Slow statewide appreciation and a variety of delightful communities make lease option buying a great opportunity in Illinois. If you're looking to move into Chicago, where comparatively low housing prices make the city appealing to emerging tech businesses and ex-pats from expensive metros in New York and California alike, Rent to Own is a great way to lock in your sale price and enter a competitive market while you fix your credit or save for a down payment.
At the Crossroads of America
The Prairie State is right in the heartland of America, having a long rich history of interesting people and diversity. From industry and business to culture and music, much of American staples have come from this state. Illinois’ metro areas, particularly the Windy City, have shown great appreciation for housing properties in the last few years as tech industries settle in. Major industries in the state include advanced manufacturing in chemicals and industrial machinery, coal mining, energy and recycling, life sciences, and technology. Population has slowed a bit in recent years at -0.8 percent, but inventories are becoming more available in time. Job growth in Illinois continues at 3 percent and unemployment sits at 6.1 percent. The median household income is $46,590 and the median family income is $55,545 annually.
Farmland, IL Source: Where To WillieBuying Real Estate in Illinois
As of January 2015, the median value of owned homes in Illinois was $155,600 and the median asking price was $170,000. The median price for homes being sold is $174,700 showing that Illinois homes are selling for more. Relatively average home sales prices for Illinois are the following: 1 bed - $110,000, 2 beds - $145,000, 3 beds - $190,000, and 4 beds - $375,000. Some of the major metro areas in Illinois include Chicago, Joliet, Rockford, Peoria, Springfield, and Naperville.
Schools rank average to high throughout the state with many good ones concentrated in the Chicago metro area. Illinois is home to many excellent universities such as University of Illinois at Urbana-Champaign, University of Chicago, Northwestern University, University of Illinois at Chicago, and DePaul University.
In terms of annual crime, violent crime rates are on par with the 3.8 per 1,000 residents national average while property crime is 22.74 per 1,000 residents and is lower than the 27.3 national average.
Chicago, IL Via YoChicagoCulture and Entertainment
Illinois is full of great points of interest such as the Art Institute of Chicago, Navy Pier, Willis Tower,Wrigley Field, and Six Flags Great America. As home prices continue to appreciate, getting in on a Rent to Own property in Illinois can make getting a home simpler particularly if you have cash or credit issues to fix before making the big purchase. If you are looking for a place that has great diversity in culture, landscape, and weather, this heartland state of Illinois is for you!