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Real Estate Prices & Overview

Illinois Institute of Technology median real estate price is $297,080, which is more expensive than 49.2% of the neighborhoods in Illinois and 37.4% of the neighborhoods in the U.S.

The average rental price in Illinois Institute of Technology is currently $3,850, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 95.5% of the neighborhoods in Illinois.

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

Illinois Institute of Technology 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 renter occupied. Many of the residences in the Illinois Institute of Technology neighborhood are newer, built in 2000 or more recently. A number of residences were also built before 1940.

In Illinois Institute of Technology, the current vacancy rate is 0.8%, which is a lower rate of vacancies than 91.7% of all neighborhoods in the U.S. This means that the housing supply in Illinois Institute of Technology is very tight compared to the demand for property here.

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 Illinois Institute of Technology neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

In a nation where 1 out of every 4 children lives in poverty, the Illinois Institute of Technology neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

In addition, one of the really interesting characteristics about the Illinois Institute of Technology neighborhood is that, according to NeighborhoodScout's exclusive research, it is an excellent choice in which to reside for college students. Due to its popularity among college students who already choose to live here, its walkability, and its above average safety from crime, the neighborhood is ideal for prospective or already-enrolled college students. Between semesters and during school breaks, you'll notice that the excitement here fluctuates with the college seasons. Despite the excitement however, parents of college-age children can rest easy knowing that this neighborhood has an above average safety rating. For each of these reasons, the neighborhood is rated among the top 0.5% of college-friendly places to live in the state of Illinois.

Also, an extraordinary 35.7% of the residents of the Illinois Institute of Technology neighborhood are currently enrolled in college. This is such a large part of life in this neighborhood that the neighborhood changes a great deal with the change of semesters and is far quieter during the summer when many students are away.

Modes of Transportation

More people in Illinois Institute of Technology choose to walk to work each day (24.4%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.

Diversity

Significantly, 2.3% of its residents five years old and above primarily speak Portuguese at home. While this may seem like a small percentage, it is higher than 98.1% of the neighborhoods in America.

Migration / Stability

Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. In the Illinois Institute of Technology neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 96.9% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.

The Neighbors

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 Illinois Institute of Technology 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 89.4% 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.

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 Illinois Institute of Technology neighborhood, 55.9% 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 20.2% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (12.1%), and 11.8% in manufacturing and laborer 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 Illinois Institute of Technology neighborhood is English, spoken by 78.5% of households. Other important languages spoken here include Chinese, Spanish, Langs. of India and Portuguese.

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 Illinois Institute of Technology neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Asian (15.9%). There are also a number of people of Sub-Saharan African ancestry (9.8%), and residents who report German roots (5.3%), and some of the residents are also of Mexican ancestry (3.0%), along with some Irish ancestry residents (2.9%), among others. In addition, 16.9% of the residents of this neighborhood were born in another country.

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 Illinois Institute of Technology neighborhood spend under 15 minutes commuting one-way to work (35.8% of working residents), one of the shortest commutes across America.

Here most residents (41.0%) drive alone in a private automobile to get to work. In addition, quite a number also hop out the door and walk to work to get to work (24.4%) and 7.4% 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.


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