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Real Estate Prices & Overview

W Melrose St / N Lakewood Ave median real estate price is $1,469,406, which is more expensive than 99.7% of the neighborhoods in Illinois and 97.3% of the neighborhoods in the U.S.

The average rental price in W Melrose St / N Lakewood Ave is currently $3,758, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 96.7% of the neighborhoods in Illinois.

W Melrose St / N Lakewood Ave is a densely urban neighborhood (based on population density) located in Chicago, Illinois.

W Melrose St / N Lakewood Ave real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) small apartment buildings and single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the W Melrose St / N Lakewood Ave neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.

W Melrose St / N Lakewood Ave has a 12.6% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 71.5% 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.

Notable & Unique Neighborhood Characteristics

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Chicago, the W Melrose St / N Lakewood Ave neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

If you come to know the people here, you will recognize that you're in the company of one of the wealthiest communities in the nation. In fact, a mere 0.9% of America's neighborhoods are wealthier than the W Melrose St / N Lakewood Ave neighborhood. Real estate here is exceedingly well-maintained, and similarly, tends to maintain its value over time. The cars driven are mostly luxury brands like Mercedes, Audi, BMW, and Lexus. If the public schools aren't up to snuff, the residents of this neighborhood preferentially send their children to private preparatory schools. Vacation to Disney? Yes, but equally popular are summers in Europe. As one would expect in a considerably wealthy neighborhood such as this, W Melrose St / N Lakewood Ave also has one of the lowest ratings of child poverty in the nation.

In addition, do you like to read, write, and learn? Are you curious about the world? If so, this neighborhood may be a good fit for you. NeighborhoodScout's research revealed that a full 92.6% of the adults living in the W Melrose St / N Lakewood Ave neighborhood have earned at least a bachelor's degree. This is a higher rate than NeighborhoodScout found in 99.9% of U.S. neighborhoods. In this way, this neighborhood truly stands out.

Also, if you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the W Melrose St / N Lakewood Ave neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 98.9% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the W Melrose St / N Lakewood Ave neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for highly educated executives, college students and young, single professionals.

Finally, w Melrose St / N Lakewood Ave has the amazing distinction of housing more same sex couples living together than 97.9% of neighborhoods in the U.S. If you are seeking such a neighborhood, NeighborhoodScout's analysis shows that this is one place that you should consider.

Modes of Transportation

A unique way of commuting is simply not to. And in the W Melrose St / N Lakewood Ave neighborhood, analysis shows that 39.3% of the residents work from home, avoiding a commute altogether. This may not seem like a large number, but it is a higher proportion of people working from home than is found in 99.5% of the neighborhoods in the United States. One thing NeighborhoodScout's research reveals is that the wealthier and/or more isolated the neighborhood, the greater the proportion of residents who choose to work from home.

Also, in the W Melrose St / N Lakewood Ave neighborhood, 29.8% 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 98.1% of the neighborhoods in America.

Occupations

The W Melrose St / N Lakewood Ave neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 99.1% of the neighborhoods in America. In fact, 80.0% of the employed people here make a living as an executive, a manager, or other professional. With such a high concentration, this truly shapes the character of this neighborhood, and to a large degree defines what this neighborhood is about.

Real Estate

Corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate of neighborhoods dominated by small 2, 3, and 4 unit apartment buildings. Many are in older core neighborhoods of Eastern and Midwestern cities, or historic town centers in their hinterlands. If you wax romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist at the corner, then you might find the W Melrose St / N Lakewood Ave neighborhood worth a close look. This neighborhood is an absolutely outstanding example of the dominance of small 2, 3, and 4 unit apartment buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood's real estate stock. In fact, no less than 42.6% of the real estate here is made up of such dwellings, which is higher than 97.5% of all U.S. neighborhoods.

In addition, if you like crowded places, then you will probably enjoy the the W Melrose St / N Lakewood Ave neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 96.3% of neighborhoods in the U.S., with 26,437 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 W Melrose St / N Lakewood Ave neighborhood is one of the most walkable neighborhoods in America.

Diversity

Did you know that the W Melrose St / N Lakewood Ave neighborhood has more Eastern European and Austrian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.4% of this neighborhood's residents have Eastern European ancestry and 1.4% have Austrian ancestry.

W Melrose St / N Lakewood Ave is also pretty special linguistically. Significantly, 6.4% of its residents five years old and above primarily speak Polish at home. While this may seem like a small percentage, it is higher than 95.5% of the neighborhoods in America.

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 W Melrose St / N Lakewood Ave neighborhood in Chicago are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 99.1% 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.

A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.

In the W Melrose St / N Lakewood Ave neighborhood, 80.0% 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 12.4% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (5.8%), and 3.1% in government jobs, whether they are in local, state, or federal positions.

Languages

The most common language spoken in the W Melrose St / N Lakewood Ave neighborhood is English, spoken by 92.1% of households. Some people also speak Polish (6.4%).

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 W Melrose St / N Lakewood Ave neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Irish (20.3%). There are also a number of people of German ancestry (18.3%), and residents who report English roots (7.8%), and some of the residents are also of Italian ancestry (7.6%), along with some Asian ancestry residents (5.2%), among others.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in W Melrose St / N Lakewood Ave neighborhood spend between 30 and 45 minutes commuting one-way to work (57.6% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.

Here most residents (29.8%) take the train to get to work. In addition, quite a number also drive alone in a private automobile to get to work (24.2%) . This neighborhood is distinguished by the high number of residents who take the train to work each day, which can be a very good way to get to work at a lower cost and with less pollution.


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