What’s Driving the Rise of Midlife Homebuyers in Chicago?
There’s been a trend of more people buying homes at midlife. A report from last year showed that the average homebuyer is 56. That number is higher than it’s ever been. This trend is also showing up in Chicago as much as anywhere. But what factors are shaping this trend? This post will explore the rise of midlife homebuyers in Chicago.
Chicago Real Estate Market Watch
As of this writing, homes in Chicago sell for an average of $264 per square foot. However, Chicago real estate trends are always changing. Contact the MG Group team for assistance buying or selling homes anywhere in Chicago.
The Increase in Midlife Homebuyers in Chicago
Greater Career and Financial Stability
Midlife brings greater financial and career stability for most people. Many buyers in their 40s and 50s earn higher incomes, have built up savings, and possess strong credit histories. These factors can help them get larger mortgages at better rates. Some might decide it’s time to buy their first home after renting most of their life. For others, financial stability might signal a time to upgrade and buy their dream home. Significant equity in an existing home may also expand opportunities for midlife home buyers.
Their Children Are Moving Away
Many middle-aged people face the reality of their children moving away. That marks a significant life transition that may inspire a change in housing. As children head to college or move out, the large family home may feel unnecessary or burdensome. As a result, some people might seek smaller, more manageable homes. These midlife buyers often look for properties like townhomes and condos to reduce maintenance.
A Growing Family
A growing number of midlife homebuyers started families later in life. Maybe they were more career-focused or wanted greater financial stability before starting a family. Unlike empty nesters, these midlife buyers might look for more space. Beyond looking at larger homes with more bedrooms, they might also focus on schools. Maybe they’re buying their first family home or upgrading to accommodate a growing family.
Seeking a New Community
Midlife may be a time to assess what a person wants or needs from their community. It could be a lifestyle change, like children moving out, that causes this shift. Other buyers might decide they want to be near various amenities or resources. Some might move from the suburbs to enjoy the energy, connection, and convenience of urban life. Others might choose to go the other direction, seeking the peace and seclusion of life away from areas like downtown. With its diverse neighborhoods, Chicago offers a community that fits any lifestyle.
People Relocating to Chicago
Chicago is a draw for midlifers from around the country. Many people relocate to Chicago for career opportunities. Some are young people, but we’re also seeing a lot of established professionals moving to Chicago. The city is attractive to those in healthcare, technology, finance, education, and more. Beyond career, Chicago offers a dynamic culture that can enrich the lives of newcomers. Many also find it attractive because it offers a more affordable life than many other large cities.
Are you in midlife and looking to buy a home in Chicago? The MG Group is ready to help you find the right home for the next chapter of your life. Reach out now for expert guidance from local professionals.
