Who are Chicago's first-time homebuyers?

  • Illinois' first-time homebuyers average an income of $71,200 per year.
  • First-time homebuyers in Illinois plan to stay in their homes for six years, compared to nine years for overall users.
  • A 20 percent down payment for a median priced starter home in Chicago is $19,750 -- 13 percent less than what millennials expect to pay upfront.

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Millennial buyers face strong headwinds at the moment when trying to acquire their first properties. Low inventory, rising home prices, lack of wage growth and heavy competition make entry-level home buying difficult, something many of Chicago’s first-time homebuyers are finding out right now.