Chicago has one of the highest concentration of population in the country, housing about 2 million people. While house prices are decent, rent prices are fairly high, and combined with a high demand for rental housing, this creates an ideal environment for investors. Investors are turning their eyes to Chicago because of its appreciation potential and its worldwide appeal. Chicago also holds more renters than buyers and with prices set to increase in the coming years, investors are snapping up properties now.
“Although the annual sales rates have declined, the month to month changes continue to be strongly positive,” said Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “In addition, positive housing price gains, continuing declines in the foreclosure inventory levels and the increasing share of sales of homes priced above $200,000 suggest a housing market that is responding positively to signals from the economy.”
Zillow calculated the median house price in Illinois at $148,000, or a 5.9% increase, in the past year. The median rent price was calculated at $1,475 per month.
In addition to increasing house prices, Illinois is drawing in major business. Big corporate companies are making their way into the state, including Catamaran, Century Aluminum, Couer d’Alene Mines Corp., CPG International, CVS Caremark, Durata Therapeutics, FERPAL Construction, Home Depot, Mike’s Hard Lemonade, Rittal Corporation, and Univar.