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Chicago • Naperville • Elgin IL-IN-WI
Median Home Price
Up 17.2% since 2011
Down 1.0% since 2014
Up 9.2% since 2011
Deep dish, the Bean and...real estate? Uncovering Chicago’s regional favorites
AKA: The Windy City, Chi-Town
Population: 9,551,031 • Average days on market: 20 • Average gross yield: 10.9%
# of Building Permits in 2015: 15,813 • Employment Growth to Building Permits Ratio in 2015: 3.6%
Drivers: Chicago metro ranked on the 2016 U.S. News & World Report Best Places to Live. The city offers a Midwestern friendliness and beautiful seasonality. Summertime draws residents and tourists to the beach and festivals, winter comes with ice skating and zoo lights, and autumn and spring offer nice weather and scenic views. Chicago is also host to a number of prestigious universities.
Leading industries: Home to 62 of the Fortune 1000 companies, the local economy is supported by a handful of thriving industries, including finance, technology and telecommunications. Strong economic momentum has propelled increases in both the housing and rental markets while driving down vacancy and unemployment rates. Combined, these factors make Chicago one of the hottest rental markets in the country and a prime opportunity for investors aiming to find rental properties with potential for long-term cash flow and property appreciation.
Notable mentions: Internationally acclaimed, Chicago is known for its amazing food, history, cultural diversity, art and music scene. The city is home to O’Hare International Airport, the second busiest in the world, as well as host to the world-renowned Lollapalooza Music Festival, Millennium Park and a sports-fan favorite, Wrigley Field.