In the past, young singles looking to buy a place of their own leaned toward condos and other attached properties for their first home purchase. But the current economic landscape has made it possible now for many of these unattached homebuyers to afford detached dwellings.
A large inventory of foreclosures and distressed properties has put the pressure on conventional sellers to lower their prices in order to compete with bank-owned listings. A shortage of buyers and oversupply of housing has caused prices to drop even further. This has brought many of the once out-of-the-ballpark properties within reach for twenty- and thirty-something consumers in Chicago.
Of course, there is still a call for condominium living in large urban centers where multi-unit buildings dominate the residential real estate market. However, more solo house hunters are looking past the downtown condo for a bigger abode in well-connected suburban settings. A recent nationwide survey reveals that over 50% of single homebuyers have decided to skip the starter condo in lieu of a spacious house with its own yard and room to grow.
This shift in real estate affordability has lots of unmarried Chicago buyers searching for houses in the burbs rather than bachelor pads in the city. Ease of commuting is still a high priority, though, so communities near rapid transit top the list in desirability. Suburban Chicago areas with a lot going on also draw young residents who want to live and work in the same location.
