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Real Estate Prices & Overview

E 61st St / S Michigan Ave median real estate price is $463,704, which is more expensive than 77.0% of the neighborhoods in Illinois and 61.2% of the neighborhoods in the U.S.

The average rental price in E 61st St / S Michigan Ave is currently $1,350, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 77.1% of Illinois neighborhoods.

E 61st St / S Michigan Ave is a densely urban neighborhood (based on population density) located in Chicago, Illinois.

E 61st St / S Michigan Ave 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 E 61st St / S Michigan Ave neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built before 1940.

E 61st St / S Michigan Ave has a 13.5% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 76.2% 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.

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 E 61st St / S Michigan Ave neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Modes of Transportation

More people ride the bus in this neighborhood each day to get to work than 100.0% of U.S. neighborhoods.

Also, in the E 61st St / S Michigan Ave neighborhood, 11.1% 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 96.0% of the neighborhoods in America.

Car Ownership

Most American households own a car or other vehicle. Many own two cars or perhaps three. In the United States, it is useful to have an automobile not only for commuting, but also for shopping and getting to other services one needs. But NeighborhoodScout's analysis revealed that households in the E 61st St / S Michigan Ave neighborhood have a highly unusual car ownership. 66.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 99.5% of U.S. neighborhoods.

People

The E 61st St / S Michigan Ave neighborhood stands out for having an average per capita income lower than 99.1% of the neighborhoods in the United States. Also of note, 78.4% 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.

In addition, single parenting is hard. But you don't have to tell the E 61st St / S Michigan Ave neighborhood about it; they already know. 20.2% of this neighborhood's households are run by single mothers, which is a higher concentration than NeighborhoodScout found in 97.2% of American neighborhoods. Further NeighborhoodScout research showed strong statistical correlations among high rates of children living in single parent households, and neighborhood crime, particularly violent crime, neighborhood poverty, and, importantly, the percentage of low weight births and rates of infant mortality.

Real Estate

Renter-occupied real estate is dominant in the E 61st St / S Michigan Ave neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 97.9%, which is higher than 98.7% of the neighborhoods in America. If you were to buy and live in the property you bought here, you would be almost alone in doing so.

In addition, one of the really unique and interesting things about the look and setting of the E 61st St / S Michigan Ave neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 89.2% 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 98.1% of all neighborhoods in America.

Occupations

There are more people living in the E 61st St / S Michigan Ave neighborhood employed as sales and service workers (62.0%) than almost any neighborhood in the country. From fast-food service workers to major sales accounts, sales and service workers make up the largest proportion of our national employment picture. But despite that size and importance nationally, this neighborhood still stands out as unique due to the dominance of people living here who work in such occupations.

Diversity

Did you know that the E 61st St / S Michigan Ave neighborhood has more African and Sub-Saharan African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 20.2% of this neighborhood's residents have African ancestry and 24.1% have Sub-Saharan African ancestry.

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 E 61st St / S Michigan Ave 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 99.1% of U.S. neighborhoods. With 78.4% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 99.3% 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 E 61st St / S Michigan Ave neighborhood, 38.0% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 30.2% of the residents employed. Other residents here are employed in executive, management, and professional occupations (22.2%), and 9.5% in manufacturing and laborer occupations.

Languages

The most common language spoken in the E 61st St / S Michigan Ave neighborhood is English, spoken by 94.5% of households. Some people also speak Spanish (3.3%).

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 E 61st St / S Michigan Ave neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (24.1%). There are also a number of people of African ancestry (20.2%), and residents who report Puerto Rican roots (2.9%), and some of the residents are also of German ancestry (1.5%), along with some Irish ancestry residents (1.5%), 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 E 61st St / S Michigan Ave neighborhood spend between 45 minutes and one hour commuting one-way to work (50.2% of working residents), longer and tougher than most commutes in America.

Here most residents (45.4%) ride the bus to get to work. In addition, quite a number also drive alone in a private automobile to get to work (19.4%) and 15.4% of residents also carpool with coworkers, friends, or neighbors for their daily commute. The bus provides a valuable service in the E 61st St / S Michigan Ave neighborhood of Chicago by getting a lot of residents to and from work daily, reducing the costs of commuting and reducing some congestion on the roads as well.


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