This guide covers investing in Chicago real estate. Many homebuyers love the City of Chicago, where they would not consider living other than Chicago or the nearby suburbs. Others will only invest in commercial real estate in Chicago and nearby suburbs. In this guide, we will discuss investing in Chicago real estate. Many people would not consider living outside Chicago city limits. Others will call the Chicago suburbs home and invest in Chicago real estate. In the following sections, we will cover investing in Chicago real estate. We will also discuss the benefits of buying a primary owner-occupant home in Chicago.
Chicago Real Estate… What is it like living in Chicago?
In the heart of Chicago, the median list price is $476,500 for a single-family home as of December 2022. Living in Chicago depends on which neighborhood you live in. Each neighborhood has its style and culture to offer. Chicago has one of the most beautiful downtowns in the nation, if not the world.
Benefits of Investing in Chicago Real Estate
Chicago real estate is a favorite among real estate investors throughout the country and the world. Investors are drawn to Chicago real estate because of the high rent yield. Although Chicago real estate is pricier than other geographic regions, the rewards outweigh the cost and risk. High rents generated from Chicago real estate make investing in Chicago real estate attractive for investors wanting a high return on their investment. The average rent of a two-bedroom apartment in Chicago averages $2,000 as of September 2023.
Buying a Primary Owner-Occupant Home in Chicago
Many married folks who want to raise children normally prefer settling in Chicago’s many suburbs. Many suburbs have top-tier school systems and larger homes and lots than homes in the city. However, many young and first-time homebuyers will not consider calling home outside the city.
In August, it was 93% leased with retailers such as Victoria’s Secret, Container Store, Banana Republic, and a 16-screen Kerasotes multiplex.
Besides the beautiful landscape, architecture, and high rental income, Chicago is one of the most diverse cities and has a diverse economy with one of the lowest unemployment numbers out of any city in the nation. Here are the most popular Chicago neighborhoods for both owner-occupant homebuyers and investors in Chicago:
- Albany Park
- Andersonville
- Edgebrook
- Jefferson Park
- Rogers Park
- Edgebrook
- Chicago’s Rogers Park Neighborhood. …
- Chicago’s Logan Square Neighborhood. …
- Pilsen Neighborhood. …
- Chicago’s Avondale Neighborhood.
- West Town Neighborhood.
- Belmont Craigin
- Bucktown
- West Bucktown
- Humbolt Park
- West Humbolt Park
- Logan Square
- Uptown
- Downtown Loop
- West Loop
- South Loop
How Large Is The City Of Chicago
There are a total of 77 communities in Chicago. Midwest folks are friendly with a “Hello” or “Good Morning.”. There is always something to do in Chicago. From fine dining to shopping along Michigan Ave or spending time at Navy Pier. Most every Chicago neighborhood is known for countless places, such as the following:
- Its fine restaurants
- Its unique shopping boutiques
- Chicago’s landmarks
- The City’s famous attractions
- The great nightlife and culture
What Makes Chicago And Chicago Real Estate Unique
So, what do you like to do in the city, and where do you like to go? If you love attending the theater or symphony, you might want to look for a home near the Chicago Symphony Orchestra or Harris Theater. Are you an artist at heart? Consider a Chicago home near the Museum of Contemporary Art Chicago or the Art Institute of Chicago.
. If you’re a family with kids, many homes in Chicago are just a short distance from fun attractions like the Museum of Science and Industry, the Chicago Children’s Museum, the Navy Pier, and the Field Museum of Natural History.
You can search for Chicago condos that are minutes from major employers and business centers, close to top Chicago restaurants, or great shopping in Chicago. Even with hundreds of choices, you can fine-tune your search enough to locate a home near exactly what you’re in Chicago to enjoy.
Making The Move and Purchasing Chicago Real Estate
So, if you’re considering purchasing Chicago Real Estate and making Chicago your permanent home, Chi-Town is the place to be. Uptown Chicago is located on the shores of Lake Michigan, 2.5 miles north of the Chicago Loop and less than a half-mile from Wrigley Field. The diverse scenery of Uptown Chicago includes spectacular architecture and homes, tree-lined streets, eclectic eateries and historic theaters, art venues, and jazz clubs.
