Chicago is one of the best cities in the country to save and make money on a fixer-upper, a new report from StorageCafe found.
The company examined 70,000 active listings in 50 of the most populous cities in the U.S., then compared the median list price for a turnkey home and the median list price for homes categorized as fixer-uppers. Fixer-uppers were designated by listing terminology, such as “as is” or “good bones” or needs “TLC” (tender loving care).
The cities with the greatest difference in median prices for turnkey homes and fixer-upper homes offer the highest potential to save money on a fixer-upper property.
Chicago ranked No. 4 on that list. The turnkey median price is $424,000 and the fixer-upper median price is $235,000.
In Chicagoland, “approximately 19% of local listings qualify as fixer-uppers with potential savings that hit $190,000 on average,” the report said. “Home improvement loans range around $75,000 in Chicagoland, lower than most other urban hubs including those in California, Texas, Florida and New York.”
The top 10 cities for fixer-upper savings were, in order: Los Angeles; Kansas City; Dallas; Chicago; Bakersfield, California; Corpus Christi, Texas; Tulsa, Oklahoma; Fresno, California; Omaha, Nebraska; and Colorado Springs, Colorado.