There are currently 595,771 real estate properties in Chicago, IL, with a median automated valuation model (AVM) price of $300,300.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Chicago, IL, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Chicago, IL, is $374,901.00, with the most expensive house in Chicago, IL, topping out at $83,945,700.00 and the cheapest home in Chicago, IL, clocking in at $10,000.00. In other words, there’s something for every potential homebuyer or savvy investor in Chicago, IL!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Chicago, IL, is on a rollercoaster ride. The average rent price in Chicago, IL, is $1,836.00. Indeed, when looking to rent in Chicago, IL, you can expect to pay as little as $540.00 or as much as $5,500.00, with the average rent median estimated to be $1,710.00. The good news is that finding an affordable and desirable property to rent in Chicago, IL -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
Find the best foreclosure homes listings for sale — bank-owned, government (Fannie Mae, Freddie Mac, HUD, etc.) and others — in and near the Chicago, IL area at Foreclosure.com. Get information on foreclosure homes for rent, how to buy foreclosures in Chicago, IL and much more. Save thousands at closing with home foreclosure listings in Chicago, IL — up to 75% off market value!
Chicago is located in Cook, Illinois, with an estimated municipal population of 2,693,976 residents. All of the best foreclosed homes for sale in Chicago are located in the following zip code areas on Foreclosure.com: 60018 60649 60641 60640 60643 60642 60645 60644 60647 60646 60616 60617 60614 60615 60612 60613 60610 60611 60618 60619 60827 60638 60639 60634 60636 60637 60630 60631 60632 60633 60605 60604 60607 60606 60601 60603 60602 60609 60608 60106 60661 60660 60659 60652 60653 60651 60656 60657 60654 60655 60623 60622 60621 60620 60626 60625 60624 60629 60628 60707 60499 60664 60666 60668 60669 60670 60673 60674 60675 60677 60678 60680 60681 60684 60685 60686 60687 60688 60689 60690 60694 60695 60696 60699. The estimated population per square kilometer (.62 miles) in Chicago is 4,574.
So, about how much do homes cost in Chicago? The most recent median value of resident-owned homes in Chicago is 258,430. An estimated 45 percent of households in Chicago own their homes, with an average family size of 3.42. The median household income in Chicago is 58,247, with29.5 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Chicago, the median commute time of resident workers (in minutes) is 35.1. And last, but certainly not least, are you looking for homes to rent in Chicago? If so, the average rent price paid by renters in Chicago is 1,112, according to recent statistics.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Chicago, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in Chicago is 34.6, split between 48.6 percent male versus 51.4 female. The percentage of residents who report being married in Chicago is 35.5, with an average family size of 3.42.
The percentage of residents who report their race in Chicago is as follows:
|Black / African American||29.6%|
|American Indian / Alaskan Native||0.3%|
|Native Hawaiian / Other Pacifc Islander||0%|
Looking for family-friendly neighborhoods in and/or near Chicago? Or maybe you are searching for 55+ active adult communities in and/or near Chicago?
The percentage of residents who report their age in Chicago is as follows:
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Chicago with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Chicago.
How do you know that living in -- or moving to -- Chicago is right where you need to be? Perhaps you grew up in Chicago or already live nearby; therefore, the decision to buy a home in Chicago is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Chicago for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in Chicago:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Chicago.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Chicago can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Chicago, meanwhile, can field multiple offers from more qualified buyers.
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