It's night time in Chicago, and we're writing!
The Chicago Real Estate Market has struggled over the last couple of years, as it has elsewhere. So NOW is the time to pick up the "Bargain of the Century," right?
Well, not for everyone, it seems! Especially those who earn less than $62,686 per year, according to a recent study by the Center for Housing Policy, as reported in the Chicago Tribune by Real Estate Reporter Mary Ellen Podmolik.
Across the Chicago Metro Area, as reported in the research, our Median Home Price fell to $210,000 in 2009 - down from $225,000 a year earlier. The good news - the qualifying income necessary to purchase this median-priced home fell by 14%.
However, even at the reduced level, those living at the average wage of an elementary school teacher, or a police officer, or a licensed practical nurse - between $43,000 and $55,000 - will likely not be able to qualify for the median-priced home here.
Looking to live in the Chicago Neighborhoods of Lincoln Park, Lakeview, Lincoln Square or North Center - all near Dean's Team Chicago World Headquarters, in the heart of the Lincoln Square Neighborhood? You'll likely need a minimum of three times the income, or a very strong down payment, to qualify!
According to Chicago Association of Realtors Statistics for the First Quarter, 2010, be prepared to spend between $535,000 and $1,275,000 for the Median Priced Single Family Homes in these Neighborhoods. This makes many of the In-Town Neighborhoods of Chicago way to pricey for the average homebuyer - even in today's depressed Chicago Real Estate Market!
Across the U.S., 200 Metro Areas were studied by the Center for Housing Policy. Chicago ranked Number 40 on the list - same as in 2008.
So where are the best housing deals nationally? Try the decidedly-non-sexy towns or Lima OH, Battle Creek MI, or Wheeling WV. Each market offered 2009 Median Home Prices under $80,000, the data showed.
The most expensive place to live across the country last year. You may have guessed it - San Francisco CA. In this Metro Market, the Median Home Price was $625,000 in 2009, an increase of 8.7% versus 2008.
Please see our post today via BlogChicagoHomes.com.
DEAN MOSS & DEAN'S TEAM CHICAGO
Hi Dean ~ I often stop to think about how we - I work in a fairly expensive area - only see a subset of people - those who are fortunate enough to have or to make enough money to buy - or for that matter rent - in our market. I know there are loads of people out there - in jobs that require college degrees or advanced degrees - making only enough to share an apartment with others. I was one of them before real estate.
I'm sure Lima, or Wheeling or Battle Creek are wonderful places but all the places I would want to live are the crazily expensive places so I am destined to work and work to have a roof over my head.
Liz
Nice post . I have some friends who are in Chcago and always complain about the price of housing. It turns out, based on this post , they are right