Buying Foreclosure Homes in Chicago, IL: What You Need to Know
Chicago was officially incorporated as a town in 1833. A colossal boom occurred in the 1850s when the Michigan Canal opened, making Chicago a critical transport hub to the US. Since then, Chicago has seen several tragic events, such as fires and massacres. However, the city overcame each event and continued growing at a fast pace well into the 20th century. The Sears Tower is an icon in Chicago architecture. From having the first skyscraper in the world to hosting the very first Special Olympics, Chicago is a staple city in America. It’s also known for many famous athletes, politicians, and actors such as Dwyane Wade, Michelle Obama, and Robin Williams.
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An Abundance of Job Opportunities
With 90,000 jobs added between June 2018 and June 2019, it is the second-largest city for job growth in the US. The job growth rate of 1.8% is higher than the national job growth rate of 1.5%. This is also evident in the average annual salary comparisons: Chicago = $54,160/National = $50,620. In addition to manufacturing, the dominant industries include the finance, business, pharmaceutical, and engineering fields. Industry giants with headquarters or facilities in Chicago include JPMorgan Chase, Ford Motor, and Nestle. The unemployment rate in 2020 of 4.8% is very close to the national unemployment rate of 4.5%.
Affordability of Chicago Real Estate
Chicago has an affordable cost of living. Here are a few figures to help paint a picture of what it costs to live from day to day in Chicago in 2020.
Utilities: $191 (electricity, heating, water, garbage, and internet)
A Special “Cloud Tax” adds a 9% surtax on online streaming services such as Netflix
Vehicle Expenses: From $88 - $140 for vehicle/registration stickers, per year
Subway passes cost $105 a year
Taxes: 6.25% state tax, standard sales tax 10.25%, a 2.25% sales tax on groceries
Median House Price: $243,300
Renting costs: $927 - $1,265 for a studio up to a 3-bedroom apartment
Sporting Events in Chicago
Chicago is one of the Best Sports Cities in the US. There are teams for all five major professional team sports: The Chicago Cubs and Chicago White Sox (baseball), Chicago Bears (football), Chicago Bulls (basketball), Chicago Blackhawks (hockey), Chicago Fire FC (soccer). Not to mention the all-time greatest basketball player, Michael Jordan, who secured six NBA championships for the Bulls. Chicago has hosted various sporting competitions such as the Pan American Games (1959), the Special Olympics Summer World Games (1968, 1970), and the Warrior Games (2017). This city offers various amazing sports venues to visit in Chicago year-round.