E 62nd St / S University Ave median real estate price is $333,355, which is more expensive than 64.5% of the neighborhoods in Illinois and 48.4% of the neighborhoods in the U.S.
The average rental price in E 62nd St / S University Ave is currently $1,885, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 48.0% of Illinois neighborhoods.
E 62nd St / S University Ave is a densely urban neighborhood (based on population density) located in Chicago, Illinois.
E 62nd St / S University 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 62nd St / S University Ave neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1970 and 1999.
E 62nd St / S University Ave has a 14.7% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 77.2% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.
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.
Modes of Transportation
In the E 62nd St / S University Ave neighborhood, walking to work is a real option for many. In fact, NeighborhoodScout's exclusive research reveals walking to and from work is the chosen way to commute for 38.4% of residents here. This is a higher proportion of walking commuters than we found in 99.5% of American neighborhoods. Get ready to put on your walking shoes if you move here!
Also, more people ride the bus in this neighborhood each day to get to work than 95.2% of U.S. neighborhoods.
People
An extraordinary 51.4% of the residents of the E 62nd St / S University Ave neighborhood are currently enrolled in college. This is such a large part of life in this neighborhood that the neighborhood changes a great deal with the change of semesters and is far quieter during the summer when many students are away.
In addition, one of the really interesting characteristics about the E 62nd St / S University Ave neighborhood is that, according to NeighborhoodScout's exclusive research, it is an excellent choice in which to reside for college students. Due to its popularity among college students who already choose to live here, its walkability, and its above average safety from crime, the neighborhood is ideal for prospective or already-enrolled college students. Between semesters and during school breaks, you'll notice that the excitement here fluctuates with the college seasons. Despite the excitement however, parents of college-age children can rest easy knowing that this neighborhood has an above average safety rating. For each of these reasons, the neighborhood is rated among the top 4.2% of college-friendly places to live in the state of Illinois.
Also, the E 62nd St / S University Ave neighborhood has a greater percentage of children living in poverty (53.7%) than found in 95.3% of all U.S. neighborhoods. Children living in poverty is one of the challenges facing America, and the world, and in this neighborhood in particular, the problem can be considered acute.
Car Ownership
American households most often have a car, and regularly they have two or three. But households in the E 62nd St / S University Ave neighborhood buck this trend. 41.4% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 98.2% of U.S. neighborhoods.
Real Estate
If you like crowded places, then you will probably enjoy the the E 62nd St / S University Ave neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 96.9% of neighborhoods in the U.S., with 29,776 people per square mile living here. Being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, American's enjoy taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and take in the sights and sounds. And, according to NeighborhoodScout's exclusive and first quantitative walkable score index, the E 62nd St / S University Ave neighborhood is one of the most walkable neighborhoods in America.
In addition, the real estate in the E 62nd St / S University Ave neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 78.1% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 96.4% of American neighborhoods.
Furthermore, 85.1% of the real estate in the E 62nd St / S University Ave neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.
Diversity
Did you know that the E 62nd St / S University Ave neighborhood has more Canadian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.5% of this neighborhood's residents have Canadian ancestry.
E 62nd St / S University Ave is also pretty special linguistically. Significantly, 5.8% of its residents five years old and above primarily speak Chinese at home. While this may seem like a small percentage, it is higher than 95.8% of the neighborhoods in America.
Migration / Stability
The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. In the E 62nd St / S University Ave neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 96.9% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.
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 E 62nd St / S University Ave neighborhood in Chicago are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 91.6% of U.S. neighborhoods. With 53.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 95.3% 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 E 62nd St / S University Ave neighborhood, 48.3% 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 32.9% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (12.9%), and 5.9% in clerical, assistant, and tech support occupations.
Languages
The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the E 62nd St / S University Ave neighborhood is English, spoken by 79.5% of households. Other important languages spoken here include Spanish and Chinese.
Ethnicity / Ancestry
Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.
In the E 62nd St / S University Ave neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Asian (17.4%). There are also a number of people of English ancestry (7.5%), and residents who report German roots (6.4%), and some of the residents are also of Sub-Saharan African ancestry (6.1%), along with some Irish ancestry residents (4.7%), among others. In addition, 16.1% of the residents of this neighborhood were born in another country.
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 E 62nd St / S University Ave neighborhood spend under 15 minutes commuting one-way to work (36.7% of working residents), one of the shortest commutes across America.
Here most residents (38.4%) hop out the door and walk to work to get to work. In addition, quite a number also drive alone in a private automobile to get to work (18.2%) and 10.7% of residents also ride the bus for their daily commute. This is a special neighborhood for the number of people who walk to work. Combining exercise, low cost, and reduced pollution, plus the chance to see your neighbors, walking to work is fairly uncommon in America but likely to increase as people try to reduce their dependence on automobiles, and this neighborhood offers that opportunity today.
