Description
WHO ARE WE?
Downtown Melting Pot is a smaller, diverse, settled market, composed of much older neighborhoods located in cities in the Middle Atlantic division (mainly New York) or on the Pacific Coast. A mix of races and ethnicities, with strong concentrations of Asians, particularly Chinese (highest concentration of any segment) reside here. Close to half of the residents are foreign born, and 28% of households have members who do not speak English. These neighborhoods are dominated by married-couple families who live in rented apartments. Residents are employed in professional, service (especially food and personal service), sales, and administrative occupations; many work outside the county where they live. Median household income and net worth are below average, although the home values in these neighborhoods are high.
OUR NEIGHBORHOOD
• This is the most densely populated market, located in older neighborhoods of metropolitan cities, primarily in the Middle Atlantic division.
• There are older apartment buildings; almost half of households built before 1950.
• Over three-fourths of homes are in multiunit structures: 2–4 unit (Index 403), 5–19 unit (Index 159), or 20+ unit buildings (Index 357).
• About 69% of households are rented—in neighborhoods where many of the owner-occupied units are valued at $500,000+ (Index 422).
• Vacancy rate is low at 7.7%.
• Families are the dominant household type: married-couple families with children (24%) and without (24%); above average shares of multigenerational households and adult children.
• Households are as likely to own 1 vehicle (39%) as no vehicle (Index 418).
SOCIOECONOMIC TRAITS
• 51% with some college (Index 85) or a bachelor’s degree or higher (Index 100).
• Unemployment rate at 4.7%, lower than the US rate.
• Labor force participation rate at 59.2%, slightly lower than the US.
• Wage and salary income for 76% of households; another notable source is Supplemental Security Income for 8.5% (Index 158).
• Busy consumers, often feeling overwhelmed, with longer work commutes.
• Careful shoppers, who use coupons, demonstrating some brand loyalty.
• Get news and information from various forms of media (newspapers, radio, TV, and Internet).
