Worth It? - Chicago 2024 Cost of Living Analysis and Comparison
Thinking about moving to Chicago in the near future?
Time to Buy?
Median home prices are down to $343k, making March 2024 the best time to buy Chicago real estate in over a year.
Now is one of the best times to settle down in Chicago, with housing, rent, and cost of living prices reaching year-long lows before the Spring home-buying season has even started! Our Compass real estate agents have the inside scoop on Chicago’s cost of living situation in 2024, including what you can expect during this spring!
Chicago Real Estate Prices
Chicago was one of many cities hit by the housing affordability crash last year, as mentioned in our review of Chicago’s housing prices during Q1 of 2024. While housing prices continue to limp back to their previous rates in much of the United States, Chicago’s real estate market is a very different story.
Buoyed by rising consumer confidence and stable home prices, Chicago emerged from 2023 with a powerful foundation for this year’s spring buying season. Median housing prices are already down to around $343k, making March 2024 the best time to buy Chicago real estate in well over a year.
Chicago or Boston?
When looking at cost of living expenses per month, Chicago maintains a strong edge over Boston in overall affordability.
Chicago or Washington DC?
Chicago also remains solidly ahead of Washinton DC in overall cost of living, saving residents several hundred dollars each month.
Chicago Cost of Living Breakdown
Chicago remains ahead of the pack when it comes to cost of living, as the latest 2024 numbers from the Council for Community and Economic Research indicate.
According to their cost of living index which accounts for both real estate and general expenses, Chicago is now within 7% of the national average. This puts Boston and DC to shame, with Chicago being almost 30% less expensive to live compared to them both. Whether it’s real estate, rent, food and restaurants, or even plain-old quality of life, Chicago maintains a firm lead over other major metropolitan areas when it comes to cost of living in 2024.
How Does Chicago Measure Up?
Want more detailed info on cost of living in Chicago? Our experts at Compass Chicago have put together all the info you need to decode the cost of living in the second happiest city in the USA! Read our detailed guide on Chicago cost of living right here.
2024 Chicago Housing Market:
What’s in Store?
Affordable real estate is holding steady in Chicago, with signs of improvement on the horizon for prospective homeowners.
Housing supply is on the rise, with listings increasing by nearly 30% just from January to February of 2024. Home sales are up 10% in just the last month as well, with listings getting snatched off the market 10% faster as a result. Construction of new real estate isn’t just fueling single-family homes, however, with the Chicago condo market’s 6.5% year-over-year gain leading the market in 2024. The spring home-buying season is right around the corner, and Chicago’s continued stability puts the city in an excellent position to take full advantage of the incoming wave of demand.
With Chicago set for growth in 2024, now is a great time to beat the rush with an expert real estate team. Book a meeting today, and tomorrow your Chicago dreams might just come true…
