In 2006, the U.S. housing bubble affected over half of the country with housing prices peaking and then rapidly declining. Due to Chicago’s and Illinois’ longstanding budget issues and massive debt burdens, some have speculated that the slightest economic downturn could prove a devastating blow to the city’s revitalization.
However, amongst all the negativity, there are shining pillars of hope. In particular neighborhoods of Chicago, ongoing high demand, proximity to the lake and city, and overall lack of inventory coupled with high demand have protected home values from market downturns.
Buyers can “play it safe” and invest in neighborhoods that have been well-insulated from market turndowns. Buying safe means that home buyers don’t have to worry about decreasing market value because the area is in such high-demand. Location is everything when it comes to real estate, after all, and that mantra has helped the Chicago housing market in a number of a neighborhoods.
Home prices on Chicago’s North Side, in particular, have been historically stable. Average home prices in Lincoln Park are higher than ever, even exceeding pre-crash peaks. Another neighborhood on the North Side, Old Town, has also become a place of interest for home buyers, and has continued to flourish despite housing troubles in other parts of the United States.
Like most of the areas that have escalated quickly and are likely to remain popular, Old Town possesses characteristics such as quick access to downtown via public transportation, are close to greatly appreciated areas, and have become popular areas and venues.
While Old Town itself is quite small, the entertainment and attractions are immense. Fresh food and nutrition are more than covered in this neighborhood with 2 Jewel’s, a Whole Foods, a Plum Market and a Trader Joe’s. Home to the funniest shows in Chicago and close to North Avenue Beach, Old Town is welcoming to people of all natures. Old Town also boasts numerous art shows and unique shopping experiences, as many stores remain independently owned, rather than part of a large chain.
Other neighborhood features such as the breathtaking Victorian-era architecture and eclectic BYOB restaurants ensure a return visit from tourists and promise a long and healthy lifespan in the real estate market.
For anyone searching for a “safe” housing investment in Chicago, Old Town is a solid choice and will continue to be for generations to come.