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Real Estate Prices & Overview

Illinois Institute of Technology median real estate price is $308,758, which is more expensive than 51.4% of the neighborhoods in Illinois and 38.7% of the neighborhoods in the U.S.

The average rental price in Illinois Institute of Technology is currently $3,364, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 91.1% 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 medium sized (three or four bedroom) to small (studio to two 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 91.3% 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

When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.

People

Of note is NeighborhoodScout's research finding that the Illinois Institute of Technology neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the Illinois Institute of Technology community truly stands out from the rest in this regard.

In addition, neighborhoodScout's analysis shows that the Illinois Institute of Technology neighborhood has a greater concentration of residents currently enrolled in college than 98.8% of the neighborhoods in the U.S. With 33.6% of the population here attending college, this is very much a college-focused neighborhood.

Also, 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 2.4% of college-friendly places to live in the state of Illinois.

Modes of Transportation

In the Illinois Institute of Technology neighborhood, walking to work is a real option for many. In fact, NeighborhoodScout's exclusive research reveals walking to and from work is the chosen way to commute for 20.5% of residents here. This is a higher proportion of walking commuters than we found in 98.3% of American neighborhoods. Get ready to put on your walking shoes if you move here!

Also, in the Illinois Institute of Technology neighborhood, 8.6% 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 95.2% of the neighborhoods in America.

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 96.1% 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 89.0% 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, 55.8% 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 17.9% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (13.6%), and 12.8% 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 77.5% of households. Other important languages spoken here include Spanish, Chinese, Langs. of India and Portuguese.

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 Illinois Institute of Technology neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Asian (15.8%). There are also a number of people of Sub-Saharan African ancestry (9.3%), and residents who report German roots (4.9%), and some of the residents are also of Mexican ancestry (3.8%), along with some African ancestry residents (2.0%), 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 between 15 and 30 minutes commuting one-way to work (37.2% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (40.4%) 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 (20.5%) and 8.6% 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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