Chicago, IL Foreclosed Homes & Properties

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.

If you’re searching for foreclosures in Chicago, IL, Homefinder has all the tools you need to find the right property. We update our listings every day, so check back regularly to see even more Chicago foreclosures for sale.

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.