Are you dreaming of living in Chicago? If so, you’re not alone. The long-standing financial stability that this dynamic and innovative city offers long-standing financial stability. Chicago is ideal for homebuyers seeking an expansive yet relatively affordable city. For investors, Chicago’s multifaceted housing market provides portfolio scalability and access to desirable rental properties.
Often known as the windy city and informally called Chicagoland, this incredible city is one of a kind. Offering unique and vibrant urban neighborhoods with a dynamic blend of culture and entertainment, living in Chicago is unmatched. Residents enjoy the central location and the diverse culture throughout the different neighborhoods in the area. Let’s dive in, discover the benefits of living in Chicago, and get the ball rolling to a new life brimming with the promise of growth and opportunity.
1. Living in Chicago is Lucrative
Surprisingly, Chicago’s jobs and business culture are diverse. The highest-ranking business sector industries are finance, healthcare, engineering, food services, and retail. However, sports are everything in the Midwest, and careers supporting athletics are in high demand. What’s more, Chicago ranks as the third-largest Metro Economy in the U.S. With an $860 billion GDP, Chicago’s economy is an industrial titan.
Relocating to Chicago provides instant access to careers in Fintech, Aerospace, AI technology, Research and Development, Education, Medical, and Data Analytics, to name a few. Among the growing industries, hiring and employing the 4,817,600 workforce in this lucrative city, these 82 push the city to new heights.
In addition, Illinois is home to 32 Fortune 500 headquarters, most of which are in Chicago. These companies contribute to Chicago’s booming technology growth. Mayor Brandon Johnson attributes “Access to diverse talent, global connectivity, and the City’s strong infrastructure are among the reasons why Chicago has been ranked a top metropolitan area for selection and corporate relocation for 11 years,” said Johnson.
2. Living in Chicago is Affordable
Like most powerhouse locations in America, elevated crime rates and cost of living are typical in metropolitan cities with booming economic opportunities and vast amenities. Currently, the cost of living in Chicago is 14% higher than the national average. As with all abundant metropolis powerhouse cities, the expense is simply the toll for riding the edge of innovation and abundance.
Surprisingly, living in Chicago is affordable compared to other major cities nationwide. For example, Kiplinger ranked the 15 Most Expensive Housing Markets in the US, and Chicago didn’t make the list. Of course, California takes the lead for housing markets in the West, as does New York and the surrounding areas on the Eastern front. While the midwestern states lack coastal access, the rich history, central location, and metro amenities of Chicago offer affordability and abundance.
Cities built for fast-paced business, limitless possibilities, and larger-than-life amenities are often less affordable. In contrast, Chicago may just be the diamond in the rough. According to the Pew Research Center, 69% of Americans are very concerned with the 61% increase in housing costs compared to one year ago. Regarding income and housing costs, the accumulative benchmark for housing expenses lies within 25-30%. Due to skyrocketing rental prices, many households are well above that standard. Consequently, buying property in favorable markets is essential for ensuring long-term financial comfort.
3. Living in Chicago is Abundant
Powered by its residents, Chicago never pauses. As the 39th-most populated city in the world, it is a playground for visionaries and hustlers, making innovation a way of life. Whether buyers want to live in Chicago or invest in the real estate market, housing for the ever-growing 2.7 million population is in high demand. Chicago is popular for attaining and leveraging properties to broaden financial strategies and expand portfolios.
Chicagoans have it made in the shade regarding art, cuisine, architecture, and cultural diversity. Housing world-renowned installations like the Field Museum and the Art Institute of Chicago makes this highly walkable city ideal for nightlife and entertainment. Check out Hyde Park, museums, the aquarium, the Lincoln Park Zoo, Navy Pier, Millennium Park, Grant Park, and Buckingham Fountain, to name a few popular spots throughout the city. Tranquility awaits in the ample green spaces and waterfront neighborhoods throughout the city.
4. Living in Chicago is Central
Chicago offers a balanced cost of living compared to coastal cities, making it an attractive place to work, live, and grow a business. Located in the Central Time Zone, many industries operate more efficiently nationwide, making Chicagoland ideal for business and travel. Whether travelers are coming or going, the world-class O’Hare National Airport is synonymous with traversing across America.
