There has been considerable discussion lately regarding the housing crisis in the U.S., which raises questions about affordability in Chicago. As far as big cities go, I would argue that Chicago still offers the best value for your money, especially when you compare it to New York City, San Francisco, or Washington, D.C. Of course affordability means different things to different people. Yes, people will complain about high property taxes and HOA fees, but urban amenities should not be taken for granted. Chicagoans have access to public transportation, overall cleanliness (in comparison to other major cities), a beautiful and publicly accessible lakefront and riverwalk, free city events and cultural attractions, as well as beautiful parks and green spaces. There is a balance between finding the things you need and wanting convenience and amenities, without breaking the bank. It is possible to have it all within your budget, so with that in mind, here are some reasonably priced properties currently for sale on the North Side.
1050 W Balmoral Ave Unit 6E, Chicago, $499,900
This property in Edgewater just makes the cut at $499,900. It last sold two years ago for $296,000, making this sale a 70% increase in price. It’s evident that the most recent owners made some renovations, and they chose excellent materials for the kitchen, bathrooms, and other custom built-ins. The south- and east-facing three-bedroom, two-bathroom condo is situated in “The Denifer” (that’s “Refined” spelled backward), a 1921 design by architect Eric E. Hall that originally consisted of 36 apartments. It was converted into condos in 1979 and comes with both a balcony and a communal rooftop deck. The HOA fees might be high for some people ($808 per month), but they include heat, water, gas, garbage, and storage.
2011 N Racine Ave #3, Chicago, $475,000
The DePaul/Lincoln Park area can be quite costly, but I thought this newly listed property is worth sharing given its asking price. Behind the charming 19th century exterior is a light-filled two-bedroom, one-bathroom condo that features 10-foot ceilings, hardwood floors, original details (just look at that window trim!), and a functional galley kitchen. It comes with a deck that nearly spans the entire rear of the unit and is within walking distance of Oz Park, public transit, numerous shops and restaurants, and lots more.
1130 W Cornelia Ave Unit A, Chicago, $359,000
Here is a unique duplex in a courtyard building just steps from Wrigley Field. This former machine factory was converted into side-by-side lofts in 1988, which means there are no neighbors above or below you, creating an experience similar to living in a single-family residence (at a much lower cost). The interior seems spacious, likely due to the large windows. The only bedroom with a bath and walk-in closet overlooks the main living space. The patio space off the unit is situated within the courtyard, providing some privacy and tranquility away from the street. The HOA fees are reasonable at $322 per month.
7454 N Hoyne Ave APT 2N, Chicago, $332,000
I’ve written about architect and developer Emma Kennett in a previous real estate roundup. In the late 1920s, she designed all the buildings in historic revival styles on this short block along the Rogers Park/West Ridge border (she designed more than 80 buildings total in the surrounding area). Known as Chateau Beauvais, this three-bedroom, two-bathroom condo offers nearly 2,000 square feet of living space and exudes charm (especially with its barrel-shaped hallway) alongside modern updates, including a new kitchen and bathrooms. The property has $447 monthly HOA fees, a large walk-in storage unit, and a secure parking space at the rear. Given its price and architectural pedigree, it’s no surprise that the property is already contingent just a couple days after first being listed.
900 W Dakin St #2, Chicago, $429,900
Less than five days after hitting the market, this 1,346-square-foot three-bedroom condo in a 1906 building on the border of Lake View and Buena Park is also already contingent. If you can look past all that wallpaper, the unit boasts a number of wonderful vintage features, such as an original built-in hutch as well as distinct and cozy rooms (some of us aren’t huge fans of open-concept layouts with fully exposed kitchens). There’s a communal roof deck that is part of the $383 monthly HOA fees, and the property is conveniently located next to the Sheridan Red Line stop and close to the express buses along the lakeshore.