The Chicago housing market has been grinding along for a while now, but there are signs that’s about to change. According to a new report, Chicago is ranked #2 of the biggest American cities in house affordability (St. Louis sits at #1).
Crain’s says the findings, released by John Burns Real Estate consulting, are a “silver lining” for the Chicago housing market. The high affordability rating is a sharp turn from where Chicago’s been for the past two years.
John Burns Real Estate director of research Rick Palacios Jr. tells Crain’s that the affordability trend will last through most of 2021. He says the monthly payment on a median-priced Chicago home will stay flat in the 23-24% range throughout.