Where to Invest in Real Estate in Chicago - An Insider's Look Into the Market
When you’re looking for where to invest in real estate in Chicago, the neighborhoods we’ve identified are perfect for your next project. The Windy City is known for many things - hot dogs, deep-dish pizzas, and being one of the last remaining markets to find a great investment opportunity. Chicago is the third-largest city in the country, while also being one of the most economically powerful cities in the world. Factor in that Chicago housing prices haven’t gone up since 2006, and you’re looking at a city brimming with opportunity.
Rogers Park Neighborhood
Rogers Park is an affordable, walkable neighborhood filled with pre-WWII apartment buildings and single-family homes. Commuting to Chicago’s business district is about 10 miles away, with multiple commuter options. Close to the shores of Lake Michigan, it’s unusual how Rogers Park is one of the most affordable neighborhoods in Chicago. Home to Loyola University, rentals are continuously in demand, and the lakefront beach homes make Rogers Park a great place to invest in real estate.
Logan Square Neighborhood
Logan Square’s classic Greystone buildings and tree-lined streets are the perfect backdrop for your next investment property. The bungalows located in Logan Square are highly sought after by Millenials, and the area continues to gentrify. In early 2020, Zillow ranked Logan Square as one of the hottest real estate markets in Chicago.
Pilsen is the neighborhood you want to be in if you have a diverse portfolio of investment properties, and not have to travel all over the city to check in on them. Located in Chicago’s Lower West Side, Pilsen has a great mix of single-family homes, apartments, and condos, making it desirable enough to attract families. With the University of Illinois at Chicago located in Pilsen, the need for temporary rental housing is always in demand. The past few years have seen an uptick in recent college graduates looking to settle down in the area as well.
Avondale is one of the more expensive areas for the middle-class to buy Chicago investment properties. This area is family-friendly with decent schools, and easy access to I-90, the Blue Line ‘L’ and city busses - and with the high rent prices, it’s easy for you to receive significant income for any investment property here.
Humboldt Park Neighborhood
While the home prices peaked in 2006, during the Great Recession, prices dropped dramatically in Humboldt Park, hitting a record low in 2012. Although the prices are rising again, they’re still significantly below the 2006 peak. With the rise and fall of property prices, the area has foreclosed properties available for investors. Purchasing a home is just expensive enough that most people opt to rent one of the single-family homes or large apartments.
When you want to know where to invest in real estate in Chicago, Renovo can help. With Renovo’s deep ties in the Chicago community, we have the experience and knowledge to get you started on investing in real estate in the Windy City. Contact us today.