SINGLE RESIDENTS 37%
MEDIAN AGE 34
COLLEGE EDUCATED 29%
COMMUTE By car: 67% By public transportation: 27%
been a recent trend of companies moving their headquarters to Chi- cago as well. The steady increase in jobs has contributed to a slow but steady increase in rents. Many businesses are attract-
though this is less of an issue for a real estate investor who will rent out the property. Chicago and its suburbs have some of the highest property taxes in the nation. Around 12 percent of Chicago homes have a
single family homes were in Calumet Heights, Gage Park and West Ridge. However, home prices are low com- pared to rents almost everywhere in the Chicago metropolitan area. NO. 10 There Are Opportunities in Chicago Multi-Family Housing, Too The workforce in Chicago is shifting from high-paying, but slow-to-no growth manufacturing jobs to low- er-paying and less stable retail, busi- ness services and healthcare jobs. This is causing many who would have been able to afford a mid- dle-class home to rent apartments instead. Crain’s real estate report stated that the hottest Chicago markets for condos and townho- mes were Grand Boulevard, Ken- wood, and Lincoln Square. Maybe you have done a bit of real estate investing in Chicago, IL but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. In any prop- erty investment, cashflow is gold. • Marco Santarelli is the founder and president of Norada Real Estate Investments, a national real estate investment firm offering turnkey investment property in growth markets nationwide. He is also a published author and host of "The Passive Real Estate Investing Show," a podcast for real estate investors interested in building substantial passive income and creating long-term wealth. Learn more at NoradaRealEstate.com.
ed by Chicago’s labor pool, the largest in the nation. As these businesses move into the area
tax bill of more than $10,000 a year. Yet, that’s better than some of the most
and attract relocating professionals, many are forced to rent
expensive real estate markets in the coun-
because they can’t find houses fast enough in the areas they want to live or simply choose to rent upon relocation in one of the luxury apartments downtown.
try. For example, in New York, more than 20 percent of homes have a property tax bill that high. In Orange County, Califor- nia, more than half would. This means that limits or the loss of property tax deductions won’t hurt Chicago as badly as it would California or New York, and if it does have an im- pact, it will mostly be at the higher end of the Chicago real estate market. NO. 9 You Can Find Hot Single-Fam- ily Markets with Rapid Appreciation Home prices in the Chicago area are low compared to regional in- come. Yet economic uncertainty and shifts in the employment market are leaving many who want to live in a single-family home unable to afford to buy one. This is causing many to rent single family homes instead. Crain’s real estate report found that the hottest markets for detached
NO. 7 Churn Keeps People Renting Chicago’s unemployment rate has gone up while dropping in other cit- ies as jobs shift from Chicago to the suburbs. This economic uncertainty keeps many people renting, even if they can afford to buy. It also keeps the rental market itself strong, since many want to remain free to follow their jobs as required. NO. 8 Trump’s Tax Plan Makes Many Reluctant to Buy — Unless It Is a Rental Uncertainty about the deductibili- ty of hefty property tax bills is mak- ing many reluctant to buy a home,
INVESTOR REV I EW : : 5
Made with FlippingBook Online newsletter