Illinois has always been an interesting place for real estate investors. Over the years, places in Illinois have been developing so much that people that are into investing in real estate are rushing from all other parts just so they can secure a spot. However, this is not something you can do completely on your own. You will need a realtor’s guide to buying a property. Without it, you won’t be able to do things entirely right. So be aware of that. There are probably a lot of places where you could do this, and we narrowed it down to six of them. We only chose the best ones, so you need to explore them and decide. In the end, it all depends on your preferences and needs.
First one of the places you should check out is Mount Prospect
Just behind Chicago, there is a suburb called Mount Prospect. And it is among the favorite places for investing in real estate. This place is home to 56,510 inhabitants, that are mostly families and young professionals. The area feels urban and suburban, with a variety of restaurants and even more parks. For all the needs, you would have to go to Chicago. Here, most of the residents own their homes, even though the median home value is $336,300, which is higher than on a national level. The median rent is $1,239, and about 30% of the population still rent.
Mount Prospect is a very safe place, with an overall B rating. There are some to no incidents that happen, limited to burglary and theft, which are always being handled properly by the authorities. Also, based on ethnic and economic diversity, this place has everything you could wish for. And no matter who wants to join, they can. The median household income is $92,477, which is higher than on a national level. And people have lots of options to choose from for their profession. You might start thinking about all the help you may need with buying and relocating here since Mount Prospect is busy all year long, and you will need help with transporting belongings. That said, we recommend you reach out to professional movers sooner rather than later if your goal is to settle in safely and securely in the area.
Morton Grove is another place worth checking out
Just a little bit away from Mount Prospect, there is another one of the suburbs in Chicago that caught the attention of many real estate investors. And we are talking about Morton Grove. This is a suburb with amazing overall grades, and we definitely believe you would regret not checking it out. There are only 25,004 inhabitants here that tend to lean liberal. They are mostly retirees and young professionals. This suburb is located in Cook County, and it is, for sure, one of the best places to live in Illinois. So that is one of many reasons why people are rushing here. You can find almost everything you need here. Restaurants, coffee shops, and many parks as well.
When it comes to costs of living, this is one of those places that has better options for buying a home rather than renting one. The median rent is very high, at $2,094. And that explains why there are only 13% renters out of the entire population. Other 87% of residents are owners because the median home value is $332,100, similar to Mount Prospect. If you like the idea of investing in this place, you better start working on budget planning for buying a house. You will need that.
One of the places in Illinois that is great for real estate investors is Schaumburg
Another place you should check out in Cook County, but this time a town, not a suburb, is Schaumburg. This town has 78,053 inhabitants, and the area feels urban and suburban. There are plenty of coffee shops and restaurants, but you could also find parks. Usually, families and young professionals live here, and that is why investing in real estate here is a good idea. Ask around and see if there is anything you like.
Now you can look up Carol Stream
Another Chicago suburb that real estate investors have been eyeing is Carol Stream. This place has a population of 39,805 with an urban and suburban mix of area feels. Most of the residents tend to have moderate political views, and they are usually young professionals. There are plenty of parks with beautiful walking roads and coffee shops as well. This is one of the affordable places since the median home value is $265,600, so buying a home won’t be a problem. There are different ways to invest in real estate, so make sure you know yours prior to purchasing in the area.
Fifth among places in Illinois for real estate investors we have Prospect Heights
Even though only 16,021 inhabitants live in Prospect Heights, this is definitely one of the best places to live in Illinois. It is also located in Cook County and is a suburb of Chicago. So, your work can be in a big city, while you can live in your house, outside of all the mess and crowds.
Finally, you can explore Rolling Meadows
And one of the last places in Illinois you should check out before deciding where to invest in real estate is Rolling Meadows. It is yet another suburb of Chicago with 24,300 inhabitants. The area feels urban and suburban, with plenty of parks, coffee shops, and even restaurants around. The median home value is $254,600, so you might get an idea of why it is worth investing in here.
Lisa Roberts has been engaged in writing blog articles for the last 7 years. Although she started off her career in the moving industry, her experience brought diversification to the content topics she covers. Today, her range of topics spans from moving across the globe to everyday lifestyle tips, marketing, real-estate news, etc. In her spare time, Lisa enjoys running, reading books and spending time with her dogs Lue and Sill. As a great lover of life, she finds something practical and useful in every experience, which contributes to her portfolio as well.
