Best Locations For Chicago Real Estate Investment
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Chicago Real Estate Investment Forecast
Chicago is a great city for real estate investment. Lower housing prices make it an attractive investment vehicle, compared to the high-cost regions of the east and west coasts. A recent period of slow but steady growth gives the best opportunities, especially for investors looking to buy and hold. The city finished 2021 at around $315,000 for a median sale price. The Chicago metro area ended the year at about $290,000, representing about twice as much year-over-year growth as the city.
The average rent of $2,100 per month offers a respectable return on investment compared to the median sale price, although averages range from $600 per month to $2,900 per month. With rent prices about 25% above the national average, Chicago poses tons of investment potential with few obstacles.
Real Estate Loans in Chicago
Best Chicago Neighborhoods for Real Estate Investment
Chicago has 77 neighborhoods, and each of them are known for something a little different.
The best neighborhoods in Chicago to invest in real estate have a combination of factors, including minimal growth in the past year and reasonable rent prices. Here is a look at the top neighborhoods for Chicago investment in real estate, which investors can finance with help from Renovo’s loan programs.
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Rogers Park
The Rogers Park neighborhood offers significant investment potential, especially for investors who are looking for more affordable properties. At around $210,000 for a median sale price, Rogers Park is about a third less expensive than the median for Chicago proper.
Prices dipped a little in the past year, which makes a better long-term purchase for investors hoping to save money. This established neighborhood has a stately history, notable as the home of Loyola University. With average rents ranging from $1,200 to $1,300 per month, Rogers Park offers affordable housing opportunities for investors and tenants alike. It has also been named one of the most in-demand neighborhoods in Chicago.
Avondale
Humboldt Park
Investors who want to find opportunities for growing rent prices and steady home values should look in Humboldt Park. This neighborhood has gone on a rollercoaster of shifting sale prices in the late 2010s, but it is finally starting to level out. At a median sale price of $350,000 to $400,000, Humboldt Park is about 10-20% above Chicago’s median.
The neighborhood is seen by many as a diamond among gravel, with lots of beautiful, older homes waiting for the right investor to renovate them and bring them back to life. With rent price averages about $2,200 per month, Humboldt Park offers a reasonable alternative to more-expensive neighborhoods such as Lincoln Park
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Ready to get started? Want to learn more about how we can help you grow your investment business? Call us at (888) 568-8894, email us at origination@renovofinancial.com or fill out the form below and a representative will be in touch within 1-5 business days.
Renovo Financial
222 W. Adams St, Chicago, IL 60606
origination@renovofinancial.com
(888) 568-8894