Why Invest in Chicago Real Estate?
Chicago is the United States’ third most populous city, the largest city in Illinois, and home to about 3 million residents. That’s an abundant supply of people needing housing, which provides stable opportunities for investors. Additionally, the Windy City has an overwhelming amount of investor-friendly traits. Its demography, economy, and housing market are all similar to NYC, with renter’s attracted to these features, plus the fact that Chicago is much less expensive than the Big Apple.
There are a number of other factors here which favor investors – among them: an increase in single-family home permits, rising rental prices, and tightening vacancies. Conditions in the Windy City will continue to add up to solid real estate opportunities, as this year’s job growth is expected to exceed last year’s levels.
- Employers are expected to add 70,000 metro-area jobs this year
- Home to 31 Fortune 500 Companies (Chicago Tribune)
- 29.5% of Chicago’s residents are renters
- Home to more than 400 major corporate headquarters (World Business Chicago)
- Well-maintained suburban properties are in high demand when compared to Chicago’s urban core
- The financial services industry led all sectors of Chicagoland’s diverse economy, increasing 4.6% since June 2017
- One of four U.S. cities to have teams from the five major American professional team sports: Chicago Cubs (MLB), Chicago White Sox (MLB), Chicago Bears (NFL), Chicago Bulls (NBA), Chicago Blackhawks (NHL) and Chicago Fire (MLS).
- 50,000 square feet of retail space is being constructed for Northwest side residents of Logan Square, Avondale, Heromsa and Belmont Cragin (Bisnow Chicago)
- $1-billion project that will include 406 condos and 191 hotel rooms to the Lakeshore East neighborhood, the biggest U.S. real estate deal ever closed by a Chinese company
- New headquarters to Caterpillar
- Major Universities: Northwestern, University of Chicago
HomeUnion® is the leader in residential real estate investment. With the use of big data and machine learning, we analyze information on millions of single family homes in Chicago, IL; and across the United States and calculate home values RENTestimate for every property in Chicago, IL. If you’re looking for the best investment properties across the country, visit our comprehensive investment site.