First time home Owner

[Emmanuel Rugamba]

Hi everyone I am 26 year old professional athlete looking to buy his first home but also house hack in the process. If Anyone has additional information on the Chicago market right now and some insight Id love to talk.

[Jonathan Greene]

@Sarita Scherpereel holds real estate investor meetups in the Chicago area, and many house hackers go through there. She knows the house hack market well. @Jonathan Klemm is also a good local resource who is active on here.

[Jake Fugman]

Check out the Straight Up Chicago Investor Podcast.  Also, the agent directory on BiggerPockets is a great resource.   If you have any specific neighborhoods in mind it easier to provide feedback. 

[Jonathan Klemm]

Appreciate the tag @Jonathan Greene!

Welcome to the BP forums and the Chicago Real Estate Investor Community @Emmanuel Rugamba!

Do you have a specific area/neighborhood of the city where you are looking to househack?  I have a good friend who has some great data on all the different neighborhoods - I am happy to share that with you.

Also, if you don't have a lender already, I have some rockstars that I know like and trust.

What sport do you play?

[Riley Poppell]

Quote from @Emmanuel Rugamba:

Hi everyone I am 26 year old professional athlete looking to buy his first home but also house hack in the process. If Anyone has additional information on the Chicago market right now and some insight Id love to talk.

 Hey Emmanuel, I wonder what areas you are looking at the moment. I have a few hot areas in mind.

[Victor So]

Welcome to the forums @Emmanuel Rugamba ! I’ve house hacked for the last 7 years and acquired a handful of properties this way. DM me if you want to discuss house hacking! 

[Crystal Smith]

Quote from @Emmanuel Rugamba:

Hi everyone I am 26 year old professional athlete looking to buy his first home but also house hack in the process. If Anyone has additional information on the Chicago market right now and some insight Id love to talk.

 Here's some information on the Chicago Market.  As the 3rd largest MSA in the country it's hard to generalize the Chicago market as it's actually over 100 different submarkets when counting the 78 communities in Chicago property and then adding in the various suburbs, including in and around Naperville.  With all of that said without know more specifics about what price points you're considering and location I'm going to Generalize

1. Median Prices for single families homes in the Chicagoland region went up about 7.4% as of November 2024.  Here's a link to the data:  https://mred.stats.10kresearch.com/infoserv/s-v1/vwxD-yIT

2. Median Sales Price for condo in Chicagoland went up about 8.4% over the past 12 months as of November 2024.  Here's a link to the data: https://mred.stats.10kresearch.com/infoserv/s-v1/vwxJ-5gH

3. Median Sales price for small multifamiles in Chicagoland went up about 11.2% over the past 12 months as of November 2024. Here's a link to the data: https://mred.stats.10kresearch.com/infoserv/s-v1/vwxv-Zs5

What this data shows at a Macro level is that the Chicago market is doing fine, but the market is too large to use that data to make any decisions about where you want to house hack. In my opinion the best way to house hack is to purchase a multifamily where you can live in one unit while renting out the rest. The decision you must make is where do you want to live from a lifestyle perspective. We've had clients over the years who love Bronzeville & Hyde Park and have purchased large buildings with condo quality finishes or updated the buildings & are cash flowing while living in the building. While other clients prefer the Northside or are looking at the gentrifying Near West Side & others that want to live in the suburbs. The lifestyle question is one that you must determine, then narrow down what parts of Chicago provide you with that lifestyle, then we can really answer the question- How is the market doing in those specific neighborhoods?

[Emmanuel Rugamba]

Quote from @Emmanuel Rugamba:

Hi everyone I am 26 year old professional athlete looking to buy his first home but also house hack in the process. If Anyone has additional information on the Chicago market right now and some insight Id love to talk.

 Thanks for All the replies! To clarify I’ve been looking at the south/north austin area. As well as bronzeville. I’m flexible to other areas as well. I have been looking at both multi unit in some suburbs Aurora/Oswego/Bolingbrook but most those areas. I’m seeking locations with appreciation potential while also house hacking. 

[Emmanuel Rugamba]

Quote from @Crystal Smith:

Quote from @Emmanuel Rugamba:

Hi everyone I am 26 year old professional athlete looking to buy his first home but also house hack in the process. If Anyone has additional information on the Chicago market right now and some insight Id love to talk.

 Here's some information on the Chicago Market.  As the 3rd largest MSA in the country it's hard to generalize the Chicago market as it's actually over 100 different submarkets when counting the 78 communities in Chicago property and then adding in the various suburbs, including in and around Naperville.  With all of that said without know more specifics about what price points you're considering and location I'm going to Generalize

1. Median Prices for single families homes in the Chicagoland region went up about 7.4% as of November 2024.  Here's a link to the data:  https://mred.stats.10kresearch.com/infoserv/s-v1/vwxD-yIT

2. Median Sales Price for condo in Chicagoland went up about 8.4% over the past 12 months as of November 2024.  Here's a link to the data: https://mred.stats.10kresearch.com/infoserv/s-v1/vwxJ-5gH

3. Median Sales price for small multifamiles in Chicagoland went up about 11.2% over the past 12 months as of November 2024. Here's a link to the data: https://mred.stats.10kresearch.com/infoserv/s-v1/vwxv-Zs5

What this data shows at a Macro level is that the Chicago market is doing fine, but the market is too large to use that data to make any decisions about where you want to house hack. In my opinion the best way to house hack is to purchase a multifamily where you can live in one unit while renting out the rest. The decision you must make is where do you want to live from a lifestyle perspective. We've had clients over the years who love Bronzeville & Hyde Park and have purchased large buildings with condo quality finishes or updated the buildings & are cash flowing while living in the building. While other clients prefer the Northside or are looking at the gentrifying Near West Side & others that want to live in the suburbs. The lifestyle question is one that you must determine, then narrow down what parts of Chicago provide you with that lifestyle, then we can really answer the question- How is the market doing in those specific neighborhoods?

 Thank you !

[Wale Lawal]

@Emmanuel Rugamba

Chicago is a great market for house hacking because of its affordable 2-4 unit properties, strong tenant demand, and diverse neighborhoods. Start by researching areas that fit your goals, understanding financing options like FHA loans, and using the 1% Rule to evaluate deals. Work with experienced local realtors, attend investor meetups, and use tools like Zillow, Redfin, and Rentometer to analyze potential properties.

Good luck!