What do we mean by a neighborhood?
NeighborhoodScout® uses the official government designation for neighborhoods - the census tract.
Census tracts are small, relatively permanent subdivisions of a county that are defined by the U.S. Census Bureau in conjunction with local authorities all across the country to define real neighborhoods that are bounded to contain areas with homogeneous population characteristics (including economic status, lifestyle, and living conditions). Census tracts usually have 4,000 persons, but can range between 1,500 and 8,000 persons. This is the most fine-grained area for which detailed information is made available from the government, to protect the individual privacy of each of us. Because census tracts are based on population, they vary in size depending on the density of settlement. In urban areas, they are small, and in rural areas they can cover an entire small town or even a few small towns in very rural areas.
Since census tracts are subdivisions of a county, we did a spatial overlay of the census tracts onto city and town boundaries using a geographic information system to properly assign each census tract to its appropriate city or town. Then we named each census tract to the local colloquially recognized neighborhood name for that spot (e.g., Boston, MA (Dorchester). If there was not a name available, we named the census tract by the largest street intersection in the census tract (e.g., Worcester, MA (Lincoln St/Plantation St)
Why we don't use Zip Codes as neighborhoods
Zip codes were developed by the Postal Service for the purpose of delivering mail, but were never intended to define coherent neighborhoods. In addition, Zip Codes can have as many as 10 distinctly different census tracts contained within them. When distinct census tracts are blended together in a single Zip Code, the data reflects their average conditions and often gives a false sense of the area. The result is that potentially great matching neighborhoods can be missed, and erroneous matches can also be produced and delivered to you.
Using census tracts makes great matches possible, and helps people find the areas that are best for them and their families. Because we are committed to providing the highest possible quality and finding the neighborhoods that best meet your criteria, we use census tracts. And, as always, we show you the actual street map of the neighborhood so you know exactly where your best matching neighborhood is located.
What is a Condition Alert?
A condition alert is a condition in the neighborhood that triggers an alert. NeighborhoodScout contains condition alerts to highlight conditions that are extreme, whether good or bad. This helps answer crucial questions about the state of the neighborhood being evaluated, such as:
What are the risks of violent crime here?
Is the risk of home break-ins or other property crimes increasing?
Does real estate here hold its value?
Are the trends in local vacancies or unemployment concerning?
...and dozens more.
Information at a glance that you need to know to invest, appraise or finance a property.
Palmer Square East median real estate price is $803,246, which is more expensive than 92.5% of the neighborhoods in Illinois and 81.7% of the neighborhoods in the U.S.
The average rental price in Palmer Square East is currently $3,493, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 92.4% 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.
Home and apartment vacancy rates are 9.1% in Palmer Square East. NeighborhoodScout analysis shows that this rate is lower than 41.1% of the neighborhoods in the nation, approximately near the middle range for vacancies.
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.
Occupations
Executives, managers and professionals make up 78.4% 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 98.5% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.
Modes of Transportation
If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 24.1% of the Palmer Square East neighborhood's commuters ride the train to and from work each day, which is more than we found in 97.8% of America's neighborhoods.
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 30.8% 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 95.2% 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.
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. Being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, American's enjoy taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and take in the sights and sounds. And, according to NeighborhoodScout's exclusive and first quantitative walkable score index, the Palmer Square East neighborhood is one of the most walkable neighborhoods in America.
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. 24.7% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 96.3% of U.S. neighborhoods.
Diversity
Did you know that the Palmer Square East neighborhood has more Welsh and Iranian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.4% of this neighborhood's residents have Welsh 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.
The Neighbors
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 78.8% of the neighborhoods in America. With 11.6% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 53.8% 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 Palmer Square East neighborhood, 78.4% 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 10.1% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (6.3%), and 5.3% 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 70.7% of households. Other important languages spoken here include Spanish 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 Palmer Square East neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Mexican (17.7%). There are also a number of people of Asian ancestry (11.4%), and residents who report German roots (11.2%), and some of the residents are also of Irish ancestry (8.5%), along with some Italian ancestry residents (7.0%), among others. In addition, 17.6% 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 Palmer Square East neighborhood spend between 30 and 45 minutes commuting one-way to work (45.8% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (27.7%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (24.1%) and 6.8% 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.
SCOUT’s patented match algorithm identifies the most similar neighborhoods to a subject location, and quantifies the similarity to the subject location. This allows analysts to identify the most similar neighborhoods in a local market area for appraisals, investments, and research.
The algorithm uses 273 neighborhood conditions, identifies the dominant dimensions underlying the conditions and calculates the similarity. This captures the true culture and character of locations, economic conditions, and trends.
The closer to 100% means the locations are nearly identical. 80% is a very good, but not excellent match, and so forth.
