Chicago Real Estate Investments
With more than 2.7 million people, Chicago is among the three most populated cities in the US. The population is growing at a steady rate yearly, and the real estate market is once again looking ‘ripe’ for investment. Most of the city’s suburbs and neighborhoods occupy more than half of the slots in a recent list of the country’s neighborhoods that “have it all.”
So, below are the 5 top best neighborhoods in Chicago where you can invest in real estate in 2019.
1. West Town
Lying in the east of Humboldt Park and to the south of Wicker Park, West Town is attracting much attention. The town has seen a 12% moderate price increase, which is perfect for homebuyers and real estate investors. While the median resale price for a home is on the high side ranging $790,000, the amenities and attraction of the neighborhood make up for the price.
Locations within the town are very attractive due to the amenities and facilities that surround rental properties. These have higher returns for real estate investors and renters alike. West Town boasts a livability score of 77 out of 100, with a crime rate that is 60% lower than the average in Chicago.
2. Logan Square
Logan Square is one of the best and upcoming neighborhoods in the United States. It is on its way to becoming trendy as Wicker Park and Bucktown. Logan Square boasts some famous shopping destinations, including Home Depot and Target.
It is also located close to the Blue Line of the L Train and the I-90. These account for the popularity of the neighborhood. There has been a slight decrease in sales price for the past year, which presents a perfect opportunity for real estate investors to use a buy-and-hold strategy. Logan Square has a median rent of $2,600, which towers above the $1,700 median rent in Chicago.
Pilsen is the place to be if you want to change from the type of property you invest in while being in one location. Pilsen is the best neighborhood for attracting the attention of millennials. It is located in the Lower West Side of Chicago, boasting a mix of multi-family, single-family, and condominium properties.
It is a safe haven for people looking to escape city life. From Pilsen, it is easy to navigate to UIC Medical District and the University of Illinois, creating a vast number of students and young professionals seeking to move from student accommodation to proper rental apartments.
Pilsen has a median sales price of $206,250 for a property, while the median rent is on a high at $2,700 each month. These portend great opportunity for real estate investors keeping watch on Chicago’s millennial market. The ability to invest in an undervalued property, renovate and rent it out, will yield a good return on investment for the short-term.
4. Jefferson Park
Jefferson Park is situated on the City’s northern side. Compared to Logan Square, Jefferson Park is a more affordable alternative. It has a $230,000 median price for a family house, which is much lower than most other towns.
Jefferson Park is a favorite for people involved in the buyer’s market due to its essential amenities and for being a transportation hub. Alongside Humboldt Town and West Town, Jefferson Park enjoys lower prices, and you are advised to invest in these places before their prices go up.
Uptown is another famous place to invest in real estate. It has 13 neighborhoods and is popular for its rich culture and jazz scene. Uptown extends to the north of Hollywood Avenue and down to the south of Irving Park.
Compared to other neighborhoods, Uptown is more expensive, with a median sales price of $850,000 for a single-family home. The town is among the few places that have enjoyed a 22% increase in prices for the past three years. But, it’s near amenities and location on the lakefront contributed a lot to its investment potentials.
While prices in real estate are on the rise, investors in Chicago continue to pay lesser than they did years back. There is a lot to gain from investing in Chicago neighborhoods. They are vibrant, with fine dining opportunities, lakefront parks, and shopping centers. If you want to put your money in real estate this year, consider these five places above.