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Real Estate Prices & Overview

Illinois Institute of Technology median real estate price is $310,852, which is more expensive than 59.8% of the neighborhoods in Illinois and 44.4% of the neighborhoods in the U.S.

The average rental price in Illinois Institute of Technology is currently $3,076, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 89.1% of the neighborhoods in Illinois.

Illinois Institute of Technology is a densely urban neighborhood (based on population density) located in Chicago, Illinois.

Illinois Institute of Technology real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four 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 Illinois Institute of Technology neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

In Illinois Institute of Technology, the current vacancy rate is 3.0%, which is a lower rate of vacancies than 80.2% of all neighborhoods in the U.S. This means that the housing supply in Illinois Institute of Technology is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.

People

Of note is NeighborhoodScout's research finding that the Illinois Institute of Technology neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the Illinois Institute of Technology community truly stands out from the rest in this regard.

In addition, neighborhoodScout's analysis shows that the Illinois Institute of Technology neighborhood has a greater concentration of residents currently enrolled in college than 99.0% of the neighborhoods in the U.S. With 40.8% of the population here attending college, this is very much a college-focused neighborhood.

Also, one of the really interesting characteristics about the Illinois Institute of Technology 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 1.6% of college-friendly places to live in the state of Illinois.

Modes of Transportation

More people in Illinois Institute of Technology choose to walk to work each day (31.3%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.

Also, in the Illinois Institute of Technology neighborhood, 11.9% of people ride the train to work each day. This is a very high percentage compared to most places. In fact, NeighborhoodScout's analysis reveals that this is a higher level of train ridership than in 95.7% of the neighborhoods in America.

Diversity

Significantly, 2.3% of its residents five years old and above primarily speak Portuguese at home. While this may seem like a small percentage, it is higher than 98.1% 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 Illinois Institute of Technology neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 96.5% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.

The Neighbors

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 Illinois Institute of Technology neighborhood in Chicago are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 84.9% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America'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 Illinois Institute of Technology neighborhood, 54.2% 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 24.6% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (14.1%), and 7.1% in manufacturing and laborer 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 Illinois Institute of Technology neighborhood is English, spoken by 72.6% of households. Other important languages spoken here include Chinese, Spanish, Langs. of India and Portuguese.

Ethnicity / Ancestry

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 Illinois Institute of Technology neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Asian (20.7%). There are also a number of people of Sub-Saharan African ancestry (7.5%), and residents who report German roots (6.7%), and some of the residents are also of African ancestry (5.4%), along with some Mexican ancestry residents (3.5%), among others. In addition, 21.9% of the residents of this neighborhood were born in another country.

Getting to Work

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 Illinois Institute of Technology neighborhood spend under 15 minutes commuting one-way to work (46.2% of working residents), one of the shortest commutes across America.

Here most residents (31.3%) 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 (30.6%) and 11.9% of residents also take the train 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.


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