Moving to downtown Chicago can be an exciting adventure, but it also comes with its own set of challenges and considerations. From navigating the neighborhoods to finding the perfect apartment, there’s a lot to think about when making the move to the Windy City.
Wondering how to find downtown Chicago properties for sale, about neighborhoods, the benefits of working with a real estate agent, or the average cost of living in Chicago? Here are our top tips if you’re thinking of moving to Chicago!
1. Know Your Neighborhoods
Downtown Chicago is made up of several distinct neighborhoods, each with its own unique charm and character. From the bustling streets of the Loop to the trendy vibes of River North, there’s something for everyone in downtown Chicago. Before you start your home or condo search, take some time to research the different neighborhoods and determine which one best fits your lifestyle and preferences.
Here’s a brief overview of some popular downtown Chicago neighborhoods and their average purchase prices:
- The Loop: Known for its iconic skyline and bustling business district, the Loop offers a mix of high-rise apartments and historic lofts. Average purchase price: $395,000.
- River North: A trendy neighborhood known for its art galleries, nightlife, and upscale dining scene. Average purchase price: $433,000.
- Streeterville: Located along the shores of Lake Michigan, Streeterville offers luxury high-rise living with stunning lake views. Average purchase price: $480,000.
- West Loop: A former industrial area turned vibrant neighborhood, West Loop is known for its trendy restaurants, boutique shops, and loft-style apartments. Average purchase price: $490,000.
2. Work with a Realtor and Attorney
Navigating the downtown Chicago rental market can be daunting, but working with an agent can make the process much easier and more efficient. A real estate agent can help you narrow down your search, find deals through their relationships , take videos and do virtual tours if you’re out of state or busy, schedule showings, and negotiate on your behalf, and guide you through the whole pipeline of the real estate purchase process. They may have insider knowledge of the market and can help you find hidden gems that may not be listed online. Although it is not always the case, most of the time buyers are not responsible for paying realtor commissions. Discuss this with your realtor before starting your search. Working with a real estate attorney is mandatory in Illinois and your realtor can usually provide some guidance on choosing your attorney.
3. Timing Your Search
The downtown Chicago market moves quickly, especially during peak seasons like summer. To ensure you find the perfect home, start your search early and be prepared to act fast when you find a place you love.
4. Average Cost of Living in Downtown Chicago
Residents coming from other big cities, such as New York, Boston, Seattle, Los Angeles, and San Francisco, tend to be pleasantly surprised that the average cost of living in downtown Chicago tends to be substantially lower than in other big cities.
5. Consider Transportation Options
Downtown Chicago is known for its excellent public transportation system, including buses and trains operated by the Chicago Transit Authority (CTA). Many downtown neighborhoods are also very walkable, with easy access to shops, restaurants, and entertainment venues. You really don’t need to have a car to get around downtown Chicago, but picking a hom near the transit lines is an important consideration.
6. Embrace City Living
Moving to downtown Chicago offers an unparalleled urban experience, with endless opportunities for entertainment, dining, and cultural enrichment right at your doorstep. Embrace city living and take advantage of everything downtown Chicago has to offer, from world-class museums and theaters to waterfront parks and outdoor festivals. Get out and explore your new neighborhood, meet your neighbors, and immerse yourself in the vibrant energy of downtown Chicago.
If you’re thinking of listing your home or condo in downtown Chicago, check out some tips from our managing broker!
Thinking of moving to downtown Chicago or wondering about average costs of living in Chicago? We’re happy to answer all of your questions! Contact us today to get in touch with one of our neighborhood experts.