The Uptown Theatre, a local landmark, the Aragon Ballroom, the Riviera Theater, and the Green Mill Jazz Lounge are some of the better-known venues.
The expansive park system stretches along Lake Michigan, making Uptown an exceptional area to enjoy all the outdoor activities. Miles of greenery line the lake, providing residents and visitors access to biking and jogging paths, fishing, sand volleyball, and a stunning view of the Chicago skyline. Golfers can access only one golf course in downtown Chicago, Uptown’s Sydney R. Marovitz, located directly on the lake.
Lakefront Chicago Real Estate
Lakefront condominiums and elegant high-rise buildings peacefully coexist alongside charming row houses throughout the Chicago neighborhood. The Chicago real estate market of Uptown is as diverse as the people who make up the city, offering an array of homes for sale guaranteed to satisfy every style with the perfect location and price. Uptown landmarks include the mansions of the Hutchinson Street District, between Broadway and Clarendon avenues.
West Loop Chicago Real Estate
Looking to buy in the West Loop? Running along the western bank of the Chicago River, the West Loop is a vibrant neighborhood on the rise, full of great restaurants and nightlife. Though not an official MLS neighborhood, West Loop is bounded by Grand Avenue on the north, Ashland Avenue on the west, the Eisenhower Expressway on the south, and the Chicago River on the east. It is a part of the Near West Side, which puts it close to Little Italy,
Greektown, and the United Center, home of the Bulls and the Blackhawks: Formerly an industrial manufacturing and warehouse area, the modern West Loop has all of the sophisticated amenities – including art galleries, clubs, and theaters – that make Chicago a destination for young buyers.
There is plenty of hot housing in Chicago Real Estate markets in Chicago. But few are sizzling today, like Chicago’s West Loop neighborhood.. A recent story by the Chicago Tribune identified this city neighborhood as one of Chicago’s hottest housing markets since the end of the Great Recession.
Amenities of Living and Investing in Chicago Real Estate
Since 2008, according to the story, the West Loop has been one of the trendiest neighborhoods for house hunters. What’s behind the strength of the housing market here? The Tribune story pointed to the number of restaurants, multifamily buildings, and technology companies now called the West Loop home. The influx of these trendy neighbors has attracted a steady stream of buyers who want to live an urban lifestyle. The quest for urban living has played an important role, too.
Living Near Chicago Business Districts
The West Loop offers such buyers two this opportunity. As one source quoted in the Tribune’s story says, the West Loop has the perfect mix of zoning that fosters a work-live-play community. In other words, people can live, play, and work here, all without getting into a car and fighting city traffic.
Many Chicago home buyers today want to live in the hearts of city business districts. They want to live within walking distance of restaurants, shops, bars and public transportation.
The Tribune cites a list of attractions in the neighborhood, including new apartment buildings with amenities that seem more appropriate for high-end resorts, such as gourmet restaurants, busy bars, and retail boutiques, and all an easy walk to downtown Chicago.
South Loop Chicago Real Estate
What about living in the South Loop? Home to the Chicago Bears stadium. South Loop is one of Chicago’s newest and most ambitious condo markets. The area is active with DePaul, John Marshall Law School, and Roosevelt University students.
Many Chicagoans, Like New Yorkers, do not own a car due to the myriad of public transportation stops. Many of today’s urban buyers prefer hopping on the El to getting in their cars.
The South Loop also neighbors Grant Park, Harold Washington Library, Field Museum, Shedd Aquarium, and Soldier Field! South Loop micro-communities include Chinatown, part of the Cultural Mile, Dearborn Park, McCormick Square, the Prairie District, Printers Row, River South, and the Wabash Corridor – and of course, we can’t forget the Lakefront.
Chicago Real Estate Today
Today, the area is one of Chicago’s hottest multifamily markets, as downtown’s population grew by 36% in the last decade. Downtown is home to 38,000 full-time college students, and there’s been a corresponding rise in student housing development and sales in recent years. The South Loop’s growing residential population led to a surge in retail development. Neighborhood shopping and dining options grow daily, anchored by the Roosevelt Collection.
