{"id":464,"date":"2015-03-04T00:33:29","date_gmt":"2015-03-04T00:33:29","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=464"},"modified":"2015-03-04T00:33:29","modified_gmt":"2015-03-04T00:33:29","slug":"buying-a-home-in-chicago","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/buying-a-home-in-chicago\/","title":{"rendered":"9 Ways Buying A Home In Chicago Is Different Than Anywhere Else"},"content":{"rendered":"

Whether you prefer the trendiness of Wicker Park or the stunning lake views of Old Town, Chicago<\/a> is a first-time home buyer haven. We spoke with Movoto Real Estate<\/a> Certified Agents Deborah Swoope<\/a> and Ralph Waller<\/a> to learn the most important things you need to know about house hunting in The Windy City.<\/p>\n

1. There Are Lots Of Homes On The Market<\/h2>\n

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With so many homes for sale (right now there are more than 14,000 on the market), there\u2019s less competition among buyers than in other hot markets. This means you\u2019ll have a fairly good shot at getting the house you want. There are lots of new condos being built in the city center, too<\/p>\n

2. Plain And Simple\u2014Chicago Is Affordable For Such A Big City<\/h2>\n

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Source: Flickr user Margo Borkin<\/div>\n

Although the median list price in Chicago is currently $234,900, it\u2019s easy to find great homes that clock in well under $200,000.<\/p>\n

With the median household income of the city at $47,010, Chicago\u2019s affordability is great when compared to other bustling metropolises. Compared to New York City, with the median list price at a whopping $539,000 and the median income at only $39,195, Chicago sure has a right to brag.<\/p>\n

3. Where You Buy Isn’t Limited To How You Get Around, Unlike In Other Big Cities<\/h2>\n

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Source: Flickr user clarkmaxwell<\/div>\n

If you\u2019re not a fan of shelling out for gas money and car insurance, there are affordable public transit options like bus lines and the \u201cL\u201d that will take you from neighborhood to neighborhood, making Chicago a great place for commuters.<\/p>\n

In other big cities like San Francisco<\/a>, the subway line only goes through one central part of the city, leaving the outskirts with minimal public transit options.<\/p>\n

Like the car lifestyle? That\u2019s barely a problem\u2014unlike the auto-unfriendly layouts of New York City<\/a> and Boston<\/a>, Chicago is on a grid system with wide streets. It\u2019s not too difficult to find street parking, and traffic isn\u2019t typically awful with an average commute time of 32.5 minutes.<\/p>\n

4. Chicago Property Taxes Have Increased 50 Percent In Five Years<\/h2>\n

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Source: Flickr user Eric Allix Rogers<\/div>\n

While the home values in Chicago haven\u2019t recovered as much as other major cities in the country, the property taxes have continued to increase. According to Movoto Certified Agent Deborah Swoope, the high property taxes are having a negative effect on the housing market.<\/p>\n

When she gets clients who are interested in moving to Chicago, she has to be adamant in explaining how the high taxes can really affect a homeowner\u2019s budget.<\/p>\n

\u201cI try my best to work with clients that are already pre-approved, and nine times out of 10 their lender would have told them about the real estate taxes already,\u201d she said, \u201cSometimes a client can afford the amount of money needed to get their home, but then they can\u2019t go over a certain amount in taxes, so the ratio doesn\u2019t work out. If taxes were lower, they\u2019d be able to afford more house.\u201d<\/p>\n\n\n
Like what you see? Check out the rest of Movoto Foundation<\/a> for more great home-buying tips!<\/center><\/td>\n<\/tr>\n<\/table>\n

5. Unlike In Other Major Cities, There\u2019s No City Income Tax<\/h2>\n

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Source: Flickr user Consumerist Dot Com<\/div>\n

The property taxes in Chicago might be the second highest in the state of Illinois, but you don\u2019t have to pay a city income tax like you do in many other major metropolitan areas like New York City.<\/p>\n

When you\u2019re adding up all the other taxes you\u2019re paying as a homeowner, it\u2019s nice to know that you\u2019re saving some cash when it comes to this aspect. You can rest assured that if you buy a home in The Windy City, you won\u2019t be paying taxes to it.<\/p>\n

6. The Crime Rate Is Improving Faster Than In Other Major Cities<\/h2>\n

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Source: Flickr user Mattie C. Stewart<\/div>\n

While Chicago is stereotypically known to be rougher around the edges, the city\u2019s overall crime rate is actually at a historical low.<\/p>\n

As the crime rate continues to drop, Chicago is on track to have the lowest violent crime rate since 1972, and the lowest homicide rate in almost 50 years. Other major cities like New York City show rising gun violence rates, while Los Angeles shows rising violent crimes rates.<\/p>\n

The city as a whole is seeing clear improvements, but if you\u2019re looking to move to a neighborhood of Chicago with extremely low crime rate, there are many to choose from for such a big city. Lincoln Park<\/a>, West Town<\/a>, and Logan Square<\/a>are just a few examples of many Chicago areas with low crime rate.<\/p>\n

7. Small Space Can Be An Issue For Many Home Buyers<\/h2>\n

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Source: Flickr user Hans Styrnell<\/div>\n

Bedrooms and closet space are a premium. According to Waller, most of the housing in Chicago was pre-World War I, when people had smaller furnishings and clothing needs were minimal.<\/p>\n

Accordingly, many homes have tiny bedrooms and closets. \u201cMost of the bedrooms won\u2019t fit today\u2019s oversized beds and wardrobes, and that\u2019s a big frustration for area buyers,\u201d Waller said.<\/p>\n

8. Expect More Green Space Than You\u2019re Used To In The City<\/h2>\n

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Source: Flickr user Chris Kreussling<\/div>\n

For such a large metropolitan city, Chicago has it\u2019s fair share of green space. After the Great Chicago Fire of 1871, the city was rebuilt with a plan to make sure that parks are accessible to everyone, with many neighborhoods walking distance from parks.<\/p>\n

Millenium Park is filled with family-fun activities, from free concerts and public art to a picnic-perfect grassy field and, of course, \u201cThe Bean.\u201d Fun fact: The biggest park in Chicago is 50% bigger than Central Park.<\/p>\n

9. You\u2019re Sure To Find An Architectural Style You Love<\/h2>\n

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Source: Flickr user Eric Allix Rogers<\/div>\n

Speaking of Millenium Park, the architecture is worth mentioning with its postmodern vibes and interesting sculptures. But the city as a whole is known for its astonishing architectural feats.<\/p>\n

If the city having beautiful architecture isn\u2019t a reason enough to move there, maybe the residential architecture will, with Chicago cottages and loads of traditional Chicago bungalows being remodeled.<\/p>\n

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