Best Areas to Invest in Chicago

Are you looking to invest in the Chicago housing market? There are several real estate opportunities available for you.

Chicago is a city in the state of Illinois. Also referred to as the windy city, Chicago is situated on the banks of Lake Michigan which is the fifth largest freshwater lake in the world. With its high-quality of life, strong economy and urban amenities, Chicago is one of the most popular cities in the United States to live in; and therefore, to invest in.

Locals and visitors can enjoy a Chicago Cubs game or visit the Lincoln Park Zoo, visit Chicago art galleries, see the Chicago Symphony Orchestra, visit the Chicago History Museum or the Art Institute, or chow down on a slice of famous deep dish pizza. Due to its vibrant feel, the city attracts a huge number of tourists every year, which boosts the area’s economy.

The city is home to a huge population, making it the third-largest city in the U.S. Some of the best Chicago neighborhoods that have opportunities for investing are West Town, Lincoln Park, Humboldt Park, and Avondale. In this post, we will highlight some of the best Chicago neighborhoods to invest in to make sure your business is successful. But first, let’s take a look at the real estate market.

The Chicago Real Estate Market

Chicago’s real estate market is great. Unlike other similar cities, such as Los Angeles, New York and San Francisco, the home prices are relatively affordable. 

The Chicago housing market is projected to grow over the next few years. There has been an increasing demand for housing and accommodation. It's a good place to invest in whether you're looking to rent out your property long-term or short-term.

Many people choose to rent homes in Chicago neighborhoods rather than purchase them thanks to the reasonable median sales price. As a property investor, this is great for you! So, let’s look at some of the best neighborhoods to invest in Chicago. Keep reading for quality real estate investing content as we dive into the city’s amazing neighborhoods. 

The Best Chicago Neighborhoods to Invest in

1. Pilsen

Pilsen is located on the west side of Chicago. This neighborhood gives off a suburban vibe that attracts families looking to rent a home where they can escape the hustle and bustle of the city. You can find apartment buildings, single-family homes, and condos in this west part of town.

As expected from its proximity to the University of Illinois Chicago Campus, undergraduate and graduate students who attend the university make up a good percentage of the population. Real estate investors can choose to take advantage of the constant stream of students in the area.

Besides families and students, the neighborhood is also very appealing to millennials as it’s filled with trendy restaurants, shops, and boutiques.

2. Avondale

According to popular reviews and blog sites, Avondale has been said to be Chicago’s up-and-coming neighborhood to rent in. This neighborhood in Chicago mainly comprises of a middle-class population with lots of young professionals.

Avondale has two train stations: Belmont and Addison. They shuttle hundreds, if not thousands, to and fro on a daily basis. Residents and visitors can enjoy the nightlife, music venues and culture this trendy neighborhood.

3. Logan Square

This is one of the most popular neighborhoods in Chicago, Illinois. It’s known to be friendly and welcoming. This charming Chicago neighborhood attracts a younger population and is sometimes referred to as the area for singles.

The properties in this area are diverse and able to cater to its population. It has good amenities that are cherished by its residents, such as hipster bars, cute coffee shops and amazing commercial shopping areas.

If you want short-term renters, this may be best location for you to rent out a property. Even if it's just a unit in one of the many apartment buildings, visitors and tourists always visit these busy streets and bars, needing a place to stay!

4. Rogers Park

Rogers Park is located in downtown Chicago on the city's north side. The bustling neighborhood is one of the most diverse in the city.

There are many things to do in the area. Whether you enjoy parks, dining at restaurants, visiting art and culture galleries or spending a day at the beach, this downtown neighborhood has it all!

Downtown locals and visitors alike can enjoy all that this Chicago neighborhood has to offer:

• Beautiful beaches and parks
• Glenwood Avenue Arts District
• Emil Bach House
• Babes with Blades Productions
• B1E Art Gallery

5. River North

River North is located on the north side of the Chicago River. It's in the city center and is a neighborhood that's home to many young professionals and known for its nightlife scene.

You can find plenty to do in the downtown area, walk a few blocks down Michigan Avenue for tons of shopping and upscale restaurants, or head to Chicago Avenue to find luxury spots. River North is a great location for investing, with plenty of activities and amenities within walking distance.

Best Neighborhoods in Chicago: Honorable Mentions

• West Loop
• Jackson Park
• Gold Coast
• Lincoln Square
• Wicker Park
• East Lakeview
• Washington Park
• South Loop
• Lincoln Park
• South Side
• Hyde Park
• Wicker Park

In a Nutshell: Best Chicago Neighborhoods to Invest In

As you can see, Chicago has reasonable home prices and neighborhoods that offer great opportunity for property investment. If you are looking to become a property investor in the city, we suggest that you consider buying a real estate investment property in Rogers Park, Logan Square, Avondale and Pilsen.

Real estate investing, whether you're looking for something rent-ready of foreclosed and distressed properties, requires local knowledge that you may not have. It is recommended that you hire a local property company to help you. A management company will have the experience and knowledge to make sure you’re successful!

At MTD Property Management, we know the area in and out. Our reputable and experienced team is able to offer you the sound advice you need to reap the benefits of property investing in Chicago.  

Contact us today for advice on real estate investing!