2019 was a long, crazy, and informative year for the real estate field in Chicago. Throughout the years, there seems to be many changes and updates to all topics from taxation, construction, projects, neighborhoods, etc. Chicago is an ever-changing city that knows the sky is the limit. Though the real estate headliners are countless, there are two that really stand out in 2019. Plans for the creation of the Obama Center and the plunge in home pricing value.
Since launching of the announcement regarding Barack Obama Center, it has seen nothing but constant drawbacks from every angle. It is set to be built in Jackson Park. This is an area where the park itself is in very bad shape. From broken cemented paths, scattered garbage and dying trees; this is a region of the city that can use a little extra TLC. However, most inhabitants believe that the Obama Center will save the park and boost tourism and renters vastly. The Obama Center is rumored to be at a costly $500 million covering over 19 acres. Including an observation deck and large museum with beautiful views of the lake. The main issue that lies within this project is the hold up by federal lawsuits and reviews. Hopefully, in 2020, the Obama Center will begin construction and create a beautifully refreshing addition to the community.
Home owning in Chicago has been at a slow increase rate within the past recent years.
It seems as though renting is becoming more popular than ever. why is this? Nationally, home growth pricing has been steadily increasing. This is where Chicago is falling behind on the spectrum. In comparison to October 2018 to October 2019, the worth of single-family homes in Chicago only showed a .5% increase. This is a 12.5% lower difference than what was seen in 2006. Though that as some time ago, it still amplifies the fact that homeownership in Chicago needs improvement.
Some factors may include the high prices, taxation, and Chicago’s dip in population within recent years. With anticipation and hope we enter into 2020.
The real estate market is vastly changing and Chicago is proof that there is always an increase within the field. Whether the increase be small or large, Chicago is and always will be an in demand city to live in.