2021 Housing Market Overview
Chicago Real Estate Market 2021
Chicago Real Estate Market Overview
Metro Population: 9.5M
Median Household Income:$75,000
Median Home Price*:$248,400
Median Monthly Rent*:$1,783
Interested in investing in the Chicago real estate market in 2021? On this page you’ll learn about housing market trends and statistics to help you make that decision.
Located in northeastern Illinois on the southwestern 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 been called by many nicknames, it is most widely known as the Windy City.
More To Love About Chicago:
- Chicago has the third-largest gross metropolitan product in the United States—about $697.4 billion according to 2020 estimates. The city has also been rated as having the most balanced economy in the United States, due to its high level of diversification.
- According to World Business Chicago, the Chicago metro 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).
Chicago Housing Market Trends
Chicago Real Estate Market Trends & Statistics 2021With 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 $130,000-$248,400 with rents as high as 1.23% 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. Explore Chicago’s housing market, population, and employment trends in the next tabs to learn more.
Major Employers in Chicago
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