The Chicago Tribune recently wrote about the 2018 Unison Home Affordability Report. Read an excerpt of the coverage below:
5 Underappreciated Midwest Housing Markets
Often ignored or disparaged by those who only have eyes for coastal cities, the Midwest has some incredible cities with great job opportunities, thriving neighborhoods and affordable housing markets. Here are a few cities that millennials — and, for that matter, all homebuyers — should consider taking a long, hard look at.
Chicago – According to Unison’s home affordability report, the median price for a home in Chicago is $247,902. Homebuyers would need a salary of at least $64,000 to purchase a home when putting down 10 percent.
Chicago is the third most populated city in the U.S., with nearly 3 million residents as of 2016. It’s one of the most visited cities in the world, with tourism numbers toppping 55 million in 2017 and 2018 record first-quarter tourism levels given hotel room occupancy numbers.
Wicker Park is pricier than the Mag Mile when buying a home, report finds
Hipster living may entail craft cocktails and diligent beard care, but if you want to buy a home in Wicker Park, you may also need deep pockets. According to the 2018 home affordability report recently released by Unison, a homeownership investment company, median home prices in hip Chicago neighborhoods Wicker Park and Logan Square are costlier than those in the Mag Mile area.
Per the report, released this month, the salary needed to reside in the 60611 ZIP code, which includes the Magnificent Mile, is $130,000 if you make a 5 percent down payment on a home. The needed salary drops to $119,000 if you put down 10 percent.
But in the 60622 ZIP code, which includes Wicker Park, it would take an annual salary of $157,000 to buy a home with a 5 percent down payment, and $145,000 with 10 percent down. In the 60647 ZIP code — of which Logan Square is a part — you’d need a salary of $131,000 with 5 percent down and $120,000 with 10 percent down, Unison’s report says.
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