The Chicago-metro area has one of the most affordable housing markets in the country, according to John Burns Real Estate Consulting.
The report defined affordability in a city by comparing price history, income, employment growth as well as projected figures.
“Chicago took it on the chin during the last downturn and is just getting up off the mat when it comes to economy and housing market recovering,” Rick Palacios Jr., director of research at John Burns, said in an email to Crain’s.
The report predicts that monthly mortgage payments will remain somewhere between 23-24 percent of median household income through late 2021, which is significantly lower than the peak housing boom years, when it rose as high as 35 percent of median income.
In other real estate news:
- Luxury home sales are on the rise in the Chicagoland area, according to the latest RE/MAX luxury home sales report. Sales of homes priced $1 million or more rose 6.6 percent in the third quarter, while the median sales price rose 0.8 percent to $1.32 million. However, this rise is mainly due to city luxury home sales, up 19.1 percent, while suburban sales are down 4.9 percent. On a year-to-date basis, luxury sales in the Chicagoland area are up 4.4 percent in 2018.
- Joe Champagne has joined Berkshire Hathaway HomeServices KoenigRubloff Realty Group’s Wheaton office. Previously with Keller Williams, Champagne specializes in the western Chicago suburbs and has sold nearly $200 million over his career, and has consistently ranked among the top agents in DuPage County.
- HMC Realty & Management Co. will be joining Century 21 and operate as Century 21 Realty Associates. Led by Sharon Wong, the company currently has 17 agents and will continue to offer its services throughout the Chicagoland area.