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.
Lakewood Springs median real estate price is $338,397, which is more expensive than 58.6% of the neighborhoods in Illinois and 44.7% of the neighborhoods in the U.S.
The average rental price in Lakewood Springs is currently $2,521, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 74.3% of the neighborhoods in Illinois.
Lakewood Springs is a rural neighborhood (based on population density) located in Plano, Illinois.
Lakewood Springs real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Lakewood Springs neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.
In Lakewood Springs, the current vacancy rate is 1.5%, which is a lower rate of vacancies than 89.2% of all neighborhoods in the U.S. This means that the housing supply in Lakewood Springs is very tight compared to the demand for property here.
Notable & Unique Neighborhood Characteristics
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
Many people dream of living along a street lined with row houses or other attached homes. Such places do often have an abundance of charm. If you are one of these people, the Lakewood Springs neighborhood could be your paradise. With 30.2% of the homes and real estate here classified as rowhouses or other attached homes, this neighborhood brims with opportunity to find the right place for you. Only 3.3% of U.S. neighborhoods have more row houses than this neighborhood, making it one of the most interesting things about this special neighborhood.
Diversity
Did you know that the Lakewood Springs neighborhood has more Lithuanian and Austrian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.3% of this neighborhood's residents have Lithuanian ancestry and 1.2% have Austrian ancestry.
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 Lakewood Springs neighborhood in Plano are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 61.9% of the neighborhoods in America. With 15.2% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 60.5% 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 Lakewood Springs neighborhood, 38.0% of the working population is employed in manufacturing and laborer occupations. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 25.1% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (23.9%), and 12.5% in clerical, assistant, and tech support occupations.
Languages
The most common language spoken in the Lakewood Springs neighborhood is English, spoken by 75.0% of households. Some people also speak Spanish (22.9%).
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 Lakewood Springs neighborhood in Plano, IL, residents most commonly identify their ethnicity or ancestry as Mexican (28.4%). There are also a number of people of German ancestry (17.3%), and residents who report Irish roots (8.6%), and some of the residents are also of Polish ancestry (6.6%), along with some Italian ancestry residents (3.8%), among others. In addition, 15.0% of the residents of this neighborhood were born in another country.
Getting to Work
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 Lakewood Springs neighborhood spend under 15 minutes commuting one-way to work (38.5% of working residents), one of the shortest commutes across America.
Here most residents (86.7%) 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 (10.3%) . 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.
