Does it seem to you that there is more money floating around Chicago? More restaurants opening up, more luxury rentals, more real estate flying off the market???
Your observations are correct, as reported in the June 4 issue of Crain’s Chicago Business.
Recent U.S. Census data shows that from 2010-2016 Chicago gained more $100,000+ income households in the 45 and under age group than any other American city except New York, which has a significantly larger population.
Also noted in the Census data is that Chicago leads the nation’s five biggest cities for residents with college degrees.
How does this impact Chicago’s real estate market?
The fact that Chicago is attracting a demographic with higher income could be part of the reason that rents are increasing and the real estate market, especially on the lower end, is so competitive.
Little surprise that sellers are happy and buyers are frustrated.
Will the $100,000+ household incomes carry over to the $200,000+ incomes and will this younger demographic stick around when/if they do? Only time will tell.
Call me if you are thinking of selling or buying so that we can evaluate your options at this time.
Now is the only time we have.
P.S. Look for the July issue of Minton’s Monthly when we review the mid-year numbers.