Chicago’s weak housing market carries an upside
Weak house prices offer a potential boost to Chicago to compete against other metropolitan centres around the world. A new study conducted by Demographia, the study looks at house prices. As the growing paces of house prices are slow in Chicago. So the study basically compares the house prices with household income. That gives an index of affordability: how much can a house with an approximate average income buy.
With the study of around five million, Chicago ranks 13th among the most affordable cities according to the new study. Cities like Hong Kong, London, Los Angeles, Toronto, Miami and New York also Dallas / Ft. Worth and Houston are now less accessible compared to Chicago. Whereas only Atlanta and Philadelphia have cheaper house prices.
Chicago was the 35th most affordable of the 47 cities according to the report when the study was extended with at least two million people.
Chicago is rated 3.6 on a 5-point scale for affordability.
Unfortunately, the study does not include Western Europe outside of the United Kingdom. But these data will be helpful to local vendors to launch another company which needs expansion space. A little more bounce in the local real estate market would surely be good, too.