Real Estate in Chicago, Illinois

Last updated on Mar 13, 2023

Summary: The most desirable neighborhoods in Chicago, United States are Lincoln Park, Lakeview, Wicker Park, Bucktown, and the Gold Coast. The average cost to buy a nice 2 bedroom home in Chicago is around $400,000, while a nice 3 bedroom home can cost around $500,000. These properties typically include modern amenities such as stainless steel appliances, hardwood floors, and updated bathrooms. Foreign ownership of properties in Chicago is allowed, however, there may be restrictions depending on the type of property and the country of origin. An expat looking to buy a home in Chicago should start by researching the different neighborhoods and their amenities. They should also consider their budget and the type of property they are looking for. Additionally, they should consult with a real estate agent who is familiar with the area and can provide advice on the best neighborhoods and properties to consider.

What do I need to know when buying property in Chicago?

When we asked expats what advice they would give a foreigner before buying a property in Chicago, they said:

"When buying property in Chicago, it is important to research the neighborhood and the local market. Consider the crime rate, the quality of the schools, and the availability of public transportation. It is also important to understand the local zoning laws and any restrictions that may apply to the property. Additionally, it is important to understand the tax implications of owning property in Chicago. It is also important to work with a qualified real estate agent who is familiar with the local market and can help you find the right property for your needs," said one in Chicago.

Are foreigners allowed to own property in Chicago?

When we asked expats what advice they would give a foreigner before buying a property in Chicago, they said...

"Yes, foreigners are allowed to own property in Chicago. The process is the same as for any other buyer, and there are no special restrictions or requirements for foreign buyers. Foreigners must obtain a valid visa and meet the same requirements as any other buyer, such as providing proof of income and a credit score. Additionally, foreign buyers must also provide proof of funds to purchase the property and must be able to demonstrate that they have the financial resources to maintain the property," said one person in Chicago.

What appliances are typically included in a rental?

We asked foreigners in Chicago what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:

"Rental properties in Chicago typically include a refrigerator, stove, oven, dishwasher, and washer and dryer. Some properties may also include a microwave, garbage disposal, and air conditioning unit," explained one person living in Chicago, the United States.

Additional Information about Searching for a Home in Chicago:

We asked foreigners in Chicago what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...

"Expats looking for homes in Chicago can search online for real estate listings, contact a real estate agent, or attend open houses to find the perfect home. They can also search for rental properties, such as apartments or condos, to find a place to live. Additionally, expats can look for housing options through online expat forums or social media groups to connect with other expats who may have advice or recommendations," remarked one foreigner who made the move to Chicago.

About the Author

Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.

Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.