What It’s Like to Own a New Home in Chicago
One question people have about living in Chicago is if it’s better to rent or to buy. While personal and financial factors play into answering that question, we would like you to consider something you may believe is out of reach for a major metropolitan area: owning a new home in Chicago.
When you look at the big picture, housing experts consider Chicago to be the best combination of affordability and availability compared to major cities on the east and west coast. This holds true even when you factor in new home construction. With the cost of building a home in Chicago more affordable than in cities like San Francisco and New York so let’s go ahead and break down the basics of Chicago’s housing market.
Chicago Home Ownership Costs
Over half-a-million Chicago homes were built earlier than 1939. Over 370,000 thousand were built from 1940 to 1969. Maintenance costs on homes increase as they age. Older properties also have lead and asbestos concerns that can make funding a remodel expensive.
The median home price on Chicago homes is competitive compared to other major cities in United States. Typical taxes are an average two percent of the home’s value. Property taxes, insurance, and maintenance costs tend to run more than other cities, but newer homes with less maintenance and safety features help reduce the cost of ownership burden.
Chicago Neighborhoods
The city prides itself on its 77 distinct neighborhoods. Each neighborhood has its own character and lifestyle attractions. Where you choose to buy could define your entire Chicago living experience. Research the different neighborhoods and spend some time exploring them before putting down your roots.
Another option is one of the regional communities. Be close to Chicago’s amenities while enjoying the advantages of a desirable suburb locale with new homes in Naperville, Aurora or any one of Chicago’s numerous suburban cities.
Chicago Cost of Living
According to Best Places, Chicago is in high demand. The cost of living here is higher than the US average, but the good news is health and utility costs are below the US average and the Illinois state average. The median home costs are not far from the US average, according to this analysis. Transportation and other miscellaneous costs have put Chicago higher than the national cost of living average.
Chicago Climate
City residents get to experience a full cycle of four seasons. Winters are cold and snowy, while summers are humid and hot. The expansive shoreline location means the lake affects Chicago’s weather patterns. For instance, Lake Michigan is one reason the weather can turn humid, but, that doesn’t mean you can’t still enjoy some fun Chicago summertime activities.
6 Fun Things to do in Chicago
Should you find yourself in a new home in Chicago, you can also take advantage of some of Chicago’s favorite pastimes.
#1- Beaches
The 26 miles of shoreline running along Lake Michigan creates a spectacular summer beach scene. Pick a beach with something you want: dog beaches, volleyball courts, water sport rentals, playgrounds, sunbathing, or swimming. Chicago beaches have everything you could want from a regular saltwater beach without the sticky feeling or jellyfish stings.
#2- The Food
Think about all the dishes Chicago lays claim to: deep dish pizza, Italian beef, the Chicago-style hot dog. Besides these greasy wonders, Chicago has a reputation as a foodie’s paradise. Some of the United States’ top-rated restaurants are located here, like the world-famous Alinea and Next.
#3- Sports
Chicago is synonymous with baseball. The city has two iconic teams, the Chicago Cubs and the Chicago White Sox, and the historic Wrigley Field. Add to that the Chicago Bulls, home to the dominating Michael Jordan; Soldier Field and the Bears; the Blackhawks with three Stanley Cups, and top it off with extraordinarily loyal fans–Chicago is clearly a die-hard sports town.
#4- Lincoln Park Zoo
As one of the oldest zoos in North America, it’s also one of the last remaining free zoos. This family-friendly attraction is an iconic part of Chicago. View chimpanzees, rhinos, and more endangered species the zoo scientists and staff are working hard to conserve.
#5- The Buildings
Chicago is renowned for its architecture. The Willis Tower is the second tallest building in the United States; its sky deck has spectacular views from its glass enclosure. Another incredible observation deck is in the John Hancock building. The Navy Pier has been a Chicago attraction since the World’s Fair. Get stunning views of the skyline from its Ferris wheel.
#6- Millennium Park
An essential part of the Chicago experience is this 25-acre park, home to some of the world’s most iconic public art pieces. It’s also the center of entertainment. The park hosts concerts, movies, food festivals, and more. Visitors enjoy the gardens and its children’s play area.
Living in Chicago
Chicago is an easy town to fall in love with. It’s diverse and culturally rich. Blend Chicago’s rich architectural tradition with new home amenities in prime Chicago locations by learning more about Pulte Homes, one of the top Chicago home builders. With new construction homes throughout Chicago, you are sure to find a new home perfect for you and your family.
Contributed to Your Home blog by Casey McKenna-Monroe
Looking for more tips, ideas or inspiration? Return Home here.
Published 12.30.20