Olympia Terrace median real estate price is $299,576, which is more expensive than 57.6% of the neighborhoods in Illinois and 43.6% of the neighborhoods in the U.S.
The average rental price in Olympia Terrace is currently $2,898, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 89.4% of the neighborhoods in Illinois.
Olympia Terrace is a suburban neighborhood (based on population density) located in Chicago Heights, Illinois.
Olympia Terrace real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Olympia Terrace neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.
Real estate vacancies in Olympia Terrace are 4.8%, which is lower than one will find in 69.4% of American neighborhoods. Demand for real estate in Olympia Terrace is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.
When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.
For many reasons, Olympia Terrace is rated by NeighborhoodScout as one of the top 2.0% of ideal neighborhoods for first-time home buyers in the state of Illinois. Homes here are priced below median housing values in the state, yet the neighborhood has a track record according to NeighborhoodScout's exclusive neighborhood home appreciation rates of above average real estate appreciation over the last five years compared to other IL neighborhoods, protecting your investment in your first home, while simultaneously making it less risky for your lender. Not only does this neighborhood stand out for combining price and home value stability or increases, it also is a neighborhood with a high quality resident population according exclusive data, meaning this is likely a good place to buy, live, and enjoy. While many first time home buyers focus purely on low cost and convenient location, which can risk your investment in your first home and put you in a less than desirable neighborhood, this neighborhood is a true standout for a lot of reasons, and definitely worth a look if you are a first time home buyer. In addition to being an excellent choice for first-time home buyers, this neighborhood is also a very good choice for urban sophisticates and highly educated executives.
If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 12.6% of the Olympia Terrace neighborhood's commuters ride the train to and from work each day, which is more than we found in 95.6% of America's neighborhoods.
Did you know that the Olympia Terrace neighborhood has more Dutch and Polish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.7% of this neighborhood's residents have Dutch ancestry and 10.4% have Polish ancestry.
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 Olympia Terrace neighborhood in Chicago Heights are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 83.2% of the neighborhoods in America. With 13.5% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 56.1% 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 Olympia Terrace neighborhood, 49.0% 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 20.5% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (18.0%), and 12.5% in clerical, assistant, and tech support occupations.
The most common language spoken in the Olympia Terrace neighborhood is English, spoken by 84.2% of households. Some people also speak Spanish (6.5%).
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 Olympia Terrace neighborhood in Chicago Heights, IL, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (10.5%). There are also a number of people of Polish ancestry (10.4%), and residents who report German roots (9.7%), and some of the residents are also of Mexican ancestry (9.5%), along with some Italian ancestry residents (8.0%), among others.
How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Olympia Terrace neighborhood spend under 15 minutes commuting one-way to work (26.3% of working residents), one of the shortest commutes across America.
Here most residents (65.6%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (12.6%) and 7.2% of residents also carpool with coworkers, friends, or neighbors for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.