A recent study by SmartAsset ranked Chicago one of the top 10 most undervalued cities in the United States. Based on variables such as unemployment rates, price per square foot, crime rates and other factors, the study analyzed data from 200 cities and selected Chicago as the tenth most undervalued city on the list.
The report indicates that as far as big cities go, Chicago is fairly affordable. The average price per square foot is $161, much lower than the $290 value projected by the study’s model. Living in Chicago should save homeowners about $129 per square foot, which is not much less than the $175 saved by residents in the No. 1 undervalued city, Pittsburgh.
Because Chicago is walkable, packed with endless dining and entertainment options and home to a large percentage of residents with a bachelor’s degree, it is also ranked the third-most valuable city.
SmartAsset was not the first to identify Chicago as one of the most undervalued cities in the country. UBS Global Real Estate Bubble Index also indicated the same about the Windy City, as well as Fitch Ratings, both in 2017.