Let’s talk about convenience, Chicago’s public transportation is the second largest in the nation. While New York City holds the first rank, the Metra commuter rail, Chicago Transit Authority (CTA), and Pace suburban buses provide reliable and consistent public transit from downtown Chicago and into surrounding suburbs. Regarding strategic connectivity, Chicago is hard to beat.
5. Living in Chicago is Vibrant
Life in Chicago begins with choosing a neighborhood. In a city filled with variety and culture, 77 well-defined community areas teem with unique experiences and lifestyles. Culture and heritage set the stage in neighborhoods like Chinatown, Little Italy, the Polish Triangle, and Greektown. +to deep-dish pizza, this midwestern metropolis serves up flavor. Notoriously popular Chicago-style hot dogs are an iconic must-do when visiting the windy city.
Music events are abundant, from blues and jazz festivals to Lollapalooza. From sunrise to sunset, Chicagoans can access endless events, such as the Chicago Air and Water Show, the Taste of Chicago food festival, the, and Parades celebrating the colorful cultures of this diverse city.
Did we mention sports?
Sports are the heartbeat of Chicago, and football with the Chicago Bears sets the rhythm city’s pulse. Baseball enthusiasts split loyalty among the Chicago Cubs and White Sox home teams. These fans are among the most dedicated in baseball. Who could forget Michael Jordan’s basketball talent? Fresh faces and talent on the court keep the iconic Chicago Bulls dynasty alive today. With three Stanley Cups to prove it, the Chicago Blackhawks need no introduction; they are legendary leaders. Soccer enthusiasts line the fields to catch the Chicago Fire FC dominate. Every season brings excitement, from baseball to basketball, football to hockey, and Chicago fans stand by their teams no matter what.
Location is key regarding Chicago neighborhoods.
As with every big city, accelerated crime rates in specific neighborhoods are commonplace. Crime rates in populous major cities like Los Angeles, New York, and San Francisco are typically higher than the national average, and Chicago is no exception. Additionally, when weighing the pros and cons of living in Chicago, neighborhood selection is a critical step in the homebuying journey.
Given the population of Windy City, there is an ideal location to suit homebuyers who are bound to find a perfect location. Here are a few popular neighborhoods to consider. The Loop, Lincoln Park, and River North are ideal for architecturally rich urban homes and historic skyscrapers. The North Side features an eclectic mix of commercial properties and entertainment destinations blended with residential homes.
Here is a list of affordable neighborhoods in Chicago. South Side Cottage Grove Heights is a quiet, residential neighborhood with modest homes and lot sizes. It is popular among families and first-time buyers. Fernwood comprises well-established single-family homes on the far South Side of town. Housing costs are 41% lower than most homes in Illinois. Homan Square remains an affordable neighborhood in the North Lawndale community, only a stone’s throw from downtown.
Ready to Move to Chicago?
Imagine experiencing life in the “Windy City.” Whether homebuyers seek the tranquility of the Chicago suburbs or panoramic views from downtown skyscrapers, Chicago has the neighborhood to suit. Adventure awaits in the Midwest. Spending hot summer days strolling the Lakefront Trail or basking in the scenery at Lake Michigan. If life in the outdoors warms the heart, adjacent states Wisconsin, Indiana, and Michigan offer camping and outdoor recreation. From lake cities and mountain cabins to desert oasis fun at the Indiana Dunes, living in Chicago is vibrant.
Why not get the ball rolling and buy into the American dream by connecting with a lender who can finance your next real estate adventure? Now is the best time to improve your quality of life and finance a new home in Illinois. Taking the plunge and purchasing a new property in Chicago is only a click or a phone call away.
The steps are simple:
1. Schedule a Call: An experienced loan officer can discuss your lending needs and guide you through the possibilities.
2. Get Approved: We’ll help you through the mortgage application process and facilitate the steps for approval.
3. Exhale: Put your feet up and feel secure knowing you made the best decisions about your home loan.
With proper guidance, you can get your first home, accommodate your growing family, and start that renovation project—whatever goal is on the horizon. An alliance with Mortgage Insiders will give you the confidence to know that your mortgage loan is setting you up for financial success. Mortgage Insiders offers today’s latest financial news and mortgage trends. Check out their channel for current events.
