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Chicago Market Overview

Metro Population:

9.5M

Median Household Income:

$63,000

Median Household Income:

5.40%

Median Home Price*:

$128,000

Median Monthly Rent*:

$1,500

Big Picture Highlights

Located in northeastern Illinois on the shores of Lake Michigan, Chicago is the third-most populous city in the United States and the fifth-most populous city in North America. Although the city has many nicknames, it is most widely known as the Windy City.

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There's a Lot To Love About Chicago:

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  • Chicago has the third-largest gross metropolitan product in the United States—about $737.3 billion according to Statista’s 2019 estimates. The city has also been rated as having the most balanced economy in the United States, due to its high level of diversification. Finance, agriculture, transportation, manufacturing, and tech are just some of Chicago's well-represented sectors.

  • According to World Business Chicago, the Chicago are is also home to more than 400 major corporate headquarters, including 31 Fortune 500 HQs and 300 corporate R&D facilities. Some of the most well known Chicago HQs are Walgreens, Boeing, and Sears Holdings Corp.

  • Today, the Windy City is recognized as the fourth-most important business center in the world (according to the MasterCard Worldwide Centers of Commerce Index).

Why Invest Here?

Chicago real estate has recently been rated as one of the most undervalued markets in the world. While over the years Chicago has lost a small portion of its population, there are certainly opportunities if you know where to look. The city's world-class skyline is cluttered with over 60 cranes atop new skyscrapers being erected. Chicago is in the midst of a building boom, creating an incredible amount of commerce and positively affecting the real estate market. There has never been a better time to purchase real estate in the Windy City than right now!

Trends

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Chicago Trends & Statistics 2018-2019

With higher real estate prices and lower-than-average job and population growth, the Windy City may not seem like a “good” place to invest in real estate. That being said, it is one of the few cities in the nation where housing prices still haven’t risen above their 2006 levels. When focusing on finding the highest capital growth and cash flow, you’ll find some Chicago neighborhoods offer homes at $108,000-$130,000 with rents at 1.17% of the purchase price every month.

All of this is good news for investors looking for under market value properties, with tremendous monthly cash flow, and poised for steady appreciation.

Data Sources:

Employers

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Read What People are Saying About Chicago

Disclaimer: The information provided on this page is for educational purposes only. Altus IG makes no warranty or representation as to the accuracy, completeness or reliability of this information. Please be advised that this content may contain errors, is subject to revision at all times, and should not be relied upon for any purpose. Under no circumstances shall Altus IG be liable to you or anyone else for damage stemming from the use or misuse of this information.

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