Explore Why People Are Flocking to These Vibrant Neighborhoods
The Windy City has continually topped the list of the best places to invest in real estate. Its population exceeds 2.7 million residents (and growing) and it’s the third-largest city in the United States—which is great news for you! Chicago is always expanding, with both new and revitalized areas unlocking fresh, unlimited potential.
With young professionals flocking to bustling areas and renting at rapidly increasing rates in the primary business and financial center of the Midwest, there is no better time to buy and go on the market than now. Transportation options are expanding to every part of the city. There are over 22 colleges in the area, with people looking to live here during their tenure and some thereafter. With a thriving arts, culture, and music scene, Chicago is only going up from here.
Chicago has a neighborhood and property type for every kind of person and investor, from luxury apartments to homes in the suburbs. When people begin moving into these areas, the rent doesn’t go up for you—it only increases the value of your property.
Here’s a look at a number of dynamic neighborhoods that you might consider investing in this year.
Logan Square
The buzz around town is that
Logan Square is becoming one of the hottest spots to invest and live in. This hip neighborhood is brimming with great restaurants, bars, and nightlife, while popular commercial retailers, like Target, have popped up in the last few years. Its renovated Colonials and modernized single-family homes are attracting singles and young professional renters, and with a median rent of $2,050, you can expect to charge something in that range. Neighboring Bucktown and Wicker Park have seen recent booms, so if the trend continues, Logan Square will be next.
Lake View
Lake View is a total winner. Not only does it house the Chicago Cubs’
Wrigley Field and the city’s premier LGBTQ scene, but the neighborhood also has a number of housing options. The most popular choice is beautiful brick multi-family homes that people tend to flock to and rent in groups. Its tree-lined streets are gorgeous and the area is great for both young professionals and new families. As one of Chicago’s most dense areas, it’s walkable and has an array of bars and comedy clubs lining its streets. Plus, there are lots of recreation opportunities!
Lincoln Park
If you’re looking for luxury real estate, try
Lincoln Park. It may have a higher price tag, but that’s not without reason—high-earners are always looking to rent here! Renters are drawn to its proximity to the park and its prime waterside location. It is also home to a plethora of upscale retailers, fancy boutiques, and cozy bookstores and shops. Encourage renters to take advantage of its walkability and charm.
North Center
This neighborhood is perfect to buy in if you’re looking to rent out a space to families that plan on hanging around longer than transitory renters.
North Center is one of the most secure neighborhoods in Chicago and has great schools, a down-to-earth vibe, and lots of local events. It’s a great place to raise children, and appreciation only keeps growing in the area!
West Loop
West Loop is a favored neighborhood among recent college graduates and young professionals. It’s also an up-and-coming place for families who want to raise their kids in the city while being close to lots of events, arts, and culture. Located in close proximity to Downtown Chicago, you can’t go wrong with an area that’s well-known for its excellent food and unbeatable restaurants. West Loop is another area with some of the highest appreciation rates around—if you have the means to invest in a luxury condo with outstanding amenities.
Pilsen
Pilsen is the perfect neighborhood for smart investors. If you are looking to purchase more than one home, and/or are willing to diversify the types of home you purchase all within the same area, Pilsen is the way to go. The options are endless: you can find condos, single-family homes, and multi-family properties all within a short distance. Located in the Lower West Side of town, you’ll find that it’s a hot spot for millennials and people looking for a slower pace than the middle of the city. The
University of Illinois at Chicago and the UIC Medical District are right around the corner, so your list of potential tenants will be long. On 18th Street, you’ll find beautiful boutique shops and great restaurants, so there’s a lot of draw. Right now, Pilsen has low property prices and rising median rent, making for a perfect investment deal. If you’re just starting out and looking for a neighborhood with the best price (and bang for your buck), go with Pilsen.
Jefferson Park
In
Jefferson Park, you will be able to get a large amount of square footage for your housing budget while investing in an area that is one of Chicago’s biggest transportation hubs, with access to almost anywhere in the city. Located in the northwest section of Chicago, there is a lot of expansion going on in this neck of the woods. If you’re up for flipping or renovating somewhere that you purchase for a good deal, go with this route.
Avondale
Avondale has been on everyone’s watch since 2018; it’s even been listed as one of the country’s top 10 neighborhoods a few years
back. Since then, the area has been on the rise with foodie stops, breweries, and cool hole-in-the-wall spots in which to hang out. Residents are still flocking to see what this down-to-earth neighborhood is all about. People are definitely looking to come to this friendly neighborhood, which is still relatively under the radar.
West Town
West Town is a great choice for investing. Why? It’s got a low crime rate, a high livability rating, and is in close proximity to a number of amenities. It’s a tad more expensive to buy, but renters are willing to pay more for the nice area—especially families. It’s cultural, cool, and hip, with a lot of heritage.
But Wait, There’s More...
There have never been more opportunities to capitalize on Chicago’s real estate market. These are just a few of the countless neighborhoods on the rise in the Windy City. There are so many more options to explore!
If you’re looking for an up-and-coming North Side Chicago neighborhood to invest in or the
best realtor in Chicago to point you in the right direction, contact us today. We would love to assist you in finding your perfect piece of Chicago luxury real estate or Chicago luxury homes.
