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Real Estate Prices & Overview

Millenium Park median real estate price is $827,783, which is more expensive than 95.6% of the neighborhoods in Illinois and 85.6% of the neighborhoods in the U.S.

The average rental price in Millenium Park is currently $4,884, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 99.1% of the neighborhoods in Illinois.

Millenium Park is a densely urban neighborhood (based on population density) located in Chicago, Illinois.

Millenium Park 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 single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Millenium Park neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

Real estate vacancies in Millenium Park are 4.1%, which is lower than one will find in 72.8% of American neighborhoods. Demand for real estate in Millenium Park 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.

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 Millenium Park neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Car Ownership

We Americans love our cars. Not only are they a necessity for most Americans due to the shape of our neighborhoods and the distances between where we live, work, shop, and go to school, but we also fancy them. As a result, most households in America have one, two, or three cars. But NeighborhoodScout's exclusive analysis shows that the Millenium Park neighborhood has a highly unusual pattern of car ownership. 80.6% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 99.9% of U.S. neighborhoods.

People

The rate of college educated adults in the Millenium Park neighborhood is a unique characteristic of the neighborhood. 90.2% of adults here have received at least a 4-year bachelor's degree, compared to the average neighborhood in America, which has 34.3% of the adults with a bachelor's degree. The rate here is higher than NeighborhoodScout found in 99.7% of all U.S. neighborhoods.

In addition, a unique characteristic about the people in the Millenium Park neighborhood is that a majority of them are young, single professionals. In fact, there are more young, single professionals in this one community than 97.6% of neighborhoods in the U.S. Here you'll find an active nightlife nearby with lots of opportunities to flirt and find romance. In addition to being an excellent choice for young, single professionals, this neighborhood is also a very good choice for urban sophisticates.

Also, wealth makes most things in life easier, and a few things harder. If you are wealthy and enjoy keeping up with the Jones', this neighborhood will interest you. In fact, according to NeighborhoodScout's research, the Millenium Park neighborhood is wealthier than 95.5% of the neighborhoods in the United States. Residents here are truly in a unique situation even when compared to other Americans, based on the sheer amount of wealth concentrated here. Even in times of economic downturn, residents of this neighborhood, as a group, suffered less and recovered more quickly. This is indeed a stand-out characteristic of this neighborhood.

Real Estate

The real estate in the Millenium Park 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, 96.9% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 99.4% of American neighborhoods.

In addition, if you like crowded places, then you will probably enjoy the the Millenium Park neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 96.5% of neighborhoods in the U.S., with 27,667 people per square mile living here.

Modes of Transportation

In the Millenium Park 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 29.8% of residents here. This is a higher proportion of walking commuters than we found in 99.1% of American neighborhoods. Get ready to put on your walking shoes if you move here!

Also, in the Millenium Park neighborhood, 40.8% 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 98.9% of the neighborhoods in America.

Occupations

Executives, managers and professionals make up 76.0% of the workforce in the Millenium Park neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 98.1% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.

Diversity

Did you know that the Millenium Park neighborhood has more Croatian and Austrian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 6.1% of this neighborhood's residents have Croatian ancestry and 2.5% have Austrian ancestry.

Millenium Park is also pretty special linguistically. Significantly, 1.9% of its residents five years old and above primarily speak Russian at home. While this may seem like a small percentage, it is higher than 98.4% 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 Millenium Park neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 99.5% 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 Millenium Park 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 95.5% of the neighborhoods in America. With 14.6% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 59.4% 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 Millenium Park neighborhood, 76.0% 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 15.8% of the residents employed. Other residents here are employed in government jobs, whether they are in local, state, or federal positions (5.7%), and 4.6% 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 Millenium Park neighborhood is English, spoken by 63.7% of households. Other important languages spoken here include Chinese, Langs. of India, Spanish and German/Yiddish.

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 Millenium Park neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Asian (25.6%). There are also a number of people of German ancestry (18.3%), and residents who report Mexican roots (10.4%), and some of the residents are also of Irish ancestry (9.4%), along with some Italian ancestry residents (7.8%), among others. In addition, 35.5% of the residents of this neighborhood were born in another country.

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 Millenium Park neighborhood spend between 15 and 30 minutes commuting one-way to work (49.1% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (40.8%) take the train to get to work. In addition, quite a number also hop out the door and walk to work to get to work (29.8%) and 12.4% of residents also drive alone in a private automobile for their daily commute. 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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