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Real Estate Prices & Overview

E 72nd St / S Exchange Ave median real estate price is $296,417, which is more expensive than 49.1% of the neighborhoods in Illinois and 37.4% of the neighborhoods in the U.S.

The average rental price in E 72nd St / S Exchange Ave is currently $2,075, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 43.4% of Illinois neighborhoods.

E 72nd St / S Exchange Ave is a densely urban neighborhood (based on population density) located in Chicago, Illinois.

E 72nd St / S Exchange 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 E 72nd St / S Exchange 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 1940 and 1969.

E 72nd St / S Exchange Ave has a 11.5% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 69.0% 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

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Chicago, the E 72nd St / S Exchange Ave neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

If you like crowded places, then you will probably enjoy the the E 72nd St / S Exchange Ave neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 96.9% of neighborhoods in the U.S., with 29,735 people per square mile living here. Even if you drive or take transit to your place of employment, many people enjoy being able to walk in their neighborhood. What many people don't realize is that most of America's premier vacation locations are also very walkable. The E 72nd St / S Exchange Ave neighborhood is among the top 5% of American neighborhoods in terms of walkability.

In addition, one of the really unique and interesting things about the look and setting of the E 72nd St / S Exchange Ave neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 83.8% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 97.3% of all neighborhoods in America.

Furthermore, the E 72nd St / S Exchange Ave neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 83.6% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.

Also of note, 84.1% of the real estate in the E 72nd St / S Exchange Ave neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.

Modes of Transportation

More people ride the bus in this neighborhood each day to get to work than 97.6% of U.S. neighborhoods.

People

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: 54.8%. This is a higher percent living alone than we found in 97.5% 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.

Diversity

Did you know that the E 72nd St / S Exchange Ave neighborhood has more Sub-Saharan African and African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 25.8% of this neighborhood's residents have Sub-Saharan African ancestry and 11.9% have African ancestry.

E 72nd St / S Exchange Ave is also pretty special linguistically. Significantly, 0.8% of its residents five years old and above primarily speak Native American languages at home. While this may seem like a small percentage, it is higher than 96.4% of the neighborhoods in America.

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 E 72nd St / S Exchange 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 93.4% of U.S. neighborhoods. With 15.2% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 61.5% 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 E 72nd St / S Exchange Ave neighborhood, 58.4% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 26.3% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (10.9%), and 4.4% in sales and service jobs, from major sales accounts, to working in fast food restaurants.

Languages

The most common language spoken in the E 72nd St / S Exchange Ave neighborhood is English, spoken by 95.8% of households. Some people also speak Spanish (3.1%).

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 E 72nd St / S Exchange Ave neighborhood in Chicago, IL, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (25.8%). There are also a number of people of African ancestry (11.9%), and residents who report Jamaican roots (6.0%), and some of the residents are also of Puerto Rican ancestry (2.5%), along with some Irish ancestry residents (2.0%), among others.

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 E 72nd St / S Exchange Ave neighborhood spend between 45 minutes and one hour commuting one-way to work (36.3% of working residents), longer and tougher than most commutes in America.

Here most residents (56.3%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (15.3%) and 11.6% 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.


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