Chicago, Illinois is the 55th largest city in the world and the 3rd largest city in the United States. With well over 2 million people living there, real estate has become quite a large industry.
It's also a very diverse industry with a lot of different areas and building types to invest in. Knowing how to invest can be the difference between a thriving business and bankruptcy.
This raises a very big question--How do you successfully invest in real estate in Chicago? While investments are, by nature, unpredictable, we can offer some advice on where to invest in real estate. We'll discuss it in detail in this article.
1. Roger's Park
Located near the edge of the city, just a short car ride from Evanston is Roger's Park. This neighborhood is a mix of everything that makes Chicago popular. It's affordable, convenient, and offers a lot of things to do.
Being ten minutes from downtown Chicago and five minutes from Evanston, Roger's Park is a short trip away from great shopping, dining, and fun. Roger's Park is also a college neighborhood, being home to Loyola University.
There are also several beaches in the neighborhood, as well, and the beachfront properties are among the most valuable in the city.
Pilsen is another affordable part of Chicago ripe for investors. Located on the Western edge of the city, Pilsen doesn't look like part of a big city. It resembles the suburbs of Chicago more than Chicago itself.
However, being part of the big city while also feeling somewhat small and comfortable is part of what draws people to the area. It's a very family-friendly neighborhood.
The average home price is about $300,000, but you can always look into distressed properties for something more affordable. A distressed property is one that if foreclosed or nearly foreclosed. These homes are auctioned off to the highest bidder and often sell at significantly below their original value.
The University of Illinois Chicago is also located in Pilsen, and that's a huge advantage for potential investors. Over 30,000 people are attending UIC at any given time. This creates a reliable stream of people looking for an apartment or home.
3. Logan Square
There's an old adage that says 'strike while the iron is hot,' and Logan Square is practically on fire. Not only has this neighborhood seen a steady rise in property values year over year, but the current average price of a home is also $400,000.
Rent in the area is also quite high, so the potential landlord has a lot to gain. Keep in mind that the potential for profit has made Logan Square one of the most coveted Chicago neighborhoods, especially for investors, so there will likely be some competition.
While investment in Logan Square promises a great return, it also costs quite a bit. For this reason, we'd recommend Logan Square for those with more resources and experience in real estate.
Where to Invest in Real Estate in Chicago
For those wondering where to invest in real estate, Chicago is a great market if you know where to look. We've talked about the best neighborhoods in this article.
If you want to know more please visit our site. Feel free to contact us if you have any questions or concerns.