5 Reasons Chicago Is Ideal For Real Estate Investing
Due to multiple factors Chicago, IL is becoming increasingly attractive for real estate investors in 2023. Chicago is currently ranked as the 3rd most populous city in the US and is the largest city in the state of Illinois. In the past year Chicago home prices have increased 5.2% and the median house value is $365,000. The city is known for its culture and worldwide recognition, and 55.6% of Chicago residents currently rent their homes.
Attractive prices: compared to coastal cities like New York and San Francisco, Chicago has relatively affordable prices for residential properties.
High rental yields: Chicago offers high rental yields, making it attractive for real estate investors looking to generate regular income from their properties, with an average rent of about $1,800.
Diverse economy: Chicago has a diverse economy and low unemployment rate. With various industries such as finance, healthcare, education, and technology, this diversity ensures that property owners can attract a steady flow of renters and buyers from different sectors of the economy, and the unemployment rate in Chicago is 4.7%.
Accessibility: The city has a well-developed infrastructure, including airports, train stations, highways, and public transportation systems, providing convenient access to different parts of the city.
A Stable Market: Despite fluctuations in the national real estate market, Chicago’s market has been relatively stable with median annual price increasing over time.
If you are an investor looking for your next property, or looking to start a portfolio from scratch, Chicago may be the place for you.