Best Locations For Chicago Real Estate Investment
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.
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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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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.
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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