Palmer Square median real estate price is $935,658, which is more expensive than 96.9% of the neighborhoods in Illinois and 88.8% of the neighborhoods in the U.S.
The average rental price in Palmer Square is currently $2,872, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 78.2% of the neighborhoods in Illinois.
Palmer Square is a densely urban neighborhood (based on population density) located in Chicago, Illinois.
Palmer Square 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 Palmer Square 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.
Palmer Square has a 11.1% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 67.3% 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.
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.
If you like crowded places, then you will probably enjoy the the Palmer Square neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 95.9% of neighborhoods in the U.S., with 24,024 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 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 Palmer Square 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 43.8% of the real estate here is made up of such dwellings, which is higher than 97.7% 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 66.7% of the residential real estate in the Palmer Square neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 98.1% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.
If you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 17.0% of the Palmer Square neighborhood's commuters ride the train to and from work each day, which is more than we found in 97.0% of America's neighborhoods.
Also, a unique way of commuting is simply not to. And in the Palmer Square neighborhood, analysis shows that 32.6% of the residents work from home, avoiding a commute altogether. This may not seem like a large number, but it is a higher proportion of people working from home than is found in 96.4% of the neighborhoods in the United States. One thing NeighborhoodScout's research reveals is that the wealthier and/or more isolated the neighborhood, the greater the proportion of residents who choose to work from home.
We Americans love our cars. Not only are they a necessity for most Americans due to the shape of our neighborhoods and the distances between where we live, work, shop, and go to school, but we also fancy them. As a result, most households in America have one, two, or three cars. But NeighborhoodScout's exclusive analysis shows that the Palmer Square neighborhood has a highly unusual pattern of car ownership. 22.1% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 95.7% of U.S. neighborhoods.
Did you know that the Palmer Square neighborhood has more Belgian and Romanian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.9% of this neighborhood's residents have Belgian ancestry and 1.8% have Romanian ancestry.
Palmer Square is also pretty special linguistically. Significantly, 1.5% of its residents five years old and above primarily speak Greek at home. While this may seem like a small percentage, it is higher than 98.4% of the neighborhoods in America.
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 Palmer Square 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 63.2% of the neighborhoods in America. With 21.9% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 72.4% of U.S. neighborhoods.
What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.
In the Palmer Square neighborhood, 63.3% 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 19.9% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (10.6%), and 6.2% 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 neighborhood is English, spoken by 69.3% of households. Other important languages spoken here include Spanish and Italian.
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 Palmer Square neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Irish (13.4%). There are also a number of people of Mexican ancestry (12.6%), and residents who report English roots (11.7%), and some of the residents are also of Puerto Rican ancestry (11.4%), along with some German ancestry residents (8.8%), among others. In addition, 15.2% of the residents of this neighborhood were born in another country.
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 neighborhood spend between 30 and 45 minutes commuting one-way to work (43.7% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (36.1%) drive alone in a private automobile to get to work. In addition, quite a number also take the train to get to work (17.0%) and 5.9% 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.
