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A recent ranking by Bankrate, a personal finance site, showed where Chicago stands in comparison to other U.S. cities in terms of desirability for first-time buyers. While any prospective buyer might find the results interesting, they’re particularly relevant to the needs and desires of first-time buyers. The study looked at the nation's 50 largest metro areas and based their rankings on 13 categories. Chicago held strong at 19th overall. Let’s take a look at some of the top areas where Chicago scores with first-time buyers.
Of the 50 cities, Chicago came in 7th on culture. Many first-time buyers tend to be millennials, a demographic that often enjoys the features of living in a city. When it comes to Chicago culture, there’s no shortage of things to do, restaurants to try, bars to visit, and events to attend. You’ll find great galleries and museums, beautiful neighborhoods to explore, a diverse community, and many opportunities to get involved. This atmosphere is often appealing to first-time buyers who don’t want to leave the excitement of a city just to find a home they can afford.
Speaking of affordability, this is a top concern for many first-time buyers, and in this category, Chicago placed 20th. With many first-time buyers carrying student-loan debt, finances play a large role in their decision-making process. There’s no denying that city life can be expensive, but for first-time buyers who aren’t as interested in a quiet suburban town, Chicago makes for a great option. First-time buyers are pleased to find properties that don’t break their budgets and allow them to stay near all the great things the city has to offer.
This is another top priority for first-time buyers. Again, with many in that millennial demographic, starting a family is often on their minds, and this tends to lead to even more importance placed on safety. Even if having kids isn’t in their plans, feeling comfortable and safe in your neighborhood is something everyone would prefer. Chicago placed 24th when it came to safety, with plenty of options for first-time buyers to feel secure. Especially when it comes to getting to know your neighbors and building that sense of community, safety can make a big difference.
Chicago is a great city for first-time buyers. It checks some of the key boxes that many first-time buyers find important and offers great opportunities for community and growth. With vibrant city life, affordable homes, and a safe community, it’s no surprise that Chicago is catching the attention of first-time buyers.