Palmer Square East median real estate price is $782,840, which is more expensive than 94.7% of the neighborhoods in Illinois and 83.9% of the neighborhoods in the U.S.
The average rental price in Palmer Square East is currently $3,271, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 89.9% of the neighborhoods in Illinois.
Palmer Square East is a densely urban neighborhood (based on population density) located in Chicago, Illinois.
Palmer Square East 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 occupied by a mixture of owners and renters. Many of the residences in the Palmer Square East 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 2000 and the present.
Palmer Square East has a 10.4% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 63.1% 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.
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 Palmer Square East neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
Modes of Transportation
In the Palmer Square East neighborhood, 25.3% 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 97.8% of the neighborhoods in America.
Also, in the Palmer Square East neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 29.8% 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 96.8% 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.
Finally, would you like to be able to ride your bike to work? If you are attracted to the idea of getting a little exercise of the two-wheeled type while reducing your carbon footprint, bicycling to work might be the answer. But which neighborhood you live in can make this either impossible, or alternatively, a great and realistic option. NeighborhoodScout's analysis revealed that the Palmer Square East neighborhood is a fantastic option for bicycle commuters, as 3.2% of commuters here do ride their bikes to and from work on a daily basis. This is a higher amount than we found in 96.1% of the neighborhoods in America.
Real Estate
If you like crowded places, then you will probably enjoy the the Palmer Square East neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 96.0% of neighborhoods in the U.S., with 24,694 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 Palmer Square East neighborhood is among the top 5% of American neighborhoods in terms of walkability.
In addition, three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The Palmer Square East neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 31.0% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 95.0% of America's neighborhoods.
Occupations
Executives, managers and professionals make up 73.4% of the workforce in the Palmer Square East neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 97.1% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.
Car Ownership
American households most often have a car, and regularly they have two or three. But households in the Palmer Square East neighborhood buck this trend. 27.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 96.8% of U.S. neighborhoods.
Diversity
Did you know that the Palmer Square East neighborhood has more Brazilian and Iranian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.0% of this neighborhood's residents have Brazilian ancestry and 0.9% have Iranian ancestry.
Palmer Square East is also pretty special linguistically. Significantly, 7.1% 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 96.2% of the neighborhoods in America.
How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.
The neighbors in the Palmer Square East neighborhood in Chicago are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 78.9% of the neighborhoods in America. With 16.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 63.3% 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 Palmer Square East neighborhood, 73.4% 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 12.0% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (9.6%), and 5.0% 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 Palmer Square East neighborhood is English, spoken by 69.8% of households. Other important languages spoken here include Spanish and Polish.
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 Palmer Square East neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Mexican (21.1%). There are also a number of people of Irish ancestry (10.1%), and residents who report Italian roots (9.7%), and some of the residents are also of German ancestry (8.8%), along with some Asian ancestry residents (8.3%), among others. In addition, 16.1% of the residents of this neighborhood were born in another country.
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 Palmer Square East neighborhood spend between 30 and 45 minutes commuting one-way to work (46.3% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (25.3%) take the train to get to work. In addition, quite a number also drive alone in a private automobile to get to work (23.3%) and 9.8% of residents also ride the bus for their daily commute. 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.
