NYU Furman Report Tracks Lower East Side Gentrification
The NYU Furman Center this week released its annual report, The State of New York City’s Housing and Neighborhoods. As usual, there are some interesting takeaways in the section of the report focused on the Lower East Side.
The Furman Center breaks down housing and demographic data in each community district. Here’s a snapshot of CD3, which includes the East Village, the Lower East Side and most of Chinatown:
–The neighborhood’s Hispanic population fell from 27% in the year 2000 to just under 23% today — while the white population ticked up from 28 to 31%. The Asian population rose slightly to 36%.
–The impacts of gentrification are clearly evident. The share of the population with household incomes $100,000-$250,000 went up from 14% to 20% in the past two decades. Meanwhile, there are fewer residents with household incomes in the $40,000 to $60,000 bracket (11.6% in the past few years as opposed to 17% in 2000). The share of low-income households (below $40,000/year) stayed fairly constant.
–The population 65+ grew from about 13% to 19% in the past couple of decades.
–Households with children decreased from 22% to 16%.
–In 2017, the poverty rate on the Lower East Side was 27.3% (9th highest citywide). The population 25+ without a high school diploma was 30.7%, 6th highest of any community district. The income diversity ratio (which identifies communities with large populations of both affluent and low-income households) was fourth highest in the city.
–The median rent was $1140 (in 2017). At the same time, the Lower East Side was #12 citywide on the Furman Center’s Index of Housing Price Appreciation. The median rent was $810 in 2000.
–Condo prices have obviously skyrocketed on the LES (this is a category that barely existed a few years ago). In 2000, the median sales price for condos was $280,000. In 2018, it was nearly $1.6 million.
Click here if you would like to read the full report.