Park Place / Lorraine Terrace median real estate price is $349,703, which is more expensive than 62.8% of the neighborhoods in Illinois and 47.9% of the neighborhoods in the U.S.
The average rental price in Park Place / Lorraine Terrace is currently $1,627, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 63.9% of Illinois neighborhoods.
Park Place / Lorraine Terrace is a suburban neighborhood (based on population density) located in Elgin, Illinois.
Park Place / Lorraine Terrace real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Park Place / Lorraine Terrace neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.
Home and apartment vacancy rates are 6.4% in Park Place / Lorraine Terrace. NeighborhoodScout analysis shows that this rate is lower than 57.3% of the neighborhoods in the nation, approximately near the middle range for vacancies.
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 Elgin, the Park Place / Lorraine Terrace neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Of note, 61.2% of the children in this area live in poverty; an extraordinarily high percentage compared to other neighborhoods in the nation. In a nation where approximately one in four children grows up in poverty, this neighborhood stands out for the depth of the problem manifested here.
Did you know that the Park Place / Lorraine Terrace neighborhood has more Hungarian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.4% of this neighborhood's residents have Hungarian ancestry.
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 Park Place / Lorraine Terrace neighborhood in Elgin are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 46.2% of the neighborhoods in America. With 61.2% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 97.1% 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 Park Place / Lorraine Terrace neighborhood, 30.1% 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 28.7% of the residents employed. Other residents here are employed in executive, management, and professional occupations (23.5%), and 17.7% in clerical, assistant, and tech support occupations.
The most common language spoken in the Park Place / Lorraine Terrace neighborhood is English, spoken by 66.5% of households. Some people also speak Spanish (28.8%).
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 Park Place / Lorraine Terrace neighborhood in Elgin, IL, residents most commonly identify their ethnicity or ancestry as Mexican (37.3%). There are also a number of people of German ancestry (12.5%), and residents who report Irish roots (6.3%), and some of the residents are also of English ancestry (5.8%), along with some Polish ancestry residents (5.5%), among others. In addition, 16.2% of the residents of this neighborhood were born in another country.
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 Park Place / Lorraine Terrace neighborhood spend between 15 and 30 minutes commuting one-way to work (35.8% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (74.7%) 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 (16.6%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.