Looking to purchase a home in the next year? The average condo cost may be more affordable and convenient than a free-standing house in Chicago. If you’re finding yourself ready to move in the new year and start fresh, consider purchasing a condo in the Windy City with our guide below.
Average Condo Cost
The average condo in Chicago costs around $438,000 compared to the average free-standing home price of $466,000. This noticeable difference makes condos a great option for first time buyers. The money you can save in your initial purchase is great for first time buyers with less disposable income.
Additionally, there are other factors at play that may make condos a much better option depending on what neighborhood you want to live in.
Certain neighborhoods in Chicago have stark differences between condo availability vs. free-standing houses, which is another factor to consider and may make purchasing a condo the better option for you!
Condo Costs and Factors to Consider
There are other financial factors to consider, such as HOA fees which apply to condos.
HOA fees on top of your mortgage will cover maintenance and upkeep that free-standing homeowners have to take care of themselves.
Although this might sound inconvenient, the pay off can be immense for your quality of life! You may have access to nicer common amenities and cheaper insurance as well with a condo.
If you like beautiful views, rooftop pools, and fully equipped gyms as part of your living space, a condo is definitely your choice vs a free-standing home in Chicago.
The Housing Market
Although the cost of purchasing a condo might sound like a lot, interest rates are historically low right now for folks looking to purchase.
If you’re looking to buy in Chicago in the next few years, now is the time according to real estate experts. Talking to a Luxury Living broker can help make the process easier to understand.
Purchasing a condo in Chicago is a big decision. It can be a great investment, and in many instances, it’s a better option for first time buyers than purchasing a home in Chicago. With the right research and team to help you make a decision, purchasing a condo can be affordable and the right choice.
Looking for a Chicago condo that matches your budgetary needs? Contact your Luxury Living broker to start your search or follow the link below!
