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Real Estate Prices & Overview

Palmer Square West median real estate price is $551,239, which is more expensive than 89.0% of the neighborhoods in Illinois and 73.6% of the neighborhoods in the U.S.

The average rental price in Palmer Square West is currently $2,978, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 87.2% of the neighborhoods in Illinois.

Palmer Square West is a densely urban neighborhood (based on population density) located in Chicago, Illinois.

Palmer Square West 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 occupied by a mixture of owners and renters. Many of the residences in the Palmer Square West neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 2000 and the present.

Home and apartment vacancy rates are 7.3% in Palmer Square West. NeighborhoodScout analysis shows that this rate is lower than 52.2% of the neighborhoods in the nation, approximately near the middle range for vacancies.

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

Modes of Transportation

If your dream is to be able to ride your bike to work each day, look no further than this unique neighborhood. With 6.7% of residents in the Palmer Square West neighborhood commuting on a bicycle to and from work daily, this neighborhood has more bicycle commuters than 99.0% of all neighborhoods in the U.S., according to NeighborhoodScout's exclusive analysis.

Also, if you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 21.4% of the Palmer Square West neighborhood's commuters ride the train to and from work each day, which is more than we found in 97.3% of America's neighborhoods.

Finally, a unique way of commuting is simply not to. And in the Palmer Square West neighborhood, analysis shows that 29.9% 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 96.8% 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.

Real Estate

If you like crowded places, then you will probably enjoy the the Palmer Square West neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 95.7% of neighborhoods in the U.S., with 23,155 people per square mile living here. Even if you drive or take transit to your place of employment, many people enjoy being able to walk in their neighborhood. What many people don't realize is that most of America's premier vacation locations are also very walkable. The Palmer Square West neighborhood is among the top 5% of American neighborhoods in terms of walkability.

In addition, 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 Palmer Square West 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 43.4% of the real estate here is made up of such dwellings, which is higher than 97.6% of all U.S. neighborhoods.

Furthermore, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 56.8% of the residential real estate in the Palmer Square West neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 95.7% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.

People

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 Palmer Square West neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 98.0% 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 Palmer Square West neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for young, single professionals.

In addition, the rate of college educated adults in the Palmer Square West neighborhood is a unique characteristic of the neighborhood. 73.7% 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 95.5% of all U.S. neighborhoods.

Diversity

Did you know that the Palmer Square West neighborhood has more Eastern European ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.6% of this neighborhood's residents have Eastern European 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 Palmer Square West 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 88.8% of the neighborhoods in America. With 35.2% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 85.8% of U.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 Palmer Square West neighborhood, 66.0% 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 18.1% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (8.1%), and 7.8% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Palmer Square West neighborhood is English, spoken by 85.0% of households. Some people also speak Spanish (10.3%).

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 Palmer Square West neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Irish (16.0%). There are also a number of people of German ancestry (11.4%), and residents who report English roots (8.4%), and some of the residents are also of Mexican ancestry (5.2%), along with some Asian ancestry residents (4.6%), 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 Palmer Square West neighborhood spend between 30 and 45 minutes commuting one-way to work (40.2% 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%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (21.4%) and 6.7% of residents also bicycle 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.


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