The Magnificent Mile, Chicago is synonymous with luxury shopping, high-end entertainment and quality restaurants. It's also home to thousands of people who have chosen to make the area their home. It has convenient access to jobs in the area and in the Loop just over the Chicago River. Streets are easily traversed by public or private transportation, and the Red line subway station is easily accessed from Michigan Avenue. Once home to countless businesses, the area has now been taken over by condominium towers that. The neighborhood is primarily home to empty-nesters and couples who seek to enjoy an exciting lifestyle before moving on to the next phase of their lives. While there are community organizations, it is known more for being a tourist destination than a residential neighborhood. The feeling of being in a neighborhood is limited by the fact that it's impossible to know all of the neighbors and the transient nature of those who come to explore the famous stretch of street. But the excitement of living in such a vibrant and well-known neighborhood makes it all worthwhile.
Source:en.wikipedia.org
The 2010 Census shows that 25,162 people call the Magnificent Mile their home with an average household size of one person. While there are schools in the area, most families choose to live further north in the Gold Coast where the housing stock has larger footprints and are more appropriate for raising children. The annual residential turnover of the Magnificent Mile is 31 percent with an average 2-year residency. This number should not be seen as a measure of instability in the neighborhood. Rather, most residents don't see the area as a long-term place to live and move to areas that are less hustle and bustle once they feel they've had enough excitement. The area is busy with tourists, residents, and those who work in the area on a year-round basis. This combined with the nightlife attractions makes the neighborhood feel as if it's always on the go with no break.
The average age of Magnificent Mile residents skews strongly towards the 30-34 group and closely followed by the 35-39 age bracket. Very few school-age children live in the area. Households with children make up 19.1 percent of all residents in the area, and 29.2 percent of those households are single mothers. However, 50.8 percent of the married couples have children. The percentage of unmarried males over 15 is 22 percent and 26 percent for females. Married couples make up 25.9 percent of the residents which means the majority of people who live in the neighborhood are single. In 2013, the median household income was $101,647 more than twice that of the median income for Chicago at $47,099.
Educational levels are high among residents with 44 percent reporting that they have a graduate degree, followed by 34 percent holding a bachelors degree. Eighty-eight percent of residents reported that they were employed in the white collar workforce with 12 percent working in blue collar jobs.
The average value of detached homes in 2010 was $2,194,139, almost 10 times as much as the median price of a Chicago, which averages $262,973. These homes make up 1.9 percent of all housing stock in the neighborhood, and their rarity is what drives their pricing. There are more townhouses in the area at 2.8 percent of all units, and cost almost twice of a detached home at $4,169,277 while the median price of townhouses in the rest of Chicago is $340,795. Two-flat units average $757,458, and 3-to-4-unit buildings are estimated at $516,547. In 2015, the median price of condominiums was $899,000. Condominiums make up over 90 percent of the housing stock in the Magnificent Mile area.
Source:wikimedia.org
Life in the neighborhood is never dull. People from all walks of life find themselves congregating in the area, making for an interesting mix of people. The area has a world class hospital with Northwestern University's campus, which draws in students, medical professional,s and patients alike. Loyola University has a large campus in the area as well. Both universities keep an influx of young people in the area along with the nightclubs of River North. Just about every famous clothing retailer has a storefront on Michigan Avenue or on one of the side streets. Restaurants range from diners to high-end establishments which makes satisfying hunger a simple task. It's possible to satisfy every need by simply walking a few blocks in any direction from a residence in the Magnificent Mile neighborhood.
Families looking to stay in the area don't have much in the way of schooling options. The major elementary school, Ogden School, is the only neighborhood school. The rest of the schools are private and tend to be costly.
Life in the Magnificent Mile neighborhood is geared towards adults and adult entertainment. Bars, nightclubs and restaurants focus on attracting those with disposable income and no children. It's a fun place to live when there are few things to worry about in life, but it may not be good for those who are seeking a place to raise children.
