Chicago was incorporated as a city in 1837. At some point in the 1830s, approximately 100 residents lived in the Windy City. It is now home to more than 2.5 million residents and encompasses 227.63 square miles. Chicago is the third-most populous city in the United States and has the second-largest transportation system in the country. Trains, buses, taxis, ridesharing such as Uber and Lyft, shuttles and limo service, water taxis, bike paths, and city parking lots make getting around the city a breeze. People who need to travel long distances can get from downtown Chicago to O'Hare International Airport in less than 30 minutes.
The city has a massive, diverse economy that includes industries such as car manufacturing, biotech, fabricated metals, energy, fintech, health services, and information technology. What do Boeing, State Farm Insurance, Archer Daniels Midland, Caterpillar Tractor, and United Continental Holdings have in common? They're just a portion of the group of Chicago-based Fortune 500 companies. In fact, the city has the third-to-most Fortune 500 companies in the nation, with an astronomical worth of $842.2 billion. If you're looking for a place that's easy to get around and has an abundance of opportunity to prosper, consider moving to Chicago.
Chicago, IL is a great place for affordable rent-to-own homes! With a median household income of over $62,097 and a median rent of $1,154, the Chicago, IL rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Chicago, IL. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Chicago, IL is seeing rapid growth and Chicago, IL's' housing market remains not optimal with an average home price that is 23% above the 2023 national average. Chicago, IL is part of Cook county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Cook is 1.38% which is above the national average, which is 0.99%.
The average cost of living in Chicago is 6.9% higher than the national average and 13.5% more than the state average. There are cheaper places to live nearby. For example, Cicero's cost of living is 8% lower than Chicago, but other neighboring towns, such as Oak Park, are more expensive at 25.3% above the national average. What makes the city more expensive than other cities in Illinois is transportation costs, which are 32% more than average for the state and 38.5% more than the rest of the country. Otherwise, Chicago is more affordable than average and is exceptionally low for a large city with such an impressive economy and array of amenities.
The median cost of a home in Chicago is $229,100, which is almost 30% higher than the Illinois average but nearly 1% lower than the national average. Homes not far from Chicago vary significantly in price. In Berwyn, the average cost is almost 9% lower at $208,900, while average home prices in Lincolnwood are $366,500 - nearly 60% above the value of a house in Chicago. Considering the job opportunities in the area, housing prices in the city are very reasonable, which makes Chicago an excellent opportunity for a rent-to-own home.
If you're interested in Chicago rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Chicago statistics compared to the U.S. national average.
|Chicago Averages||National Averages|
|One-Way Commute||34.6 minutes||26.4 minutes|
|Income Tax Rate||5.0%||4.6%|
|Median Household Income||$47,831||$53,482|
|Median Property Taxes||$4,800||$2,200|
|Median Home Cost||$229,100||$231,200|
|Median Home Age||67 years||40 years|
There's never a dull moment in sports in Chicago. The Bulls in the NBA, the Bears in the NFL, the Cubs and White Sox in MLB, the Blackhawks in the NHL, the Fire FC in MLS, and the Sky in the WNBA provide year-round sporting events and rivalries for loving Chicago fans.
The city is located along a portion of Lake Michigan - one of the Great Lakes. You can take advantage of various types of water sports, walking and biking paths, lakefront restaurants, and picnic areas if you enjoy the water. You can also try sailboating, speedboating, joining a boat tour, and even enjoying a meal on a cruiser. Just off the water, you can enjoy all 7.08 acres of Lake Shore Park's tennis courts, running track, playground, gym, and fitness center.
If you like animals, you can enjoy a free visit to the Lincoln Park Zoo, located in the middle of the city, or check out the Shedd Aquarium. Stop off at the Richard H. Driehaus Museum, restored to its original form, to check out its 19th-century art, design, and architecture. When you're done there, you can walk over to the Magnificent Mile to spend the rest of your day dining and shopping at its restaurants and stores, or visit some of the other many parks and recreational areas, museums, and other attractions in the city.
Chicago has a vibrant downtown with plenty of shops and a variety of late-night eateries. You can find housing types ranging from condos to single-family homes in the city. Whatever your preference, there's a home and a neighborhood that's ready to welcome you. When you're ready to move to a rent-to-own home, make sure to put the Windy City high on the list of cities to consider.