Introduction
Illinois is not a much talked about city since New York and California usually take the limelight. But for real estate investors, it’s actually a very lucrative state. Situated in the midwest, also dubbed the Land of Lincoln, Illinois offers various investment opportunities and affordable housing options.
The real estate investment market in Illinois lists several properties that offer high returns on investment (ROI) for buyers. At Centrum Partners, you can check out the best property markets in Illinois that provide value for money and stand out for their affordability, location, and potential for growth.
Let’s get into it.
Cicero, IL
Situated just outside Chicago, Cicero is attractive for real estate investors. It’s also quite close to the windy city and has quite low property prices compared to Chicago. So, while you can still access the city’s job market and other attractions, you can enjoy the benefits of low-cost living in Cicero.
It is highly preferred by the working-class residents and the Hispanic community. As an investor, you can enjoy a stable rental income on your property as it is attractive for people looking for easy access to transportation and proximity to Chicago.
The median home price in Cisco is around $253,300, which is lower than other neighboring cities and townships surrounding Chicago.
Champaign-Urbana, IL
The Champaign-Urbana metropolitan area is known for its residential property listings. The famous University of Illinois is located here, making it a preferred living place for students, faculty members, professionals, and families. The city is also expanding in the research and technology sectors, making it the right place for young professionals to live.
The property listings are growing due to development and high demand from students and professionals. According to recent research, home prices in Champaign are, on average, around $215,340, making it affordable for house buyers and investors.
Wheaton, IL
Situated in DuPage County, Wheaton is one of the best marketplaces for property investors. The area houses suburban real estate and has top-rated schools, friendly neighborhoods, and an amicable environment. It is the 26th most populated city in Illinois out of 1,450 cities.
It provides many benefits to the residents, like excellent public transportation service, high economic development, and proximity to Chicago, making it an attractive place to live.
The median home price in Wheaton is around $464,777, which is, of course, higher than the other cities and surrounding areas but is justified by its appeal and quality of housing and living. The vacancy rate is below 4.6%, indicating the high demand for rental property.
Moline, IL
Moline is situated along the Mississippi River, which makes it an appealing spot for professionals and families. The housing here is affordable and gives you easy access to the industrial job market. It also houses significant employers like John Deere.
The property prices are pretty low compared to nearby areas, making it appealing for renters, buyers, and investors. In the future, many ongoing urban development projects are expected to be completed, which will further boost property values and offer good ROI.
The average housing price in Moline is around $140,770, so it’s also quite affordable. The area has many parks, recreational facilities, and other cultural attractions.
Elgin, IL
Situated Northwest of Chicago, Elgin is another developing city with attractive rental properties. The properties here are quite affordable compared to Chicago’s since it is a developing economy, making it a popular choice for budget-driven renters.
There are many job opportunities in sectors like healthcare, education, and manufacturing. The average median home is priced around $307,900, and the area also has a high rental yield, which means a high return on investment.
Maximize Your ROI - Invest in the Best Illinois Property Markets
Whether you are thinking of investing in the property market in Cicero, Champaign-Urbana, Elgin, Moline, or Wheaton, all offer strong ROI and balance affordability with convenience. Their strong growth potential makes them best for investors looking for high-ROI opportunities.
As an investor or renter, you have a variety of options to explore and a quality property management company Illinois can help you out. So, connect with one and make an informed decision.