Chicago Real Estate Market Tomorrow
A new boutique mall is expected to open next year in the South Loop. There’s no name yet for the four-story, 120,000-square-foot mall planned for the northeast corner of Taylor and Jefferson streets, said Jim Schutter, who’s leasing the property. But construction is expected to begin in March as the mall’s developer eyes an opening in spring 2017
A new modern public elementary school for grades K-8th is expected to be a 2-year project. This will sit east of the new Mariano’s upscale grocery store
As the Loop area becomes saturated, people are taking advantage of the prime real estate just south of the Loop and discovering a new, exciting place to live. Yet, as recently as ten years ago, the South Loop was an area few people would ever want to visit.
Investing In Chicago Real Estate: Is My Investment Safe?
The South Loop market shows no signs of slowing. Or how about living in the Loop? Home to President Donald Trump Towers. It reads TRUMP in bright lights and is the second tallest building in Chicago. The Loop is the area that’s surrounded by the El tracks, which form a loop downtown. Most people now refer to downtown as the Loop – it stretches a little bit farther in each direction. This is the business district of Chicago, with all of the hustle, bustle, and skyscrapers. The architecture is a major draw to this area.
There are plenty of world-famous buildings. The Sears Tower (NOT Willis!) is the most well-known, but others, like the Monadnock building and the Harold Washington Library are just as impressive.
An architecture tour of the Loop is HIGHLY recommended, even if you’re from Chicago! I’ve also kayaked the river downtown, which also offers awesome views of the buildings. However, you will get covered in disgusting river water and nearly killed by tour boats, so watch out! The parks are another great asset of the Loop. Grant Park and Millennium Park, which are right next to each other, are both good spots. Grant Park is grassy and green; many of the city’s summer festivals are here. Millennium Park is totally modern and home to some really interesting art pieces.
Chicago: A Tourist Destination
Speaking of art, there are TONS of sculptures scattered around the Loop, so be on the lookout for them! The Art Institute of Chicago, one of my favorite spots, is also here. They just added a modern art wing a couple of years ago, and it’s a must if you’re a fan of the style. There’s also the Board of Trade, theaters, and lots of shopping (mostly chain stores) along State Street. The Chicago Symphony Orchestra is in the Loop too. There’s no shortage of things to do. The bars and restaurants downtown cater to the business crowd, and that’s mainly who four you’ll find there, along with tourists.
Colleges and Universities in Chicago
There’s also a bunch of college campuses downtown, including DePaul and Roosevelt. Bars and restaurants close early. Much of the Loop totally shut down late at night because everybody’s gone. It’s definitely more of a daytime neighborhood to visit. Okay, let me explain….. No, there is too much…ok. Let me sum up: Chicago is a great place to live. But it can be a bit overwhelming at first. You have to give yourself time to settle in and find the places you enjoy.
Qualifying For Mortgage For Chicago Home Purchase
Gustan Cho Associates has a national reputation for closing loans, while others cannot. Gustan Cho Associates has no lender overlays on government and conforming loans. The Team at Gustan Cho Associates specializes in the following loan programs:
- FHA Loans with no lender overlays
- VA loans with no overlays
- USDA Loans with no overlays
- Conventional Loans with no overlays
- FHA 203k loans
- Jumbo Mortgages
- Reverse Mortgages
- Portfolio loans one day out of foreclosure and short sale with 90% Loan To Value
- Condotel Financing and Non-Warrantable Condo Loans
- Foreign Exchange Loans
- VA loans with 580 FICO and a high debt-to-income ratio
Places you like hanging out, places you like to eat, and even where you want to live. It’s common for people to neighborhood-hop for a few years until they find the right place. Chicago is so big and diverse that it’s almost like a cluster of a few dozen cities. Chicago LifeStyle means —- Finding it All! Bring your “BANK TURNDOWNS” Superior pricing for the not-so-challenged borrower. Each loan is individually custom-tailored.
