Looking for an Affordable House? Try Chicago
May 11th, 2009 categories: Chicago Real Estate News, FSBO's, For Buyers, For Homeowners, For Sellers, Housing Market
I’ve always said that for a world-class city, Chicago is actually quite affordable. That’s reflected in our housing prices, too. Sure, it’s more expensive to buy a condominium or single-family home in Chicago than it is in Milwaukee or Indianapolis. But when you compare Chicago to cities such as New York City or Los Angeles, housing here seems like a real bargain.
Chicago, with a median housing price of $225,000 in 2008, finished that year in a tie as the 40th most expensive housing market in the country. Finishing with Chicago in that 40th place tie were Miami; Salt Lake City; Tacoma, Wash.; and the Provo-Orem area of Utah.
Topping the list? San Francisco, to no one’s surprise, finished 2008 as the most expensive housing market in the country. The median value of housing in that city came in at $575,000. New York City, which finished second, had a median housing value of $455,000.
Finishing 2008 as the least expensive housing markets were two Midwest cities: Youngstown, Ohio, and Saginaw, Mich., both of which featured a median housing price of $73,000.
The Center for Housing Policy’s list once again shows what a great value Chicago housing is. It’s possible to find affordable condominiums and homes in even the city’s top neighborhoods, places like Lincoln Square, Lincoln Park, Lakeview, Wicker Park and Streeterville. And with housing prices down this year from last, it’s even easier to find a good value in Chicago.
If you’re thinking about purchasing a condo or single-family home, now is a good time to do it. It’s possible to get a lot of home for your money.
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