Palmer Square median real estate price is $960,600, which is more expensive than 97.4% of the neighborhoods in Illinois and 89.4% of the neighborhoods in the U.S.
The average rental price in Palmer Square is currently $2,595, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 75.8% of the neighborhoods in Illinois.
Palmer Square is a densely urban neighborhood (based on population density) located in Chicago, Illinois.
Palmer Square 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 Palmer Square 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 1940 and 1969.
Palmer Square has a 10.3% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 63.0% 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.
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
Real Estate
If you like crowded places, then you will probably enjoy the the Palmer Square neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 95.9% of neighborhoods in the U.S., with 24,024 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 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 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 42.9% of the real estate here is made up of such dwellings, which is higher than 97.5% of all U.S. neighborhoods.
Furthermore, do you watch 'This Old House' on Public Television? Do you love the idea of fixing up a Colonial or Victorian era home, complete with the charm of yesteryear? Do you like to stroll or drive streets lined with gracious older residences? If you found yourself nodding yes to any of these questions, you are going to be interested in this unique neighborhood. The Palmer Square neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 70.5% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 98.6% of the neighborhoods in the United States.
Modes of Transportation
In the Palmer Square neighborhood, 21.1% 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 97.3% of the neighborhoods in America.
Also, would you like to be able to ride your bike to work? If you are attracted to the idea of getting a little exercise of the two-wheeled type while reducing your carbon footprint, bicycling to work might be the answer. But which neighborhood you live in can make this either impossible, or alternatively, a great and realistic option. NeighborhoodScout's analysis revealed that the Palmer Square neighborhood is a fantastic option for bicycle commuters, as 4.0% of commuters here do ride their bikes to and from work on a daily basis. This is a higher amount than we found in 97.2% of the neighborhoods in America.
Car Ownership
American households most often have a car, and regularly they have two or three. But households in the Palmer Square neighborhood buck this trend. 22.2% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 95.8% of U.S. neighborhoods.
People
With a nice mix of college students, safety from crime, and decent walkability, the Palmer Square neighborhood rates highly as a college student friendly place to live, and one that college students and their parents may want to consider. NeighborhoodScout's analysis shows that it rates more highly for a good place for college students to live than 88.9% of the neighborhoods in IL. This often also means that the area has certain amenities and services geared towards college students, from undergraduates to graduate students. In addition to being an excellent choice for college students, this neighborhood is also a very good choice for young, single professionals.
Diversity
Did you know that the Palmer Square neighborhood has more Romanian and Belgian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.1% of this neighborhood's residents have Romanian ancestry and 1.7% have Belgian ancestry.
Palmer Square is also pretty special linguistically. Significantly, 1.5% of its residents five years old and above primarily speak Greek at home. While this may seem like a small percentage, it is higher than 98.4% of the neighborhoods in America.
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 neighborhood in Chicago are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 60.6% of the neighborhoods in America. With 36.3% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 86.6% 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 Palmer Square neighborhood, 52.5% 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 24.5% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (13.7%), and 9.3% 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 Palmer Square neighborhood is English, spoken by 62.4% of households. Other important languages spoken here include Spanish and Italian.
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 neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Mexican (16.8%). There are also a number of people of Irish ancestry (13.2%), and residents who report Puerto Rican roots (12.6%), and some of the residents are also of German ancestry (8.3%), along with some English ancestry residents (8.0%), among others. In addition, 17.6% of the residents of this neighborhood were born in another country.
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 neighborhood spend between 30 and 45 minutes commuting one-way to work (48.2% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (41.8%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (21.1%) and 6.1% 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.
