Chicago is one of the best places to live in America. There are so many reasons to fall in love with Chicago. It has gorgeous architecture, great weather, amazing food, sandy beaches on Lake Michigan, a storied and unsavory history, great sporting venues, and really awesome people. Chicago really does have it all. It has the upbeat fast paced lifestyle of New York City rolled into Midwestern charm. But of all the reasons to love Chi-town, the housing market is probably the best one.
The housing markets of major metropolitan areas are booming. Chicago, Illinois is the third largest metro area in America and it is no exception. The housing market in the Windy City is still going strong and shows little sign of slowing down. While Chicago may not be seeing the double digit growth of other metros such as San Francisco or New York it is still trending upward.
Let’s talk specifics. The housing market in Chicago has been enjoying quite a bit of steady growth over the past few years but it’s expected to start cooling off in 2018. There’s still growth though just not quite as high as we’ve seen in the past. The market is still outperforming the national average. The median home value in Chicago is $226,300 compared nationally at $201,900. Furthermore, the median home price in Chicago is currently $292,700 while the median home price nationally is $189,000. The home values in Chicago have risen just under 8 percent is the last year. 2018 will likely see a slightly cooler market and is expect to grow around 4 percent though there are some sources expecting an increase in growth up to 10 percent.
Job growth is fueling the economy as well. In some areas there are concerns about the housing markets being fueled by speculation and thus overvalued. This is definitely not the case in Chicago. Chicago is host to 50 of the nations fortune 500 companies. This list includes Walgreen’s, State Farm, All-State, Boeing, McDonalds, and Sears just to name a few. While job growth across Illinois has slowed most of the growth has taken place in and around Chicago. So far in 2017, the state has added roughly 12,000 new jobs with about 10,000 of those jobs being added in Chicago. Despite this growth however, unemployment rose slightly across the state.
All in all Chicago is a great place to live, work, and play. This city has everything a young professional, middle aged couple, or a retiree could hope to want. With growing jobs and a growing economy fueling the housing market it’s a great time to look into buying a home or renting to own a home in the Chicago metropolitan area. So check out our listings of rent-to-own homes in Chicago, Illinois today to find a home that is just right for you.