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Real Estate Prices & Overview

Meadow Lake Estates median real estate price is $299,314, which is more expensive than 52.4% of the neighborhoods in Illinois and 39.3% of the neighborhoods in the U.S.

The average rental price in Meadow Lake Estates is currently $3,969, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 96.9% of the neighborhoods in Illinois.

Meadow Lake Estates is a rural neighborhood (based on population density) located in Richton Park, Illinois.

Meadow Lake Estates 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 Meadow Lake Estates neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.

In Meadow Lake Estates, the current vacancy rate is 2.5%, which is a lower rate of vacancies than 83.1% of all neighborhoods in the U.S. This means that the housing supply in Meadow Lake Estates 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 Richton Park, the Meadow Lake Estates neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

For many reasons, Meadow Lake Estates is rated by NeighborhoodScout as one of the top 0.6% of ideal neighborhoods for first-time home buyers in the state of Illinois. Homes here are priced below median housing values in the state, yet the neighborhood has a track record according to NeighborhoodScout's exclusive neighborhood home appreciation rates of above average real estate appreciation over the last five years compared to other IL neighborhoods, protecting your investment in your first home, while simultaneously making it less risky for your lender. Not only does this neighborhood stand out for combining price and home value stability or increases, it also is a neighborhood with a high quality resident population according exclusive data, meaning this is likely a good place to buy, live, and enjoy. While many first time home buyers focus purely on low cost and convenient location, which can risk your investment in your first home and put you in a less than desirable neighborhood, this neighborhood is a true standout for a lot of reasons, and definitely worth a look if you are a first time home buyer. In addition to being an excellent choice for first-time home buyers, this neighborhood is also a very good choice for highly educated executives.

Diversity

Did you know that the Meadow Lake Estates neighborhood has more Sub-Saharan African and African ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 16.8% of this neighborhood's residents have Sub-Saharan African ancestry and 9.1% have African 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 Meadow Lake Estates neighborhood in Richton Park are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 81.1% of the neighborhoods in America. In addition, 9.5% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 51.9% of America's neighborhoods.

A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.

In the Meadow Lake Estates neighborhood, 39.2% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 22.7% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (20.3%), and 17.9% in sales and service jobs, from major sales accounts, to working in fast food restaurants.

Languages

The most common language spoken in the Meadow Lake Estates neighborhood is English, spoken by 93.3% of households. Some people also speak Spanish (2.5%).

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 Meadow Lake Estates neighborhood in Richton Park, IL, residents most commonly identify their ethnicity or ancestry as Sub-Saharan African (16.8%). There are also a number of people of African ancestry (9.1%), and residents who report German roots (5.5%).

Getting to Work

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 Meadow Lake Estates neighborhood spend between 45 minutes and one hour commuting one-way to work (35.8% of working residents), longer and tougher than most commutes in America.

Here most residents (73.7%) 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 (7.7%) and 7.3% of residents also take the train 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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