Redfin recently released a report on the economic diversity of the nation’s major cities using 2014 city-specific median family income data from the American Community Survey. Chicago was ranked as the no. 8 best city for a balanced mix, with 17 percent of its neighborhoods with balanced economic diversity.
The report determined purchasing power as a 20 percent down payment on a 30-year fixed-rate mortgage at 4 percent. Monthly family income going toward a mortgage was measured at 28 percent.
Redfin measured home price mix by summarizing a 500-meter grid, which were then classified as one of three categories: mix of affordable and high-end homes, high-end homes and affordable homes.
What’s the economic breakdown of Chicago neighborhoods?
|Fulton River District||100%||East Village||100%||Schorsch Village||100%|
|Prairie District||100%||Wicker Park||63%||Grand Crossing||100%|
|The Villa||100%||Bucktown||59%||Gage Park||100%|
|Ravenswood||90%||Lincoln Park||54%||West Chesterfield||100%|
Chicago has only a reported 5 percent of high-end areas and a whopping 79 percent of them are considered affordable.