DataMarkets & Economy

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.

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Near North Side, Chicago/Flickr user randz 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. Although Chicago's first-time homebuyers often struggle, many young professionals are walking the path to homeownership in The Windy City. Residential construction in Chicago is on the rise, with a 33 percent year-over-year jump in the metro area, and the city saw a rise in median sale price to reach $168,500 in March. MortgageHippo, a mortgage application and loan service based in Chicago, broke down various traits of first-time homebuyers in Illinois -- many of whom fall into the millennial generation. The bulk of the company’s Illinois users come from Chicago, where prices and salaries trend higher. Traits of Chicago's first-time homeb...