In America there is a lot of great migrations. 2 centuries that phrase referred to the migration of European immigrants to the united states. In the 20th century it was attached the migration of African Americans from the South to the North for economic opportunities. Today this phrase can be applied to the domestic migration of people in Chicago and the Midwest to other parts of the country. This is happening for college graduates and retirees. Chicago is the third largest city in the United States home to various fortune 500 companies. Even though there are people leaving Chicago. This presents an opportunity for people who want to invest in Chicago Real Estate.
History Of Chicago
At one time Chicago Real Estate was limited to the settlement of Jean Baptiste Du Sable a Haitian migrant in Illinois. Chicago was founded in 1837 as a result of commerce between the great lakes and the Mississippi river. The advent of railroads further strengthened Chicago as a place of trade. By 1860 15 railroad companies had a terminus in Chicago.With the arrival of the railroads, the city of Chicago really started to boom reaching a population of 300,000 in 1870. Tragically 1 year later the Great Chicago Fire hit. Most of the city was damaged. However the city rose from the ashes. The first skyscraper was built in Chicago. The fire and population growth led to many architects reconstructing Chicago Real Estate . They intended on creating a Paris On the Prairie. As manufacturing picked up in the Midwest. Chicago was the center of all major industries in the Midwest. The steel mills and union yards contributed to the war effort in the 40s. Sadly manufacturing started laying off people as early as the 70s. Chicago Real Estate took a hit as millions left the city.
Chicago Real Estate Now
Chicago has gone the way as most of the country ‘s economy with a focus on skilled service industries. There has been some problems in the economy. As with many Rustbelt cities, there’s not much to protect Chicago regardless of which way the national economy goes.Chicago Real Estate unlike Detroit Real Estate isn’t dependent on a single industry.Its capital market and industrial base allows businesses to serve millions. Chicago’s central location makes it a perfect logistic hub. Flights to NYC or LA are the same distance.Despite crime in some areas, Chicago is a wonderful place to live for those who can afford it . Crime is a problem for East Garfield Park, West Garfield Park, and Austin. Chicago is still home to Boeing, Archer Daniels Midland, United Airlines and McDonald’s are just a few of the major companies that have moved their headquarters to downtown Chicago in recent years. Affluence can be found in the Gold Coast and Lincoln Park.High taxes and poor job growth made Chicago Real Estate the last major market to recover from the previous recession. Service ,finance and technology companies have taken the place of factories .Rust Belt is a dishonest term. True many manufacturers have left the area. However there are tons of skilled educated workers and lower poverty rate than national average. Buffalo ,NY has 40% of its population as educated college students and the area is leading in bio technology. Chicago boasts a diverse economy. One of the main reasons that makes Chicago Real Estate attractive to outside investors.
Reasons For Migration
One of the problems in Chicago is segregration. This is based on class and socioeconomic access. Poverty cause people to become very desperate. Unemployment is rampant nor adequate mental health care.Public schools are failing. This makes Private school the only option for many families. Very few families can afford $10,000+ a year for private school tuition on top of living expenses. Chicago’s manufacturing base in the Southside has closed down. Chicago Real Estate has suffered from the loss of traditional manufacturing. Gentrification is displacing the poor. Chicago is a great city. It needs more government funding and long term economic growth. Property taxes and under water mortgages are the main reasons why homeowners are leaving Chicago. Chicago Real Estate boasts some of the highest property taxes in the nation . In addition to the harsh weather people are moving to the SunBelt cities where taxes are lower and job growth is everywhere. Though it may seem better but there are poorer cities in Arizona,Nevada and New Mexico . We as a nation need to be honest about the poverty issues in the south and the west. There is a generational shift retirees are moving out but younger people are moving in.
Opportunities For Chicago Real Estate
There are still people moving into Chicago. Younger and educated people are moving for certain job opportunities.Amazon was scouting Chicago as potential headquarter site. Housing is cheaper in Chicago than in NYC or LA.Over 22 universities are within Chicago. Much like Buffalo,NY Chicago will always have a sizeable population that is students. This creates a huge demand for rental properties. Chicago Real Estate is ready for a renaissance and rebirth period. In the last census, Chicago gained 100,000 residents with university degrees and lost 300,000 of its poorer residents.Chicago Real Estate in Central Chicago hasn’t stopped. Billions of dollars in construction is being invested into the loop area. International migration will help the Midwest. Detroit,Flint,and Chicago all have infrastructure for millions of people. Enough space to house new americans. As an investor you can take advantage of this by buying tax liens and foreclosed houses. Chicago Real Estate has never been better for the middle class investor. What happened to San Francisco Real Estate Market is happening to Chicago Real Estate Market. Poorer citizens are pushed out but knowledge economy workers are buying up real estate . Chicago Real Estate in the next 5-10 years will go through economic regrowth. This will be driven by the technology companies in the area. The generation after the millenials will be largest generation ever seen in the country. The demand for manufacturing will improve and adapt to the times. A more robust job market built up from both domestic and international demand.These are the reasons Chicago Real Estate is great for investing.