Investing in Chicago-The Neighborhoods To Look For

[Tony Freeman]

It's no secret that a lot of investors, in state, new to state, and out of state have been getting their hands on the investing pie of Chicago. However, Chicago being the big city that it is, there are tons of neighborhoods within the city that are all at different stages of development and appreciation. First time house hacker or experienced investor, you will appreciate knowing about these top picks. 

1. Avondale- Avondale is always one of the first neighborhoods I blurt out to my clients and probably will be for at least another year or two. Avondale is located in the Northwest side of Chicago, between Logan Square and Roscoe Village/West Lakeview. This area has skyrocketed in recent years and it hasn't shown any signs of slowing down. Avondale gives you the calmness of a family oriented neighborhood but still is close enough to all the night life in Logan Square and surrounding neighborhoods. There are multiple blue line train stops in Avondale which is a huge deal for investors considering that it can take business professionals downtown to the big name corporations or it can take you to O'hare Airport if you want to avoid the hectic traffic. There are still some reasonable deals in the Avondale but if you want to strike while the iron is hot, it's best to get in as soon as you can because it is investor central and prices have definitely risen in the area. 

2. Pilsen- Pilsen has been one of my top picks that I have been dying to get more investors into. Aside from all of the culture in Pilsen and it's closeness to downtown Chicago, Pilsen in the last few years was named in the top ten of one of the coolest neighborhoods to live in the world. Pilsen sits right along the Pink Line and if you can get your hands on a good deal anywhere in Pilsen, I say go for it but if you really wanted to maximize your return, I definitely think anything from 16th street to Cermak Rd would give you an amazing return. What makes Pilsen so attractive to renters is that it is so close to downtown without the downtown prices and a lot of medical students like to stay in the Pilsen area because of that reason. The thing with Pilsen is, the prices have definitely went up in recent years. So it isn't as easy to find the amazing deals like it is in an area like Avondale. However, if you have the budget as a first time investor or if you're a developer and looking to do some development projects, 100% recommend Pilsen. 

3. Irving Park/Albany Park/North Center- These two are also really great places to get your feet planted in although they are not at the level of appreciation like Avondale or Pilsen. To me that is a good thing because you can get in early when the deals are still hot and hold on to these and watch as your return increases over time. 

4. Bucktown- I know a lot of seasoned investors will raise their eyebrow with me mentioning Bucktown due to the fact that it is pretty much already booming and the prices are on the higher side, but I will say if you can find a good deal in Bucktown, please jump on it. Not only does Bucktown have so much going on with it, the Blue Line also runs through it, the 606 trail runs through it and a HUGE development that is going up along the 606 trail called the Lincoln Yards which I strongly believe is going to cause that area to boom even more when that is finished.