Chicago is abundant with diverse culture and political history. The city has many nicknames but is well-known as the Windy City. Chicago is perfect for people who want to be in a place where the diversity of art, culture, and history is bright.
Learn about Chicago
Being the largest city in Illinois, Chicago recorded a 2,679,080 population in 2020. But, there has been a decrease in their population by -0.61% since its last census. The weather can be scorching and freezing. Chicago's average temperature varies from 22⸰F to 83⸰F and rarely below 5⸰F or 91⸰F.
The average household income in Chicago, IL, ranges from $63,153 to $90,713. Moreover, only one-third of the city's workers make more than $100,000 per year. Although Chicago's unemployment rate is only 3.8%, the city's wealth is not equally distributed.
What to love in this city?
There are many outdoor recreational and family activities available here. From the shopping malls to museums, there is something to do in Chicago's corners. The city is improving it's already strong footholds in arts, architecture, and business. As a result, the economic opportunities in the city are more and more profitable.
Chicago's balanced economy is another thing to look forward to in the city.
Life in Chicago, IL
Chicago is a walkable and bikeable city which is a major perk. Many destinations can be reached on foot here, like malls, restaurants, and galleries. Biking is also recommended for people to enjoy the landscape of Chicago, like parks and some lakefront trails.
Unfortunately, owning a car is not suggested in Chicago because of how urban the city is. While personal vehicles offer convenience, they may result in a high cost of parking of $70 per night.
Public transportation will allow one to save more pennies since Chicago, IL has a fixed fare of $2.25. As a result, there is no difference in three blocks or three miles – it would still be with the same fare of $2.25. After all, there are busses and the "L" train (an elevated and underground metro system) is readily available.
Housing Market
The median house pricing in Chicago has remained positive, but the available housing inventory dropped. Last February, the Illinois housing market performed well and resulted in higher median prices. The closed sales recorded in February 2021 are 7,052, with a median price of $270,000.
Furthermore, Norada Real Estate Investment said that Chicago's real estate market is a seller's market. This trend is due to a very tight supply and low mortgage rates in Chicago. Houses in Chicago remain in the market for forty-six days. As 2021 reaches its second quarter, the housing market should result in more robust buyer activity.
As Chicago's housing market continues to perform well, it has been considered a balanced housing market. The sales of single-family homes and condo units began to surge in early February 2021, which is comparatively high to February 2020 sales. Hence, the median house pricing even increased to $346,000 at the beginning of 2021.
Chicago's real estate market is predicted to continually be one of the hottest markets in the United States. Amidst the strong effect of the COVID-19 pandemic on Chicago's housing market, it bounces back to its active selling condition. In fact, real estate investment in Chicago is worth it because of its balanced economy, strong luxury rental market, and job growth.
Final Thoughts
Real estate will continue to grow in Chicago – regardless of season or global pandemics. The small dip in its housing market due to the pandemic was replaced by its excellent performance when 2021 began. Submerse oneself in a life of culture, diversity, and economic prosperity in Chicago, IL! It is undoubtedly a place for families, business enthusiasts, and the real estate industry!
Have a comment, tip, or concern?
Thanks for reading Elite Informer! Here's more where that came from.