Not only is Chicago, IL one of the largest cities in America, but also a wonderful place to live, work, and play. The terrific food, amazing weather, beautiful architecture, diverse culture, sandy shores, rich history, active nightlife, and exciting entertainment are just some of the things that make it easy to fall in love with Chicago. Here in Chicago, you can experience both the business hustle of New York City mixed with the old-fashioned charm of the Midwest.
The housing market in Chicago is thriving much like most of the major metro areas in the United States, which are also benefiting the current economic boom. The gust of rising home values in the windy city has shown little to no signs of relenting and while the markets of Chicago have not reached the extremes of other in-demand cities such as New York City or San Francisco the trend is still moving up.
Chicago’s housing market has enjoyed steady growth recently with the market racing ahead of the national average regarding median home price. Home values in Chicago rose roughly six percent in 2017 and are on pace to grow by approximately five percent in 2018. While the market is still growing in Chicago, the rate of growth is beginning to flatten out. New home construction is also up this year, ensuring a sufficient supply of homes in the market and prevents the market from pricing out the workforce.
The fuel driving the growth in the housing sector is due to the great economy coupled with strong job growth. Chicago is home to one of the largest and diverse economies in the world, employing over four million people in the workforce and annually produces a GRP (Gross Regional Product) more than six hundred billion dollars. Chicago is home to over four hundred corporate headquarters with nearly forty of those belonging to the Fortune 500. As proof of Chicago’s economic diversity, it has become a major player in every major economic sector.
Chicago is a great city call home. Low unemployment rates stemming from a thriving economy pushing real estate prices upward makes Chicago a great investment. Now is a great time to buy or rent-to-own a home in Chicago. Take a look at our listings of rent-to-own homes in Chicago