Mar
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Chicago Real Estate Takes Solid Position in Affordability Study

March 29, 2013

Chicago real estate ranks in affordability

A recently released study from Bankrate.com reveals that Chicago real estate is in the middle when it comes to monthly homeownership costs with an average of $1,172.46. The study analyzed data for 25 cities within the U.S., and Chicago managed to come in at no. 15 ahead of Philadelphia, Balitmore, Boston and New York City.

The overall cost of homeownership per city per month was determined by adding up each city’s average mortgage insurance rate, mortgage principal and interest payment, property taxes and homeowners insurance premium. This data came from the National Association of Realtors, U.S. Census Bureau, National Association of Insurance Commissioners and Bankrate.com.

For Chicago, the average mortgage interest rate was 3.85 percent, mortgage principal and interest was $703.96, property taxes were $402.75 and insurance was $65.75. Compared to other cities, Chicago had one of the higher interest rates, middle mortgage costs, higher property taxes and lower insurance costs.

 

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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