On a Budget? You Can Still Afford a Chicago Home
It’s not always easy to afford a home in one of Chicago’s top neighborhoods. A recent Chicago Tribune story shows this, highlighting the story of homeowners who left the city and instead purchased residences in the suburbs.
Why did they make this move? For many, it came down to dollars and cents. As the Tribune story says, housing prices in Chicago have been on the rise recently. The Tribune cites numbers from the Chicago Association of REALTORS® showing that the median sales price of a home sold in the city was up 6.4% through November of last year when compared to the same 11 months in 2014.
But there is a reason why home prices in Chicago have been on the rise: The city offers plenty of advantages for homeowners. And, yes, some homeowners might choose to move to the suburbs. But many others are making the move back into the city because of all the amenities Chicago provides.
Chicago is home to tremendous restaurants, exciting night-life opportunities and ample public transportation. We have top-quality museums, plenty for kids to do and shops ranging from big megabrands to tiny boutiques.
But if you are struggling to find a home in your budget? Don’t despair. By working with a REALTOR® who knows the city, you can find a home that you can afford.
You might have to widen your search, of course. Home prices in neighborhoods such as Lincoln Park and Lincoln Square continue to rise. But there are plenty of other neighborhoods that offer more affordable condominiums and single-family homes. And if you’re willing to search, you’ll certainly find a property located in a more-affordable neighborhood that is the perfect fit for you.
Try Albany Park, for instance, on the North Side or maybe North Park. Both of these neighborhoods are a bit quieter than Lincoln Square or Lincoln Park. And they don’t have quite as many hip restaurants and shops. But here’s the thing: You’ll pay thousands less for a home in one of these neighborhoods. And when you want the bars or restaurants, you can just take a short drive, Uber or train ride to get to them.
Albany Park and North Park are far from the only Chicago North Side neighborhoods boasting lower prices. And most of them are located just a short trip from the city’s hipper areas. Just because you’re on a budget doesn’t mean that you can’t afford to buy a condo or single-family home in Chicago.