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Real Estate Prices & Overview

E 78th St / S Exchange Ave median real estate price is $300,784, which is more expensive than 50.1% of the neighborhoods in Illinois and 38.3% of the neighborhoods in the U.S.

The average rental price in E 78th St / S Exchange Ave is currently $1,950, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 49.4% of Illinois neighborhoods.

E 78th St / S Exchange Ave is a densely urban neighborhood (based on population density) located in Chicago, Illinois.

E 78th St / S Exchange 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 78th St / S Exchange Ave 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 1970 and 1999.

Vacant apartments or homes are a major fact of life in E 78th St / S Exchange Ave. The current real estate vacancy rate here is 28.0%. This is higher than the rate of vacancies in 94.1% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.

Notable & Unique Neighborhood Characteristics

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.

Modes of Transportation

More people ride the bus in this neighborhood each day to get to work than 99.8% of U.S. neighborhoods.

Real Estate

If you like crowded places, then you will probably enjoy the the E 78th St / S Exchange Ave neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 95.6% of neighborhoods in the U.S., with 23,014 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 E 78th St / S Exchange Ave 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 E 78th St / S Exchange 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 42.3% of the real estate here is made up of such dwellings, which is higher than 97.5% of all U.S. neighborhoods.

Furthermore, renter-occupied real estate is dominant in the E 78th St / S Exchange Ave neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 90.8%, which is higher than 97.0% 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.

Also of note, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 71.2% of the residential real estate in the E 78th St / S Exchange Ave neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 98.8% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.

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 78th St / S Exchange Ave neighborhood have a highly unusual car ownership. 19.6% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 95.1% of U.S. neighborhoods.

Diversity

Did you know that the E 78th St / S Exchange Ave neighborhood has more Sub-Saharan African and Croatian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 26.6% of this neighborhood's residents have Sub-Saharan African ancestry and 1.0% have Croatian ancestry.

E 78th St / S Exchange Ave is also pretty special linguistically. Significantly, 3.5% of its residents five years old and above primarily speak African languages at home. While this may seem like a small percentage, it is higher than 97.6% of the neighborhoods in America.

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 78th St / S Exchange 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 94.3% of U.S. neighborhoods. With 44.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 92.0% 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 E 78th St / S Exchange Ave neighborhood, 31.1% 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 manufacturing and laborer occupations, with 25.9% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (24.8%), and 18.2% in executive, management, and professional occupations.

Languages

The most common language spoken in the E 78th St / S Exchange Ave neighborhood is English, spoken by 94.6% of households. Some people also speak African languages (3.5%).

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 78th St / S Exchange Ave neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (26.6%). There are also a number of people of African ancestry (4.0%), and residents who report Italian roots (2.5%), and some of the residents are also of Puerto Rican ancestry (1.3%), along with some Asian ancestry residents (1.3%), among others.

Getting to Work

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 E 78th St / S Exchange Ave neighborhood spend between 45 minutes and one hour commuting one-way to work (52.4% of working residents), longer and tougher than most commutes in America.

Here most residents (33.8%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (32.8%) and 16.0% of residents also carpool with coworkers, friends, or neighbors 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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