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.
- 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.