Unless you have been living under a rock the past year, you will already know that the US real estate market is hotter than ever. In an estimated 99% of all US real estate markets, home sales are continuing to skyrocket, taking up home values with them. However, the vast majority of real estate experts expect this boom to come to a crashing halt in the coming months.
This means that it could be time to prepare for investment in the real estate market. However, you will need to do so in a sustainable market that has genuine long-term growth potential. For this, there is probably a no better option than the Chicago real estate market. Read on to find out exactly why the Chicago housing market is a safer bet than most.
1. One of America’s Strongest Rental Markets
Perhaps the most compelling reason to consider Chicago investment properties is that the rental market is one of the strongest in the country. Thanks to a booming job market, a dynamic education sector, and a strong cultural pull factor for young people, rents are expected to continue rising for the foreseeable future. The average rent in central Chicago is already $1,814 for a studio – a figure that is expected to rise in the years to come.
2. Chicago Real Estate Prices Are Going Up, Up, Up
If you want to invest in real estate with the hope of selling it for a profit later on, then Chicago is the place to be. Chicago home prices have consistently grown faster than the national average for years, something that we expect to see well into the future.
What’s more, you can even use local services to sell your home for a good price instantly – make sure to check it out if you are considering selling a home in the Chicago metro area.
3. A Record-Breaking Local Employment Market
Put simply, people move to where the jobs are. Even in the era of WFH, it seems that the magnetic pull of dynamic, job-creating cities has not faded. It is a rule of smart investment that you should always invest in places where there are plenty of jobs to go around. For this, Chicago has got you covered.
The unemployment rate in Chicago is among the lowest in the country, while jobs and income have grown faster than almost anywhere else in the past decade. What’s more, the city expects to add more than 200,000 jobs to the local economy in the next couple of decades.
4. A Strong Diversity of Property Types
Finally, it is worth emphasizing that the property types available in Chicago are as diverse as you would expect for such a diverse city. If you want to diversify your investment portfolio, Chicago will leave you spoilt for choice.
There are million-dollar luxury condos, elegant suburban mansions, affordable single-family homes, senior-friendly bungalows, student-focused apartment complexes, and so much more for you to choose from.
Honest Real Estate Insights for You
Now that you know the essential facts about Chicago real estate, it is time to learn more. For this, we have got you covered. Make sure to consult our dedicated Real Estate guides to find out more about making informed investment decisions.