Whether you choose the amazing lake views of Old Town or the trendiness of Wicker Park, Chicago is the best place for first-time home buyers. Here are some essential things that you have to know about home search in Chicago.
The Market is Filled with Plenty of Homes
With a lot of homes for sale, there is less competition among property buyers than in other hot markets. Thus, you can have a good shot at buying the home you want. Also, the city center is seeing plenty of condos being built.
Chicago is Affordable for Such a Huge City
While the media price in the city is currently $234,900, you can easily find houses which clock in well under $200,000. With its median household income of $47,010, the affordability of the city is good when compared to other bustling metropolises. When compared to New York that has $539,000 media list price and $39,195 median income, Chicago definitely has the right to brag.
Proper Taxes Have Increased by Half in Five Years
Although the home values in the city have not recovered as much as other big cities in America, the property taxes continue to increase. That is why you really need to understand how the high tax here can impact your homeowner’s budget. However, in Chicago you don’t pay a city income tax. If you add up other taxes that you will pay as a homeowner, it is good to know that you are saving cash in terms of this aspect.
Crime Rate is Improving Fast
Although this windy city is known to be rougher around the edges, its overall crime rate is at its low. While the crime rate continuously decreases, the city is on track to have the lowest rate of violent crimes since 1972. As a whole, the city is seeing apparent improvements; however, when you are looking to relocate to a Chicago neighborhood with very low crime rate, there are a lot to pick from including Logan Square, West Town and Lincoln Park.
You Can Get Around Quite Comfortably
When you don’t want to shell out for car insurance and gas money, affordable public transit such as bus lines are available to take you to neighborhoods which makes the city a good place for commuters. Chicago has wide streets and on a grid system. You can easily find street parking and traffic is not awful with 32.5 minutes average commute time.