Buying on a Budget: What will $200,000 get you in Chicago’s Real Estate Market?

by Rachel Mazanec

Chicago Sunset Skyline.jpg

It goes without saying that buyers looking to live close to Chicago’s downtown area will be limited to high-rise condominiums with high prices, but for those buyers willing to compromise by looking slightly further out, a selection of condos, townhouses and single-family homes are available at a comfortable $200,000 budget with updated features including, but not limited to stainless steel appliances, granite countertops, hardwood cabinets, hardwood and tile flooring, and exposed brick.

The median list price in Chicago is $189,900, close to the national median list price of $195,000 and up 11.8 percent from January 2013 to January 2014, according to the most recent National Housing Trend Report published by Realtor.com. However, Chicago sits at the top of the list for the 146 regions ranked in the report in terms of total number of listings.

Of the more than 10,000 Chicago properties currently listed for sale on Realtor.com, there are about 400 homes on the market priced between the median list price of $189,900 and $200,000.

Because home prices in Chicago vary greatly depending on location, here’s what a $200,000 budget will get you today in Chicago’s community areas, which are grouped into four sides: Central, North Side, West Side and South Side.

Click on our infograph below for further perspective:

  • PD says:

    I would take the “or two bedrooms” part out of the northside writeup. You are not finding a two bedroom with an updated kitchen at that price.

  • Sara J McMurray says:

    The downtown options are short sales, non-warrantable buildings, buildings with large special assessments, or gold coast units with huge monthly assessments. Oh, and anything at 800 Wells/182 Lake. In other words, they’re not actually affordable for a buyer who is approved for a mortgage with a budget between $189,000 and $200,000. –