Lawmakers in Illinois have been debating a new idea to raise money for struggling public transit systems in the Chicago area. The proposal calls for adding a new tax on home sales in the suburbs. The plan would charge $3 for every $1,000 of a home’s value when a property is sold. For example, if […]
Tag: Chicago
Real Estate in Illinois: How Chicago, Aurora, and Naperville Compare
Illinois is home to many different housing markets, but the three largest cities, like Chicago, Aurora, and Naperville, stand out the most. Each has its own lifestyle, housing prices, and challenges. Let’s look at how real estate differs in these cities. Chicago: Big City, Big Variety Chicago is the largest city in Illinois and has […]
Chicagoland Home Supply Struggles to Keep Up With Buyers
When people in Chicago real estate talk about the market right now, most of them focus on one issue: inventory. Over half of agents say that the number of homes available to buy is the most important factor this year. Interest rates and prices matter too, but they don’t compare. The lack of enough homes […]
Chicago’s Housing Market Faces the Challenge of High Rent
Why is rent so high? As the curtain fell on 2023, the cost of renting mid- to high-end apartments in the Chicago metro area saw an uptick, according to news outlets. This real estate firm evaluates properties based on their design, features, location, and various certifications, providing a comprehensive snapshot of the current market conditions. […]
How Chicago Renters Were Punished for Using Their Legal Rights
In May 2023, three tenants living in a six-unit building in Chicago’s Pilsen neighborhood were dealing with serious problems in their apartment. Cristina Miranda, Tulsi McDaniels, and Alex Wirt reported broken and unsafe conditions: leaking water from the ceiling even when it wasn’t raining, floors that were rotting and could collapse, windows that let in […]
Where Homes Are Getting More Expensive in Illinois
Across many parts of Illinois, especially around the Chicago area, home prices are going up fast. This is based on data from Zillow, which looked at how much home values changed from May 2023 to May 2024. The rankings focused on cities with at least 10,000 residents and tracked the biggest dollar increases in home […]
Why Prices Are Rising Faster in Chicago Than Anywhere Else
Right now, people living in the Chicago area are paying more for everyday items like food, rent, and gas compared to most other cities in the U.S. Inflation in Chicago is at 4.3%, which is much higher than the national average of around 3%. This means that the cost of living is rising faster here […]
Chicago Rent Prices Are Climbing While Wages Stay Flat
Many people who work full-time jobs in Chicago are finding it almost impossible to rent a decent apartment. Even with a steady income, once taxes, bills, and basic expenses are paid, there’s not much left to cover high rent prices. People are being forced to choose between unsafe living conditions and paying more than they […]
Illinois Housing Market Sees Price Increases Despite Fewer Sales
In September 2024, Illinois saw fewer homes sold, yet home prices continued to rise alongside a boost in available homes. According to recent data from Illinois REALTORS®, home sales dropped, but home prices and inventory showed year-over-year increases for the second consecutive month. The Decline in Home Sales Across Illinois The state recorded 10,700 home […]
Chicago Broker Gets 4 Years in Prison for $3M Real Estate Scam
A Chicago real estate broker named Stanislav “Steve” Sannikov has been sentenced to four years in federal prison. He scammed at least four investors out of more than $3 million. A judge also ordered him to pay back over $2 million to the people he cheated. Fake Property Deals Fooled Investors Between 2016 and 2020, […]
The Uncertain Future: Will Public Employees Fully Return to Chicago’s Loop?
In Chicago, there is a strong movement led by private sector leaders and landlords to bring public employees back to office settings, particularly in the Loop, which is the city’s main business district. This initiative is driven by a desire to rejuvenate the area, boosting local businesses and the economy. Despite these efforts, proponents of […]
Unpaid Rent Crisis: How the CHA Manages Over $10 Million in Arrears
The Chicago Housing Authority (CHA), the third-largest public housing authority in the United States and the primary rental housing provider in Chicago, is facing significant challenges with rent collection. A report from the agency’s Office of Inspector General reveals that nearly 1,400 residents are substantially behind on their rent payments, with the average delay nearing […]