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Real Estate Prices & Overview

Oak Terrace median real estate price is $343,889, which is more expensive than 56.6% of the neighborhoods in Illinois and 44.0% of the neighborhoods in the U.S.

The average rental price in Oak Terrace is currently $2,124, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 60.0% of the neighborhoods in Illinois.

Oak Terrace is an urban neighborhood (based on population density) located in Oak Forest, Illinois.

Oak Terrace real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner occupied. Many of the residences in the Oak Terrace neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

In Oak Terrace, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in Oak Terrace 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.

Real Estate

This neighborhood has the distinction of having one of the lowest real estate vacancy rates of any neighborhood in America. With just 0.0% of the real estate vacant, this indicates an exceptionally strong demand for real estate in the Oak Terrace neighborhood, and/or an issue with creating enough supply for the demand. This could have the effect of increasing real estate prices, increasing supply to meet demand, or both.

People

One of the really interesting characteristics about the Oak Terrace 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 3.9% of college-friendly places to live in the state of Illinois.

Diversity

Did you know that the Oak Terrace neighborhood has more Yugoslav and Swiss ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.9% of this neighborhood's residents have Yugoslav ancestry and 2.8% have Swiss ancestry.

Oak Terrace is also pretty special linguistically. Significantly, 4.3% of its residents five years old and above primarily speak Tagalog, which is the first language of the Philippine region, at home. While this may seem like a small percentage, it is higher than 97.4% of the neighborhoods in America.

Migration / Stability

The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. More residents of the Oak Terrace neighborhood live here today that also were living in this same neighborhood five years ago than is found in 95.3% of U.S. neighborhoods. This neighborhood is really made up of people who know each other, don't move often, and have lived here in this very neighborhood for quite a while.

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 Oak Terrace neighborhood in Oak Forest are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 48.1% of the neighborhoods in America. In addition, 1.7% 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 75.7% of America's neighborhoods.

A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.

In the Oak Terrace neighborhood, 32.9% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 28.7% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (27.6%), and 10.8% 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 Oak Terrace neighborhood is English, spoken by 71.6% of households. Other important languages spoken here include Spanish, Tagalog (the first language of the Philippine region), Langs. of India and Polish.

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 Oak Terrace neighborhood in Oak Forest, IL, residents most commonly identify their ethnicity or ancestry as Mexican (21.5%). There are also a number of people of German ancestry (15.8%), and residents who report Irish roots (13.8%), and some of the residents are also of Asian ancestry (9.2%), along with some Italian ancestry residents (9.0%), among others. In addition, 17.3% of the residents of this neighborhood were born in another country.

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 Oak Terrace neighborhood spend between 45 minutes and one hour commuting one-way to work (28.0% of working residents), longer and tougher than most commutes in America.

Here most residents (81.8%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (5.3%) and 5.3% 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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Economics & Demographics include:
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Race & Ethnic Diversity
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Higher Education Attainment
Crime includes:
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Schools include:
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