Chicago-Naperville-Elgin is one of the largest metros in the nation. Also known as the greater Chicagoland area, it is bounded to the east by Lake Michigan, expands over a 5,000-square-mile region in northeastern Illinois and extends into Wisconsin and Indiana. The metro houses 9.6 million people and comprises 14 counties. The city of Chicago contains 2.7 million residents. The greatest growth during the past 20 years occurred in the western portion of the region. In recent years, however, businesses are relocating back into the city to attract young workers, supporting the development of high-rise residential towers in the downtown Chicago.
The Chicago metro has something to offer every one of its residents and visitors, whether it is legendary blues and jazz music, cultural and educational venues, professional sports, dining, entertainment, shopping or recreational amenities.
The Chicago area’s relative affordability is largely due to its lower housing costs. The median home price is significantly less than in other cities of its size and is below that of many smaller cities, including Seattle and Denver.
Cultural activities and venues underpin the metro’s cosmopolitan lifestyle. The region is home to various well-known museums, including the world-class Field Museum, Shedd Aquarium, Art Institute of Chicago and Adler Planetarium. The theater scene rivals the world’s best, and troupes, dance companies, symphony orchestras and music venues abound.
The fundamental of the Chicago market make it a solid place to invest in multifamily properties. Two of the main drivers for successful multifamily investments are employment and income.