E 51st St / S Michigan Ave median real estate price is $151,451, which is more expensive than 45.5% of the neighborhoods in Illinois and 46.2% of the neighborhoods in the U.S.
The average rental price in E 51st St / S Michigan Ave is currently $623, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price then 69.9% of Illinois neighborhoods.
E 51st St / S Michigan Ave is an urban neighborhood (based on population density) located in Chicago, Illinois.
E 51st St / S Michigan Ave real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two 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 E 51st St / S Michigan Ave neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built before 1940.
Vacant apartments or homes are a major fact of life in E 51st St / S Michigan Ave. The current real estate vacancy rate here is 30.3%. This is higher than the rate of vacancies in 94.2% of all U.S. neighborhoods. This can sometimes be the case in neighborhoods dominated by seasonal homes (such as vacation areas), and occasionally it is also found in neighborhoods that are primarily filled with college students, as some apartments could be vacant when school is not in session. 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.