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Owners.com Ranks Affordable Chicago Neighborhoods for Growing Families

Owners.com, an innovative online real estate brokerage, today released data ranking neighborhoods in Chicago for growing families. With many families looking to get into a home before the start of the next school year, Owners.com tapped into insights from its Illinois managing broker, Loria Hamilton-Field, as well as a variety of other data sources – including home prices, school systems, household dynamics, income and affordability, crime rates and outdoor activities – to uncover top neighborhoods to consider.

Of the neighborhoods considered, growing families can expect affordable homes, below-average crime rates and plenty of great outdoor space, making them good areas to raise a family.

Three Neighborhoods for Growing Families

West Loop (2015 Population, 25,927)

2015 average home price Average income per 2015 capita 2015 home affordability (Chicago average, 8.21) 2017 public school rating
(Chicago average, B-)
% of households with kids under 18 as of 2014 (U.S. average, 66.22%) 2015 average crime rate per 100K people (Chicago average, 426) 2017 outdoor activities score
$433,210 $81,042 5.35 C+ 39.02% 210 B

“With a lot of new construction, including office buildings, condos and boutiques,” said Hamilton-Field, “West Loop is one of the fastest-growing and most desirable neighborhoods in the Chicago area. Kids love the Chicago Children’s Theater, the rock-climbing facility and the many parks, and the great public transportation makes it easy to get from one destination to the next.”

Lincoln Park (2015 Population, 68,573)

2015 average home price Average income per 2015 capita 2015 home affordability (Chicago average, 8.21) 2017 public school rating
(Chicago average, B-)
% of households with kids under 18 as of 2014 (U.S. average, 66.22%) 2015 average crime rate per 100K people (Chicago average, 426) 2017 outdoor activities score
$565,809 $88,256 6.41 B- 32.84% 211 A

“Lincoln Park is an enviable neighborhood for families to live in,” said Hamilton-Field, “with charming tree-lined streets, traditional brick homes and diverse entertainment options. Residents don’t need to venture outside the neighborhood to experience an abundance of family-friendly attractions, including the Peggy Notebaert Nature Museum, Lincoln Park Conservatory and the Lincoln Park Zoo – one of the oldest zoos in the U.S.”

Bucktown (2015 Population, 54,607)

2015 average home price Average income per 2015 capita 2015 home affordability (Chicago average, 8.21) 2017 public school rating
(Chicago average, B-)
% of households with kids under 18 as of 2014 (U.S. average, 66.22%) 2015 average crime rate per 100K people (Chicago average, 426) 2017 outdoor activities score
$490,741 $71,019 6.91 C+ 43.76% 220 A

“From parks and playgrounds to kid-friendly boutiques and restaurants, Bucktown has something to offer the whole family,” said Hamilton-Field. “Bucktown is a quick ride from Wicker Park, which is easily accessible via public transportation or bike rental stations. Bucktown schools offer a range of extracurricular options, including music and art classes.”

Owners.com provides technology-enabled real estate services with the support of an expert local agent to assist with the transaction. Sellers using Owners.com have access to flexible listing packages that can save thousands of dollars on traditional real estate commissions, and buyers receive a rebate of up to 1.5 percent on the purchase price. The Owners.com Advice blog offers home buyers and sellers a multitude of tips and insights on local markets, real estate, home upgrades and DIY and personal finance.

To see what’s available for sale in Chicago, check out the current listings on Owners.com.

Methodology

The Owners.com® Illinois managing broker Loria Hamilton-Field identified neighborhoods for growing families. For each neighborhood, the Owners.com data team evaluated the areas based on seven metrics, including average home price, quality of schools, average household size, percentage of households with kids under 18, home affordability, crime rate and how suitable the neighborhood is for outdoor activities. The percentage of households with children under 18 was weighted against the U.S. average, while home affordability, crime rate and school quality were weighted against the city average. The neighborhoods were then ranked from most to least affordable, with lower scores indicating better affordability.

Sources:


The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Owners.com, Altisource or any other Altisource® business or entity. The foregoing content is not intended to constitute, and in fact does not constitute, financial, investment, tax or legal advice by the author, Owners.com, Altisource or any other business or entity.

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