i believe that both hancock park and silver lake have some of the best public elementary schools in the city. hancock park is very old money hollywood (especially jewish), while silver lake's recent gentrification offers more diversity in both race and economic status. HP has more stately types of mansions, while silver lake is somewhat known for it's modern architecture (by modern i mean 50s/60s modern). i think it's a toss up personally.
Both are interesting neighborhoods. Like above, Hancock Park is very much old-money, a lot of Orthodox Jews, beautiful old mansions. Silverlake also has great architecture. The neighborhood where my aunt and uncle have lived for over 30 years has a lot of nice refurbished craftsman homes and bunglos from the 1920s to 1940s. Silverlake is a good neighborhood and has improved drastically over the past decade and a half you still have some entrenched gang elements in both Silverlake and Echo Park (ExP). Crime like break-ins and muggings have been a big issue around my relatives within the past year. That said, I've never once felt unsafe in Silverlake. Both neighborhoods are in the city and deal with the same issues of crime all other large cities face.
To be honest, I think the decision now rests on what home you want to buy (or whatever your living situation may be). Both are great neighborhoods. I personally love the vibe, energy and diversity of Silver Lake. Congrats on a wise decision.
I say hancock park. Great location. Close to all areas. Great restaurants on melrose, near the Beverly center, farmers market, etc. Cedars Sinai is a great hospital. You have alot at your fingertips, which will help when you have kids.
Silverlake is great but harder to access some areas. When I used to commute to Santa monica from silverlake it could take me over an hour on surface streets/freeway. And if I took the freeway at night, if there was a game at staples center, it could take me up to 2 to get home.
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