Chicago IL may not be the first place many millennials think of when trying to find a place to buy their first home, but it looks like it might be the best place. Although the last few years have been tough on the real estate market, and the number of people looking to become home owners has reached incredible lows, millennials are now in a position to change the game, and a recent report suggests that Chicago IL could be the perfect playing field. A new study conducted by SmartAssests shows that The Windy City has proven to be a better place for young home owners than many other major cities in the country. The study obtained its information by finding the median net worth of people under 35 and calculating the average down payment a millennial could afford, and how large a home they could get with their money. What they found was this, “an average Chicago Millennial should be able to buy a 937-square-foot home for $148,000.
Considering the average home size in New York is a minuscule 165 square feet and costs $111,000 and the average Los Angeles dwelling is 297 square feet for $68,500, Chicago Millennials would find themselves living considerably larger due to the greater purchasing power they would wield in Chicago’s housing market.” While 937 square-feet isn’t big by any means, it is more space than many one bedroom apartments. As a result, this new information may prompt many young residents in Chicago to ditch the rent and move towards home ownership.
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