W Melrose St / N Lakewood Ave median real estate price is $1,469,406, which is more expensive than 99.7% of the neighborhoods in Illinois and 97.3% of the neighborhoods in the U.S.
The average rental price in W Melrose St / N Lakewood Ave is currently $3,758, 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.
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.
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, do you like to read, write, and learn? Are you curious about the world? If so, this neighborhood may be a good fit for you. NeighborhoodScout's research revealed that a full 92.6% of the adults living in the W Melrose St / N Lakewood Ave neighborhood have earned at least a bachelor's degree. This is a higher rate than NeighborhoodScout found in 99.9% of U.S. neighborhoods. In this way, this neighborhood truly stands out.
Also, if you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the W Melrose St / N Lakewood Ave neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 98.9% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the W Melrose St / N Lakewood Ave neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for highly educated executives, college students 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, if you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 29.8% of the W Melrose St / N Lakewood Ave neighborhood's commuters ride the train to and from work each day, which is more than we found in 98.1% of America's neighborhoods.
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
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 W Melrose St / N Lakewood Ave 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 42.6% of the real estate here is made up of such dwellings, which is higher than 97.5% of all U.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. 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 W Melrose St / N Lakewood Ave neighborhood is among the top 5% of American neighborhoods in terms of walkability.
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.
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 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 the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.
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.
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 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.
