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Real Estate Prices & Overview

Oakland median real estate price is $475,044, which is more expensive than 78.4% of the neighborhoods in Illinois and 62.6% of the neighborhoods in the U.S.

The average rental price in Oakland is currently $1,376, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 73.7% of Illinois neighborhoods.

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

Oakland 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 renter occupied. Many of the residences in the Oakland neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

Real estate vacancies in Oakland are 5.8%, which is lower than one will find in 61.3% of American neighborhoods. Demand for real estate in Oakland 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.

People

The Oakland neighborhood stands out for having an average per capita income lower than 98.4% of the neighborhoods in the United States.

In addition, one of the most interesting things about the Oakland neighborhood is that it has a greater concentration of residents who live alone than most all neighborhoods in America. With 49.0% of the households here made up of people living alone, NeighborhoodScout's research reveals that this is a larger proportion of people living alone than in 95.0% of the neighborhoods in America.

Modes of Transportation

In the Oakland neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 30.1% 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 96.9% 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.

Real Estate

One of the really unique and interesting things about the look and setting of the Oakland neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 71.5% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 95.3% of all neighborhoods in America.

Diversity

Did you know that the Oakland neighborhood has more African and Sub-Saharan African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 15.7% of this neighborhood's residents have African ancestry and 22.3% have Sub-Saharan African ancestry.

Oakland is also pretty special linguistically. Significantly, 1.3% of its residents five years old and above primarily speak Mon-Khmer, which is the dominant language of Cambodia, at home. While this may seem like a small percentage, it is higher than 99.1% of the neighborhoods in America.

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 Oakland neighborhood in Chicago are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 98.4% of U.S. neighborhoods. With 35.1% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 85.7% 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 Oakland neighborhood, 46.3% 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 19.4% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (17.3%), and 17.1% 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 Oakland neighborhood is English, spoken by 88.2% of households. Other important languages spoken here include Spanish and African languages.

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 Oakland neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (22.3%). There are also a number of people of African ancestry (15.7%), and residents who report Mexican roots (3.1%), and some of the residents are also of Jamaican ancestry (2.2%), along with some South American ancestry residents (2.2%), 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 Oakland neighborhood spend between 15 and 30 minutes commuting one-way to work (40.0% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (43.8%) 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 (9.0%) and 8.3% of residents also ride the bus 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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