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Real Estate Prices & Overview

North Melrose Park / Silver Creek median real estate price is $315,444, which is more expensive than 60.7% of the neighborhoods in Illinois and 45.1% of the neighborhoods in the U.S.

The average rental price in North Melrose Park / Silver Creek is currently $2,029, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 60.5% of the neighborhoods in Illinois.

North Melrose Park / Silver Creek is a densely urban neighborhood (based on population density) located in Melrose Park, Illinois.

North Melrose Park / Silver Creek real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and small apartment buildings. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the North Melrose Park / Silver Creek neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built before 1940.

Real estate vacancies in North Melrose Park / Silver Creek are 3.8%, which is lower than one will find in 74.8% of American neighborhoods. Demand for real estate in North Melrose Park / Silver Creek 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

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.

Diversity

Did you know that the North Melrose Park / Silver Creek neighborhood has more Mexican and Puerto Rican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 65.9% of this neighborhood's residents have Mexican ancestry and 9.4% have Puerto Rican ancestry.

North Melrose Park / Silver Creek is also pretty special linguistically. Significantly, 72.8% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 97.8% of all U.S. neighborhoods.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the North Melrose Park / Silver Creek neighborhood in Melrose Park are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 47.2% of the neighborhoods in America. With 25.4% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 76.0% 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 North Melrose Park / Silver Creek neighborhood, 36.7% of the working population is employed in manufacturing and laborer 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 29.3% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (20.5%), and 13.5% in executive, management, and professional 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 North Melrose Park / Silver Creek neighborhood is Spanish, spoken by 72.8% of households. Other important languages spoken here include English and Italian.

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 North Melrose Park / Silver Creek neighborhood in Melrose Park, IL, residents most commonly identify their ethnicity or ancestry as Mexican (65.9%). There are also a number of people of Puerto Rican ancestry (9.4%), and residents who report Italian roots (8.2%), and some of the residents are also of German ancestry (2.9%), along with some South American ancestry residents (1.5%), among others. In addition, 37.9% 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 North Melrose Park / Silver Creek neighborhood spend under 15 minutes commuting one-way to work (25.8% of working residents), one of the shortest commutes across America.

Here most residents (68.7%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (19.7%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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