Albany Park median real estate price is $483,325, which is more expensive than 77.3% of the neighborhoods in Illinois and 62.4% of the neighborhoods in the U.S.
The average rental price in Albany Park is currently $2,234, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 64.9% of the neighborhoods in Illinois.
Albany Park is a densely urban neighborhood (based on population density) located in Chicago, Illinois.
Albany Park real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) small apartment buildings and apartment complexes/high-rise apartments. Most of the residential real estate is renter occupied. Many of the residences in the Albany Park 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.
Real estate vacancies in Albany Park are 4.5%, which is lower than one will find in 69.8% of American neighborhoods. Demand for real estate in Albany Park is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.
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
The Albany Park neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 42,496 persons per square mile in the neighborhood, it is more packed with people than 98.0% of the nation's neighborhoods. 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 Albany Park neighborhood is one of the most walkable neighborhoods in America.
In addition, corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate of neighborhoods dominated by small 2, 3, and 4 unit apartment buildings. Many are in older core neighborhoods of Eastern and Midwestern cities, or historic town centers in their hinterlands. If you wax romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist at the corner, then you might find the Albany Park neighborhood worth a close look. This neighborhood is an absolutely outstanding example of the dominance of small 2, 3, and 4 unit apartment buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood's real estate stock. In fact, no less than 47.6% of the real estate here is made up of such dwellings, which is higher than 98.1% of all U.S. neighborhoods.
Furthermore, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 63.7% of the residential real estate in the Albany Park neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 97.4% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.
People
Albany Park has the amazing distinction of housing more same sex couples living together than 97.6% of neighborhoods in the U.S. If you are seeking such a neighborhood, NeighborhoodScout's analysis shows that this is one place that you should consider.
In addition, with a nice mix of college students, safety from crime, and decent walkability, the Albany Park neighborhood rates highly as a college student friendly place to live, and one that college students and their parents may want to consider. NeighborhoodScout's analysis shows that it rates more highly for a good place for college students to live than 87.2% of the neighborhoods in IL. This often also means that the area has certain amenities and services geared towards college students, from undergraduates to graduate students.
Modes of Transportation
Our research shows that more people carpool to work here in the Albany Park (25.7%) than in 97.4% of the neighborhoods in America.
Also, more people ride the bus in this neighborhood each day to get to work than 95.1% of U.S. neighborhoods.
Migration / Stability
Some neighborhoods have more internal cohesiveness than others. While other neighborhoods feel like a collection of strangers who just happen to live near each other. Sometimes this comes down to not only the personalities of the people in a place, but how long people have been together in that neighborhood. NeighborhoodScout's research has revealed some interesting things about the rootedness of people in the Albany Park neighborhood. What is interesting to note, is that the Albany Park neighborhood has a greater percentage of residents born in another country (65.3%) than are found in 99.6% of all U.S. neighborhoods.
Diversity
Did you know that the Albany Park neighborhood has more Asian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 28.2% of this neighborhood's residents have Asian ancestry.
Albany Park is also pretty special linguistically. Significantly, 11.3% of its residents five years old and above primarily speak Langs. of India at home. While this may seem like a small percentage, it is higher than 99.4% 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 Albany Park neighborhood in Chicago are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 47.0% of the neighborhoods in America. With 32.3% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 83.3% 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 Albany Park neighborhood, 31.0% of the working population is employed in manufacturing and laborer 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 27.8% of the residents employed. Other residents here are employed in executive, management, and professional occupations (26.9%), and 13.6% 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 Albany Park neighborhood is Spanish, spoken by 54.0% of households. Other important languages spoken here include English, Langs. of India, Vietnamese and Tagalog (the first language of the Philippine region).
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 Albany Park neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Mexican (40.1%). There are also a number of people of Asian ancestry (28.2%), and residents who report Sub-Saharan African roots (3.7%), and some of the residents are also of African ancestry (3.0%), along with some Puerto Rican ancestry residents (2.4%), among others. In addition, 65.3% of the residents of this neighborhood were born in another country.
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 Albany Park neighborhood spend between 15 and 30 minutes commuting one-way to work (38.0% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (47.5%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (25.7%) and 10.5% 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.
