Preforeclosure Homes in Oak Lawn, IL

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Home Value Estimator For Oak Lawn, IL

There are currently 25,746 real estate properties in Oak Lawn, IL, with a median automated valuation model (AVM) price of $253,402.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Oak Lawn, IL, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Oak Lawn, IL, is $250,061.00, with the most expensive house in Oak Lawn, IL, topping out at $7,569,200.00 and the cheapest home in Oak Lawn, IL, clocking in at $15,348.00. In other words, there’s something for every potential homebuyer or savvy investor in Oak Lawn, IL!

Rent Prices In Oak Lawn, IL

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Oak Lawn, IL, is on a rollercoaster ride. The average rent price in Oak Lawn, IL, is $1,652.00. Indeed, when looking to rent in Oak Lawn, IL, you can expect to pay as little as $760.00 or as much as $3,500.00, with the average rent median estimated to be $1,740.00. The good news is that finding an affordable and desirable property to rent in Oak Lawn, IL -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.

Top Reasons To Live In Oak Lawn, IL In 2024

Oak Lawn is located in Cook, Illinois, with an estimated municipal population of 55,022 residents. All of the best foreclosed homes for sale in Oak Lawn are located in the following zip code areas on 60453. The estimated population per square kilometer (.62 miles) in Oak Lawn is 2,478.

Cost Of Living In Oak Lawn, IL

So, about how much do homes cost in Oak Lawn? The most recent median value of resident-owned homes in Oak Lawn is 203,866. An estimated 79.5 percent of households in Oak Lawn own their homes, with an average family size of 3.35. The median household income in Oak Lawn is 64,476, with31 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Oak Lawn, the median commute time of resident workers (in minutes) is 35.3. And last, but certainly not least, are you looking for homes to rent in Oak Lawn? If so, the average rent price paid by renters in Oak Lawn is 1,072, according to recent statistics.

Diversity And Demographics In Oak Lawn, Illinois

Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Oak Lawn, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.

The median age of residents in Oak Lawn is 40.8, split between 48.9 percent male versus 51.1 female. The percentage of residents who report being married in Oak Lawn is 48.8, with an average family size of 3.35.

The percentage of residents who report their race in Oak Lawn is as follows:

White 81%
Black / African American 6.7%
Asian 3.8%
American Indian / Alaskan Native 0.1%
Native Hawaiian / Other Pacifc Islander 0%
Multi-racial 2.7%
Other 5.6%

Looking for family-friendly neighborhoods in and/or near Oak Lawn? Or maybe you are searching for 55+ active adult communities in and/or near Oak Lawn?

The percentage of residents who report their age in Oak Lawn is as follows:

Under 10 12.5%
Aged 10-19 10.8%
20s 11.5%
30s 14.1%
40s 11%
50s 14.9%
60s 12.8%
70s 7.1%
80+ 5.3%

Best Schools In Oak Lawn, Illinois

It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Oak Lawn with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Oak Lawn.

Pros And Cons Of Living In Oak Lawn, Illinois

How do you know that living in -- or moving to -- Oak Lawn is right where you need to be? Perhaps you grew up in Oak Lawn or already live nearby; therefore, the decision to buy a home in Oak Lawn is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Oak Lawn for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.

Here are some questions to ask yourself when shopping for foreclosed homes for sale in Oak Lawn:

  • What type of neighborhood environment (suburban, urban, rural, etc.) do you prefer?
  • What types of shopping (mom and pop, mall, big box), restaurants (fast food, chain, local) and businesses (small, big, mixed) would you like nearby?
  • What leisure-time activities (golf, biking, hiking, etc.) do you enjoy?
  • What type of commute (car, plane, home office) do you seek?

In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Oak Lawn.

Reasons To Move To Oak Lawn, Illinois, In 2024

Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Oak Lawn can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Oak Lawn, meanwhile, can field multiple offers from more qualified buyers.

Oak Lawn, IL Preforeclosure Homes


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