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Real Estate Prices & Overview

Olympia Terrace median real estate price is $307,911, which is more expensive than 54.8% of the neighborhoods in Illinois and 41.0% of the neighborhoods in the U.S.

The average rental price in Olympia Terrace is currently $3,394, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 93.4% of the neighborhoods in Illinois.

Olympia Terrace is a suburban neighborhood (based on population density) located in Chicago Heights, Illinois.

Olympia Terrace real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Olympia Terrace neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.

Real estate vacancies in Olympia Terrace are 4.2%, which is lower than one will find in 72.1% of American neighborhoods. Demand for real estate in Olympia Terrace 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 Heights, the Olympia Terrace neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

For many reasons, Olympia Terrace is rated by NeighborhoodScout as one of the top 0.6% of ideal neighborhoods for first-time home buyers in the state of Illinois. Homes here are priced below median housing values in the state, yet the neighborhood has a track record according to NeighborhoodScout's exclusive neighborhood home appreciation rates of above average real estate appreciation over the last five years compared to other IL neighborhoods, protecting your investment in your first home, while simultaneously making it less risky for your lender. Not only does this neighborhood stand out for combining price and home value stability or increases, it also is a neighborhood with a high quality resident population according exclusive data, meaning this is likely a good place to buy, live, and enjoy. While many first time home buyers focus purely on low cost and convenient location, which can risk your investment in your first home and put you in a less than desirable neighborhood, this neighborhood is a true standout for a lot of reasons, and definitely worth a look if you are a first time home buyer. In addition to being an excellent choice for first-time home buyers, this neighborhood is also a very good choice for urban sophisticates and highly educated executives.

Diversity

Did you know that the Olympia Terrace neighborhood has more Dutch and Polish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 5.2% of this neighborhood's residents have Dutch ancestry and 10.8% have Polish ancestry.

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 Olympia Terrace neighborhood in Chicago Heights are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 83.0% of the neighborhoods in America. With 15.1% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 60.2% of U.S. neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Olympia Terrace neighborhood, 45.7% 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 23.4% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (17.4%), and 13.5% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Olympia Terrace neighborhood is English, spoken by 85.4% of households. Some people also speak Spanish (5.7%).

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the Olympia Terrace neighborhood in Chicago Heights, IL, residents most commonly identify their ethnicity or ancestry as Polish (10.8%). There are also a number of people of Italian ancestry (9.5%), and residents who report German roots (9.5%), and some of the residents are also of Mexican ancestry (9.5%), along with some Sub-Saharan African ancestry residents (9.4%), among others.

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 Olympia Terrace neighborhood spend under 15 minutes commuting one-way to work (27.0% of working residents), one of the shortest commutes across America.

Here most residents (56.8%) 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 (10.8%) and 8.9% of residents also take the train for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


Real Estate includes:
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Economics & Demographics include:
Lifestyle & Special Character
Household Types
Commute To Work
Migration & Mobility
Race & Ethnic Diversity
Employment Industries & Occupations
Income & Unemployment Rate
Higher Education Attainment
Crime includes:
Neighborhood Crime Index
Crimes Per Square Mile
Property Crime Comparison
Violent Crime Comparison
Schools include:
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