Who are Chicago's first-time homebuyers?

MortgageHippo provides insight on new buyer trends in Chicago and beyond
  • 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.

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.