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Real Estate Prices & Overview

Parkwood median real estate price is $322,465, which is more expensive than 57.3% of the neighborhoods in Illinois and 43.2% of the neighborhoods in the U.S.

The average rental price in Parkwood is currently $2,567, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 75.3% of the neighborhoods in Illinois.

Parkwood is a suburban neighborhood (based on population density) located in Elgin, Illinois.

Parkwood real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Parkwood neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

In Parkwood, the current vacancy rate is 0.4%, which is a lower rate of vacancies than 93.2% of all neighborhoods in the U.S. This means that the housing supply in Parkwood is very tight compared to the demand for property here.

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 Elgin, the Parkwood neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

Most neighborhoods are composed of a mixture of ages of homes, but the Parkwood stands out as rather unique in having nearly all of its residential real estate built in one time period, namely between 1970 and 1999, generally considered to be established, but not old housing. What you'll sense when you look around or drive the streets of this neighborhood is that many of the residences look the same because of this similarity of age. In fact, 80.3% of the residential real estate here was built in this one time period.

People

With a nice mix of college students, safety from crime, and decent walkability, the Parkwood neighborhood rates highly as a college student friendly place to live, and one that college students and their parents may want to consider. NeighborhoodScout's analysis shows that it rates more highly for a good place for college students to live than 87.9% of the neighborhoods in IL. This often also means that the area has certain amenities and services geared towards college students, from undergraduates to graduate students.

Diversity

Did you know that the Parkwood neighborhood has more Mexican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 60.0% of this neighborhood's residents have Mexican ancestry.

Parkwood is also pretty special linguistically. Significantly, 59.0% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 95.5% of all U.S. neighborhoods.

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 Parkwood neighborhood in Elgin are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 65.9% of the neighborhoods in America. With 11.7% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 53.2% 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 Parkwood neighborhood, 35.0% 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 29.6% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (24.0%), and 11.4% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Parkwood neighborhood is Spanish, spoken by 59.0% of households. Some people also speak English (34.4%).

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 Parkwood neighborhood in Elgin, IL, residents most commonly identify their ethnicity or ancestry as Mexican (60.0%). There are also a number of people of German ancestry (10.1%), and residents who report English roots (5.4%), and some of the residents are also of Irish ancestry (4.7%), along with some Asian ancestry residents (4.7%), among others. In addition, 34.4% 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 Parkwood neighborhood spend between 15 and 30 minutes commuting one-way to work (42.9% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (72.6%) 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 (11.6%) . 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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