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.
W Lake St / N Homan Ave median real estate price is $428,594, which is more expensive than 70.4% of the neighborhoods in Illinois and 55.7% of the neighborhoods in the U.S.
The average rental price in W Lake St / N Homan Ave is currently $1,463, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 74.0% of Illinois neighborhoods.
W Lake St / N Homan Ave is an urban neighborhood (based on population density) located in Chicago, Illinois.
W Lake St / N Homan Ave 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 renter occupied. Many of the residences in the W Lake St / N Homan Ave 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 1970 and 1999.
W Lake St / N Homan Ave has a 14.2% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 77.2% 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.
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.
Modes of Transportation
In the W Lake St / N Homan Ave neighborhood, carpooling is still a popular way to get to and from work. NeighborhoodScout's analysis reveals that 50.9% of commuters carpool here, which is more than in 99.9% of all U.S. neighborhoods.
Also, 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 W Lake St / N Homan Ave neighborhood is a fantastic option for bicycle commuters, as 3.1% of commuters here do ride their bikes to and from work on a daily basis. This is a higher amount than we found in 96.0% of the neighborhoods in America.
People
The W Lake St / N Homan Ave neighborhood stands out for having an average per capita income lower than 99.1% of the neighborhoods in the United States. Also of note, 76.5% 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, whether by choice, divorce, or unplanned pregnancy, single moms may have the toughest job in the book. NeighborhoodScout's exclusive analysis reveals that the W Lake St / N Homan Ave neighborhood has more single mother households than 99.0% of the neighborhoods in the U.S. Often high concentrations of single mother homes can be a strong indicator of family and social issues such as poverty, high rates of school dropouts, crime, and other societal problems.
Real Estate
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 W Lake St / N Homan Ave 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, 35.4% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 96.2% of America's neighborhoods.
Occupations
There are more people living in the W Lake St / N Homan Ave neighborhood employed as sales and service workers (62.6%) than almost any neighborhood in the country. From fast-food service workers to major sales accounts, sales and service workers make up the largest proportion of our national employment picture. But despite that size and importance nationally, this neighborhood still stands out as unique due to the dominance of people living here who work in such occupations.
Diversity
Did you know that the W Lake St / N Homan Ave neighborhood has more African and Sub-Saharan African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 23.5% of this neighborhood's residents have African ancestry and 23.5% have Sub-Saharan African ancestry.
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 W Lake St / N Homan Ave 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 99.1% of U.S. neighborhoods. With 76.5% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 99.2% 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 W Lake St / N Homan Ave neighborhood, 37.4% 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 executive, management, and professional occupations, with 21.7% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (21.2%), and 19.6% in manufacturing and laborer occupations.
Languages
The most common language spoken in the W Lake St / N Homan Ave neighborhood is English, spoken by 99.4% of households.
Ethnicity / Ancestry
Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.
In the W Lake St / N Homan Ave neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (23.5%). There are also a number of people of African ancestry (23.5%), and residents who report German roots (1.3%), and some of the residents are also of Polish ancestry (1.1%), along with some Mexican ancestry residents (1.1%), among others.
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 W Lake St / N Homan Ave neighborhood spend between 30 and 45 minutes commuting one-way to work (52.5% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (50.9%) carpool with coworkers, friends, or neighbors to get to work. In addition, quite a number also drive alone in a private automobile to get to work (22.2%) and 7.7% of residents also take the train for their daily commute. Despite relying on the automobile to get to work, residents of this neighborhood share the ride more than most neighborhoods, reducing traffic, pollution, and saving money.
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.
