Known for their diverse cuisine, magnificent skyscrapers, and booming central business district, Chicago has become a center for commerce, telecommunications, transport, and international trade. Home to more than 3 million residents, Chicago is the third most populous city in the US and the largest one in the state of Illinois. It is also one of the largest metropolitan areas in the country.
These factors are the reason people are choosing to invest in the city’s complex and diverse property real estate market. If you’re thinking about buying an investment property in Chicago, here are the top reasons why you should:
Chicago real estate is relatively affordable as compared to other major cities
Buying a home in Chicago is much cheaper than buying one in New York, Los Angeles, Washington, and Seattle, according to Chicago Business. The median price for a home in Chicago is around $250,000, while the average price for other major cities like New York and LA begin at $500,000.
Renting a home in the Windy City is also relatively cheaper than other major cities. A May 2019 article from the financial website SmartAsset says that the cost of renting a Chicago apartment is around $1,000 to $1,600. This is much lower than the average rent in New York, which can go for as much as $8,000 a month for a three-bedroom apartment.
Chicago has abundant real estate options
From unique single-family homes in a gated community to high-rise condominiums in the heart of the city, Chicago’s housing market is replete with options in varying price points.
The variety of neighborhoods in the city ensures that there’s one that caters to families, professionals, college graduates, and artists. Some of the best neighborhoods in Chicago include:
- Lakeview
- River North
- Lincoln Park
- West Loop
- Logan Square
- Wicker Park
- Bucktown
- Edgewater
- Andersonville
- Humboldt Park
- Southport Corridor
- Ukranian Village
Chicago’s single-family homes also come in a variety of architectural styles. One style, in particular, is the Prairie-style home popularized by the iconic American architect Frank Lloyd Wright. Inspired by the landscape of the Midwest, Wright created homes with sweeping horizontal lines, wide-open floor plans, and rows of windows. Prairie style homes can still be seen in several Chicago neighborhoods today.
If you’re thinking about investing in apartments, condominiums, and multi-unit properties, you’ll find plenty in Chicago as well. These properties are coveted for their convenient location and luxurious amenities.
Job opportunities in Chicago have increased
Chicago boasts of a thriving economy and a hot job market, making it an attractive destination for professionals and millennials. According to the Bureau of Labor and Statistics, Chicago was one of the nation’s 12 largest metropolitan areas whose job growth exceeded the national average of 2.1%.
This vibrant city is the headquarters of around 36 Fortune 500 companies such as McDonald’s, Walgreens Boots Alliance, Kraft Heinz, United Continental Holdings, and Archer Daniels Midland. Top American professional sports teams like the Chicago Cubs, the Chicago Bulls, and Chicago Bears and major universities like the University of Chicago and Northwestern University also call Chicago home.
Their presence has resulted in numerous job opportunities, making Chicago an attractive destination for those seeking employment.
Rental properties continue to reign supreme
Renting is extremely popular in Chicago. In fact, it is one of the best markets for rental property investments. Financial information website MarketWatch also reports that Chicago locals make up 86% of those who search for single-family homes and apartment rentals. Aside from Chicagoans, those looking to relocate to the area are also on the hunt for rental properties.
The high demand for rental properties can also be attributed to millennials. In Chicago, 89% of renters fell within the age group born from 1981 to 1996. The city also welcomes around 58 million visitors every year, which gives you the perfect opportunity to rent out your property.
Chicago is a vibrant city with plenty to offer
Who wouldn’t want to live in Chicago? Those who rent a home in this city are in for a treat.
Chicago is a city for foodies, boasting iconic deep-dish pizzas and Italian beef sandwiches dripping with juices, along with authentic global flavors. It’s also home to exciting professional sports games (Go Cubs!) and a variety of indoor and outdoor fun.
The city’s public transportation system is the second largest in the United States. Operated by the Chicago Transit Authority (CTA), the city’s trains and buses allow residents and tourists to commute easily in and around the area.
Ready to learn how to start investing in real estate in Chicago? 606 Brokers is here to provide you with the assistance you need. Call us today at 773.870.5101 to learn how we can help.