S Indiana Ave / E 47th St median real estate price is $451,947, which is more expensive than 78.2% of the neighborhoods in Illinois and 61.4% of the neighborhoods in the U.S.
The average rental price in S Indiana Ave / E 47th St is currently $1,551, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 67.0% of Illinois neighborhoods.
S Indiana Ave / E 47th St is a densely urban neighborhood (based on population density) located in Chicago, Illinois.
S Indiana Ave / E 47th St 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 S Indiana Ave / E 47th St 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 1940 and 1969.
In S Indiana Ave / E 47th St, 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 S Indiana Ave / E 47th St is very tight compared to the demand for property here.
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.
Real Estate
Renter-occupied real estate is dominant in the S Indiana Ave / E 47th St neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 85.3%, which is higher than 95.4% 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. 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 S Indiana Ave / E 47th St 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.
In addition, 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 S Indiana Ave / E 47th St neighborhood is one of the most walkable neighborhoods in America.
Furthermore, the real estate in the S Indiana Ave / E 47th St neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 72.0% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 95.4% of American neighborhoods.
Also of note, do you watch 'This Old House' on Public Television? Do you love the idea of fixing up a Colonial or Victorian era home, complete with the charm of yesteryear? Do you like to stroll or drive streets lined with gracious older residences? If you found yourself nodding yes to any of these questions, you are going to be interested in this unique neighborhood. The S Indiana Ave / E 47th St neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 60.0% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 96.5% of the neighborhoods in the United States.
People
One of the unique characteristics of the S Indiana Ave / E 47th St neighborhood revealed by analysis is that the per capita income of residents here is lower than that found in 98.8% of the neighborhoods in America. Also of note, 71.2% of the children in this area live in poverty; an extraordinarily high percentage compared to other neighborhoods in the nation. In a nation where approximately one in four children grows up in poverty, this neighborhood stands out for the depth of the problem manifested here.
In addition, the types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. NeighborhoodScout's exclusive analysis reveals that this neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 59.2%. This is a higher percent living alone than we found in 98.7% of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.
Modes of Transportation
In the S Indiana Ave / E 47th St neighborhood, 24.2% 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 97.6% of the neighborhoods in America.
Also, our research revealed that more commuters here take the bus to work (15.7% ride the bus) than 97.5% of all American neighborhoods. If you like the idea of leaving your car and home and hopping the bus to work, this might be a good neighborhood for you to consider.
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 S Indiana Ave / E 47th St neighborhood have a highly unusual car ownership. 34.3% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.6% of U.S. neighborhoods.
Diversity
Did you know that the S Indiana Ave / E 47th St neighborhood has more Sub-Saharan African and Jamaican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 23.6% of this neighborhood's residents have Sub-Saharan African ancestry and 10.9% have Jamaican ancestry.
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 S Indiana Ave / E 47th St 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 98.8% of U.S. neighborhoods. With 71.2% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 98.6% of U.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 S Indiana Ave / E 47th St neighborhood, 35.4% 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 23.2% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (22.7%), and 18.7% in executive, management, and professional occupations.
Languages
The most common language spoken in the S Indiana Ave / E 47th St neighborhood is English, spoken by 98.1% of households.
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 S Indiana Ave / E 47th St neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (23.6%). There are also a number of people of African ancestry (12.7%), and residents who report Jamaican roots (10.9%), and some of the residents are also of German ancestry (1.2%).
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 S Indiana Ave / E 47th St neighborhood spend between 15 and 30 minutes commuting one-way to work (44.9% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (45.5%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (24.2%) and 15.7% of residents also ride the bus 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.
