Soho median real estate price is $4,785,113, which is more expensive than 99.5% of the neighborhoods in New York and 99.9% of the neighborhoods in the U.S.
The average rental price in Soho is currently $5,307, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 93.1% of the neighborhoods in New York.
Soho is a densely urban neighborhood (based on population density) located in New York, New York.
Soho 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 Soho 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 Soho. The current real estate vacancy rate here is 19.8%. This is higher than the rate of vacancies in 86.4% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.
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 New York, the Soho neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Real Estate
The Soho neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 59,678 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 Soho neighborhood is one of the most walkable neighborhoods in America.
In addition, one of the really unique and interesting things about the look and setting of the Soho neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 87.5% 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 97.8% of all neighborhoods in America.
Furthermore, the Soho 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 88.3% 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.
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 77.2% of the residential real estate in the Soho neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 99.4% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.
Car Ownership
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 Soho neighborhood have a highly unusual car ownership. 68.0% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 99.5% of U.S. neighborhoods.
People
The rate of college educated adults in the Soho neighborhood is a unique characteristic of the neighborhood. 88.2% of adults here have received at least a 4-year bachelor's degree, compared to the average neighborhood in America, which has 34.3% of the adults with a bachelor's degree. The rate here is higher than NeighborhoodScout found in 99.5% of all U.S. neighborhoods.
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 Soho neighborhood: a neighborhood in which more "urban sophisticates" live than 99.2% 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 young, single professionals.
Modes of Transportation
If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 41.1% of the Soho neighborhood's commuters ride the train to and from work each day, which is more than we found in 98.9% of America's neighborhoods.
Also, more people in Soho choose to walk to work each day (20.8%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.
Finally, in the Soho neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 27.9% of residents worked from home. This may not seem like a large number, but Scout's research shows that this is a higher percentage of people working from home than 95.6% of the neighborhoods in America. Often people who work from home are engaged in the creative or technological economy, such as is found in areas around Boston, and in Silicon Valley. Other times, people may be engaged in other businesses like trading stocks from home, or running a small beauty salon.
Occupations
The Soho neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 97.7% of the neighborhoods in America. In fact, 74.7% 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.
Diversity
Did you know that the Soho neighborhood has more Eastern European and Russian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 7.3% of this neighborhood's residents have Eastern European ancestry and 7.3% have Russian ancestry.
Soho is also pretty special linguistically. Significantly, 1.4% of its residents five years old and above primarily speak Japanese at home. While this may seem like a small percentage, it is higher than 98.3% 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 Soho 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 92.2% of the neighborhoods in America. With 25.9% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 76.6% 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 Soho neighborhood, 74.7% 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 16.8% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (4.9%), and 2.9% 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 Soho neighborhood is English, spoken by 78.2% of households. Other important languages spoken here include Spanish, French, Italian 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 Soho neighborhood in New York, NY, residents most commonly identify their ethnicity or ancestry as English (20.7%). There are also a number of people of German ancestry (15.8%), and residents who report Asian roots (11.5%), and some of the residents are also of Italian ancestry (10.8%), along with some Irish ancestry residents (8.9%), 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 Soho neighborhood spend between 15 and 30 minutes commuting one-way to work (53.2% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (41.1%) take the train to get to work. In addition, quite a number also hop out the door and walk to work to get to work (20.8%) and 6.1% of residents also carpool with coworkers, friends, or neighbors for their daily commute. This neighborhood is distinguished by the high number of residents who take the train to work each day, which can be a very good way to get to work at a lower cost and with less pollution.
