more Asian and Native American ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 43.4% of this neighborhood's residents have Asian ancestry and 2.1% have Native American ancestry.

Koreatown South is also pretty special linguistically. Significantly, 38.3% 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 100.0% 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 Koreatown South neighborhood in Los Angeles are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 89.8% of U.S. neighborhoods. With 49.4% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 93.8% 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 Koreatown South neighborhood, 37.9% 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 executive, management, and professional occupations, with 34.4% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (19.7%), and 8.1% 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 South neighborhood is Spanish, spoken by 40.2% of households. Other important languages spoken here include Korean, English and Chinese.

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 Koreatown South neighborhood in Los Angeles, CA, residents most commonly identify their ethnicity or ancestry as Asian (43.4%). There are also a number of people of Mexican ancestry (31.1%), and residents who report Native American roots (2.1%), and some of the residents are also of South American ancestry (1.4%). In addition, 55.1% of the residents of this neighborhood were born in another country.

Getting to Work

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 Koreatown South 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 (58.3%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (17.0%) and 9.1% 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.


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