W Melrose St / N Lakewood Ave median real estate price is $1,651,532, which is more expensive than 99.8% of the neighborhoods in Illinois and 97.2% of the neighborhoods in the U.S.
The average rental price in W Melrose St / N Lakewood Ave is currently $4,032, 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.
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.
People
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 W Melrose St / N Lakewood Ave neighborhood is wealthier than 99.1% 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. 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, the rate of college educated adults in the W Melrose St / N Lakewood Ave neighborhood is a unique characteristic of the neighborhood. 92.6% 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 99.9% of all U.S. neighborhoods.
Also, think about the people you know personally. How many of them would purchase box seats to opening night at the symphony? How many of them regularly attend gallery openings, or are the first to reserve tickets to opening night at the ballet? If they're like most of us, they don't do any of these things. But if you're among an exclusive crowd of wealthy and refined patrons of the arts, then you'll feel right at home in the W Melrose St / N Lakewood Ave neighborhood: a neighborhood in which more "urban sophisticates" live than 98.9% of neighborhoods across the U.S. Here, your neighbors are defined as having urbane tastes in literature, music, live theatre and the arts. They are wealthy, educated, travel in style, and live a big city lifestyle whether or not they live in or near a big city. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for highly educated executives 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
In the W Melrose St / N Lakewood Ave neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 39.3% of residents worked from home. This may not seem like a large number, but Scout's research shows that this is a higher percentage of people working from home than 99.5% of the neighborhoods in America. Often people who work from home are engaged in the creative or technological economy, such as is found in areas around Boston, and in Silicon Valley. Other times, people may be engaged in other businesses like trading stocks from home, or running a small beauty salon.
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
Three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The W Melrose St / N Lakewood Ave neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 42.6% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 97.5% of America'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.
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.
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 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.
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 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.
