Chicago Listed as One of the Top Markets for New Residential Construction

August 20, 2014

new home constructionThe city of Chicago was recently included on Builder Online’s list of Top 10 Markets for New Residential Construction. Housing starts across the country are higher than they’ve been in the last eight months, with 15.7 percent growth seen so far this year in housing starts, according to newly released data from Metrostudy.

Chicago, which was considered one of the markets most affected by the housing market collapse, has seen incredible growth. Single-family housing starts were up 87 percent in the second quarter of 2014 as compared to the first quarter, while housing starts were up 30 percent when compared year-over-year. In the second quarter of 2013, Chicago saw just over 1,000 housing starts, and in the first quarter of 2014, starts dropped to around 750. However, housing starts rebounded in the second quarter of 2014, with more than 1,200 homes started.

This growth can be largely contributed to the steadily increasing demand that has been seen within certain submarkets of Chicago. Three of Chicago’s markets were recently included on WalletHub’s list of the top markets in the United States for first-time home buyers. Naperville was featured at 37, while Joliet and Aurora were also included on the list in the top 80. In addition, Naperville had the fourth highest median annual income (adjusted for cost of living), while Jolie and Rockford were two of the cities with the highest housing affordability on the list. Also, Naperville had the fifth lowest number of property crimes per capita.

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