Illinois, located in the heart of the Midwest, is home to a myriad of esteemed colleges and universities, which not only contribute to the educational landscape but also significantly influence the cities they inhabit, especially in the realm of real estate. Let’s dive deep into the college and university-friendly cities of Illinois and explore how these institutions have had positive impacts on real estate and the broader urban fabric.
Champaign-Urbana
Home Institutions: University of Illinois Urbana-Champaign
City Overview: Champaign-Urbana, often colloquially known as “Chambana”, is a classic college town. The dual cities are knit closely around the University of Illinois, one of the top public research institutions in the world.
Real Estate Impacts: The university has led to a consistent demand for housing, both for students and staff. As a result, real estate developers often aim to provide a mix of affordable housing for students and more upscale homes for professionals. The campus’ proximity to downtown means that urban areas also enjoy consistent demand, leading to relatively stable property values.
Evanston
Home Institutions: Northwestern University
City Overview: Situated just north of Chicago along Lake Michigan, Evanston offers a unique blend of suburban tranquility and urban flair.
Real Estate Impacts: Northwestern’s presence has made Evanston a sought-after location. Properties near the university, especially those offering views of Lake Michigan, command premium prices. The demand for off-campus housing also promotes rental property investments in the area.
DeKalb
Home Institutions: Northern Illinois University (NIU)
City Overview: DeKalb, an hour’s drive west of Chicago, is a vibrant community intertwined with the rhythms of NIU.
Real Estate Impacts: NIU has been instrumental in DeKalb’s development. The consistent influx of students ensures a steady demand for rentals, especially near the campus. Additionally, the university’s expansion efforts often lead to opportunities for developers and investors in and around DeKalb.
Macomb
Home Institutions: Western Illinois University
City Overview: A quintessential college town, Macomb’s character is deeply influenced by the student population and academic events of Western Illinois University.
Real Estate Impacts: The student body’s housing needs have led to the development of numerous apartment complexes and rental properties. Additionally, the university’s faculty and staff drive the demand for single-family homes, ensuring a balanced real estate market.
Normal
Home Institutions: Illinois State University
City Overview: Normal, paired with its twin city, Bloomington, hosts a buzzing college environment courtesy of Illinois State University.
Real Estate Impacts: With the university acting as a primary employer and population driver, the demand for diverse housing options is evident. From student apartments to faculty residences, the real estate market thrives on this symbiotic relationship.
How Colleges and Universities Positively Affect Real Estate:
Consistent Demand: A steady flow of students, faculty, and staff ensures a year-round demand for housing, both rented and owned.
Infrastructure Development: Institutions often invest in infrastructure projects, such as roadways, public transportation, and utilities, indirectly benefiting the real estate landscape.
Economic Boost: Universities often act as primary employers in their cities, ensuring a robust economy. A strong economy, in turn, boosts real estate demand and values.
Cultural Enrichment: The presence of an academic institution brings along events, lectures, art shows, and more, enhancing the city’s appeal and, by extension, its real estate desirability.
Innovation and Development: Research institutions often spur innovation hubs, business incubators, and start-up scenes, which can lead to increased real estate development and higher property values.
Final Thoughts
The synergy between Illinois’s cities and its academic institutions is undeniable. The presence of a college or university often spells consistent demand, economic vitality, cultural vibrancy, and infrastructural development, all of which positively impact the real estate sector. As prospective students, investors, or simply enthusiasts, recognizing this interplay offers a deeper appreciation of Illinois’s urban tapestry.
