Thursday, March 23, 2017
Chicago’s Real Estate Market
With a bachelor’s in exercise science from North Central College and a master's from Northwestern University where he was a strength and conditioning coach, Derek Sulo stays connected to sports through exercise training and coaching football. In addition, Derek Sulo is a principal with Sulo Development, a real estate company focused on premier developments in Chicago.
Recently, housing prices and property taxes have gone up in the Chicago area, with median sales prices for homes in the city at around $227,000 for 2016, representing a one percent rise over 2015. Rent, on the other hand, was at a median price of $1,550, representing a three percent bump.
In this climate, relatively few millennials are able to afford to own a home. It's increasingly common for people of this generation to leave Illinois, a state with some of the highest property taxes in the country, in the hope of being able to purchase a home. Those that can afford to purchase a home tend to be professionals often looking at high-end condos in choice areas. In Chicago the neighborhoods of River North, South Loop, and West Town are currently some of the most expensive in the city for housing.