Chicago was the most popular city metro area for families to move to this summer, according to moving company United Van Lines. Chicago and other Midwest cities like St. Louis and Minneapolis saw an influx of millennials. With more younger people moving to these cities, investors in Chicago investment properties could see greater demand for rental homes.
Based on data collected between May 1 and Aug. 31 – the peak moving season in the U.S. – the company found the vast majority of people were moving because they either landed a new job or were transferred by their existing employer.
Michael A. Stoll, professor and chair of the department of public policy at the University of California, Los Angeles, said the findings were surprising. The reason is that more people were moving to cities in the Northeast and Midwest – like Chicago – despite the wintry conditions in these areas. However, with the fast growing jobs and affordable housing in these areas, it’s no wonder more millennials and young families were moving to these areas.
“Popular metropolitan destinations driving city to city migration are those with a highly educated labor force and that have growing or mature business, financial, and insurance services,” Stoll said. “In addition, strong technology and healthcare industries are driving migration, sectors where recent job growth has been relatively robust in the broader economy.”
The rising cost of housing might be a driving force in why people are packaging their bags. People were most likely to move away from Washington, D.C., according to the survey, which is known for high housing costs.
Why Chicago is a popular moving destination
Since Chicago was named the top moving destination this summer, families who moved to the third most populated U.S. city could benefit a stabilizing housing market and great local amenities.
The many art and cultural events held in the city each year as well as its long-standing institutions and museums provide fun and unique experiences for families to enjoy. Chicago is home to the Lincoln Park Zoo and Shedd Aquarium for families to enjoy exploring the habitats of thousands of rare and exotic animals and marine life. The city also offers a thriving theater scene for those who would rather spend an evening watching a play or performance by local actors.
Chicago real estate market prices have been slowly yet steadily increasing, which could suggest greater investment opportunities. With more people moving to the city later this year, investors in Chicago investment properties should consider buying properties to turn into rental homes for families.